Thank you. We will be in touch shortly.

Request
Quick Call
Request Quick Call

Thank you. We will be in touch shortly.

 

What Contract Management Software Can Do for Your Business

Date posted: Jul 14, 2022
Estimated read: 2 min
Author: Dan Townsend

Automated contract management software allows teams to streamline the contract lifecycle without sacrificing accuracy. These solutions improve performance and increase revenue by removing redundant administrative tasks, relieving time for more important activities that boost the bottom line.

Contract Templates

The contract creation stage of a contract’s lifecycle consumes valuable amounts of time and costs businesses. Contract templates standardize language with a pre-approved clause library that simplifies the contract creation phase by allowing only relevant modifications to be made. Both legal and sales teams can review and approve each individual contract. Permission-based access control features maintain security with edits at any stage being easily trackable and auditable by the contract owner.

Channel Visibility and Performance

Contract management systems enrich complex supplier interactions and third-party involvement by tracking every interaction down to the most granular levels. Reminder functions ensure timelines stay on track and supplier performance in check. Contract management software streamlines daily activities with enhanced visibility into the minutiae of operational structures. Quick access to data and audit trails facilitates data-driven decision to meet business goals.

 Automated Reporting and Notifications

Custom reporting in contract management software automates data curation that provides contract performance monitoring for quick pivots based on market trends. Responding to obstacles like bottlenecks, poor supplier performance, subpar operational workflows and non-deliverables is made easier with the insights provided by an automated solution. Teams are less likely to miss contract renewals, rate changes and deadlines with the trigger notifications that sends alerts for upcoming tasks and events.

Data Analytics

Revision history tracking with permission-based access enhances both security and consistency throughout the contract creation process. Analyzing operational data is easier and more transparent with custom reporting and automating the contract process allows businesses to gain a competitive edge in booming markets and allows teams to realize their performance output potential.

Contract Management Software


About the author

Dan Townsend

Dan has been a leading executive across all areas of Contract and Compliance Management applications since 2001 in both Sales and Implementation. Dan has over 30 years management experience in a wide range of business applications such as ERP Implementations, Business Process Reengineering, and Operations Management.

See authors posts
Recent blogs
WEBINAR: Making the Case to Ditch Underperforming Software

WEBINAR: Making the Case to Ditch Underperforming Software

Is the grass greener on the side? Or, why should you consider switching software vendors? CIOs realize huge gains when they don't just auto-renew vend…

Read article  
Supplier Diversity Roundtable

Supplier Diversity Roundtable

From this session I have set out some of the key challenges as well as the consensus for action on supplier diversity.

Read article  
2022 Gartner Magic Quadrant for Contract Lifecycle Management

2022 Gartner Magic Quadrant for Contract Lifecycle Management

Magic Quadrants offer visual snapshots, in-depth analyses, and actionable advice that provide insight into a market's direction, maturity, and partici…

Read article