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Four Advantages of Contract Management

Contract management is a system that can be used to standardize, automate and keep track of a company’s data. This can be anything from financial expenditures/gains to contracts with clients. Any industry can benefit from a contract management system. Here is a list of four benefits that contract management software could provide your company or organization.

1. Keeping Expenditures and Ordering Procedures Organized

One benefit is that it allows your company to keep track of spending/profits. If your business constantly needs to order from suppliers, a contract management system can keep track of your stock and remind you when to replenish. It can let you know how many/much of a certain supply is needed, when you’ll need it and the price (if they remain fixed). This also allows you to see how much you are spending compared to how much your client contract dictates. A helpful feature like this one can catch overspending and “maverick” expenditures so that all dealings are clear and in compliance.

2. Making Processes/Procedures Official and Consistent

For maximum professionalism and simplicity, it is best to make sure that all of your contracts, terms, policies and other company protocol are consistent. This will make training employees easier, and it will give clients peace of mind in knowing they can always expect the same conduct from your business.

If you have different contracts and procedures for various clients you work with (which many companies do), you can alter the standardized contract you have created to account for market changes that could alter product prices, political and social factors if you are dealing with a country at rest and other business components.

Also, keeping each company’s contract on hand and in official form can help you remember how to go about dealing with certain organizations different than others you may do business with.

3. Streamlined Contract Renewal

When you have contract management software in place, you can often automate many features to save yourself time. One of these is contract renewal. With Contract Logix software, for example, you can typically have automatic correspondence sent to clients when it is time to renew their contracts. These renewal requests can be sent weeks in advance to allow time for the client to decide if they want to be locked in for another cycle.

4. Keeping Employee & Management Conduct Above Board

When it comes to something like spending at a medium/large corporation, making sure everything is above board helps to create economical, working budgets. If expenditures aren’t automated and clearly laid out in official contracts, there is room for misconduct.Contract management allows all pricing, policies and spending to be crystal clear for efficient, ethical business practiced by both the company and its clients.

There are many things Peter enjoys writing about, but one of his favorites is business. If you’d like more information regarding Contract Management System, please visit  http://www.contractlogix.com/

 

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Streamlining Business Processes with Contract Management Software

by guestblogaddict

Software represents a big investment for companies. Besides the cost to procure the hardware and licenses for servers, databases and network gear, there is also the very expensive IT overhead cost in salaries and benefits. But the real reason to invest in software—the reason executives require a business case with a positive ROI—is to reduce costs by automating a manual process. It’s why every software brochure contains some language promoting shorter cycle times and reduced labor costs. Businesses should be leery of these claims and include real tests in the evaluation of these promises.

The benefits of contract software can be found with companies such as Contract Logix. The company’s contract management portal lists some significant claims (http://www.contractlogix.com/contract-management-benefits.asp).

Cost in Savings

One such cost savings center includes a reduction in cycle management times by automating steps that are currently done manually and creating visibility in the contract management process. In other older contract management software applications, evaluating one of these claims was difficult and usually involved a contract software demo. The vendor would show up at a business site and show the screens and a few reports without any relevant data to help validate if the system could perform as expected. Only during implementation did the details around the system really come to light.

What if a more hands-on approach were possible to allow business professionals the opportunity to evaluate the software in a live setting? With “software as a service” and other cloud technologies, Contract Logix can prove its contract software benefits. The software is user oriented, meaning it was designed to be configured by a business professional. This software is designed with the contract manager or services writer in mind. Clean forms that are easily configurable make it possible for users to make the form fit the business. Steps to match the current contract life cycle can be mirrored in the software.

Software Features

Each agreement created can reference a contract library of terms and conditions as well as alternatives so that staff and negotiators can leverage the best language to protect the company. Such features are vital to protecting company interests and avoiding costly legal problems later. Collaboration tools make it easy for multiple parties to add, edit and redline documents before final agreements are executed.

Easy Accessibility

Managers and executives can quickly gain access to reports and other contract intelligence to ascertain when agreements are termed to expire, the value of each contract or how much liability the company has with a single supplier over multiple agreements.

All of these features can be easily set up on the Contract Logix site without a significant investment. After a quick proof of concept, companies can begin streamlining their processes and shorten the return on investment period for the implementation of their contract software. Each contract management site can be set up with an affordable monthly subscription that can be terminated at any time.

 

Jessica writes about a wide variety of topics.  She especially enjoys writing about software. You can learn more about contract software at contractlogix.xom

 

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