What Drives the Need for Contract Management
Contracts are potentially the most important assets in your organization to help document commitments, maximize opportunities, minimize risk and achieve compliance. This has become even more apparent with the global Covid-19 pandemic, where a lot of organizations had to make major and fast changes to their daily operations – many of which were contractually bound. Despite the critical business implication of contract management, a recent survey by Ramboll, a Danish Consultancy firm, highlighted that 2 of 3 participants believe their organization needs to implement Contract Management Software. However, only 1 of 3 state they are planning to acquire and implement Contract Management Software. Hence Contract Management professionals are beginning to see the need for contract management but achieving senior leadership support and budget to purchase a contract management software solution is still no easy feat (Contract Management Software Report 2020, Ramboll).
Benefits of Contract Lifecycle Management
Reduce manual work through contract authoring and redliningAutomation of especially the contract authoring and redlining process, in particular the signing process, provides efficiencies and saves time where normally the contract author would manually be sending copies of the document between internal and external counter-parts. In addition, pre-approved clauses and templates provides a structured way to easily adapt contracts to specific needs.
Improve compliance through controlContract management software provides control of contracts, data and documentation and uses eSignatures to speed up processes and provide full audit visibility of the document.
Shared repository and automated notificationsHaving a shared database of contracts and being able to quickly locate any contract is a first step to managing contracts and planning your sourcing pipeline. In addition, utilizing automated notifications ensures that no contract expiry takes place without your knowledge – enabling you to become proactive in your management of contract renewals. Scanmarket Contract Management provides you with: • Template libraries with standard documents for fast contract authoring • Flexible clause libraries with pre-approved clauses for standardizing contract language • Collaborative approval workflows for transparent and fast contract editing, negotiation, and completion in line with process requirements and type of contract through a standardized and automated approval workflow
Improved visibility and control of all company contracts and commitments.
Authoring & Redlining
Use pre-approved clauses/templates to manage new and renegotiated contracts
Ensure relevant employees access to contract history – anytime, anywhere
Notify contract owner of contracts that need attention or renewal
Full control of contract versions and full audit trail of changes
Single online repository for all contracts