How Contract Management Systems Can Help Your Business Grow
Whether you are a small business or a large enterprise, managing your contracts plays an essential role in the overall growth and profitability of your company. An enterprise can lose a fortune due to a poorly managed contract. However, an intelligent contract management system can help you save costs, streamline processes, and manage business relationships.
In the past, enterprises had to spend hours finding and tracking relevant information such as renewal dates, terms and conditions, penalty clauses, and more. Ironically, even though technology has automated several business processes in recent times, many enterprises still overlook the need for Contract Management System.
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Why do you need contract management software?
Let us give you a few reasons why you should go in for a contract management system, forgoing the age-old, complicated, time-consuming process in favour of advanced tools and technologies.
- All your contacts can be stored in a central repository. This makes it very easy to locate the contracts.
- The software does most of the tedious jobs, including extracting contract metadata and creating reports, saving a lot of expensive resource time.
- You can get a comprehensive view of your contracts, making it easy for you to make contract-related decisions.
- It manages the entire workflow, speeding up processes and eliminating manual errors. It eliminates the need for long email threads, in-person meetings, and boardroom contract review sessions.
- Advanced features such as renewal alerts, easy to understand dashboards help you save costs and avoid spillage.
- Most contract management tools today are cloud-based. It means that data and information storage do not depend on hard drives and disks.
- Everyone across the enterprise who needs to access contract data can get the required information through a simple interface, increasing transparency and eliminating delays.
- Often, amendments are required in the contracts and documentation because of compliance, risk, or breach. The contract management software eases the whole process, from drafting a contract amendment to approving it.
To summarize, contract management software can simplify your life, cut down on expenses, save resources, and enhance functional and operational efficiency.
Key features of a contract management software
The key features you should look for while evaluating a contract management tool for your business:
- Easy upload of contracts with automatic metadata extraction
- Simple, hassle-free workflow management
- Friendly dashboards and flexible reporting
- Ability to deep dive into granular details
- Ease of use, even for non-technical users
- Integration with other enterprise systems
- Tying of contracts with assets and supplier information
- Security and privacy of the data with complete authentication of the required individuals
The factors driving growth
Contract management software makes it easy to manage the entire contract lifecycle, which reduces the work of your team. It helps them coordinate the renewals and negotiations beforehand, and deadlines become easy to meet. The system can generate alerts and notifications which helps avoid a lot of manual slips and errors.
Good contract management software is designed to integrate with other systems in the company. For example, Revenue can integrate with Salesforce. Total time in the process decreases, and companies can use this time to deal with new opportunities. Time wasted on the final sign-off is also saved.
An inbuilt AI system helps find the relevant metadata from the contracts, and searches become far more meaningful than manual searches. Machine learning integration elevates the process of payment terms, reminders, and renewals. Besides, the software ensures compliance and a streamlined business process.
The contract management software comes with a feature of easy auditing, with history and full traceability. It can pull out automated reports based on your custom requirements. These reports generally have rich content and more business relevance.
Recent uses of contract management software
Today, tech giants such as Microsoft and Google, e-commerce companies like Amazon and JIO, and other companies in almost every sector use contract management software.
Previously, most startups did not consider contract management software in their early days because of the associated expenses. However, a SaaS-based platform like Revenue makes it easy even for small companies and individuals to get started quickly and cost-effectively.
With the ongoing trend of global teams and remote employees, it becomes easy to manage all types of contracts, assets, and services using a unified contract management software. Information can be shared and tracked easily without the need to wait on teams in another time zone. Automating the contract management process helps everyone – the employee, the supplier, as well as the business. It eases a lot of burden and paperwork from everyone’s desks.
To sum up, we can say that any company that is growing rapidly needs a contract management system for improved outcomes. An intelligent system that can avoid inconsistencies and failures seems like a good deal. Therefore, don’t wait to give your business new scope for growth; check out the Contract Management Software by Revenue.