Although an essential facet of running a business, managing contracts without a contract database can be a time-consuming headache. With so many different contracts with vendors and service companies, it can be challenging to keep track of them all without reliable contract software. The right solution can help you reduce the amount of time you spend searching through spreadsheets or shared drives so that you can work on growing your business. Here are just a few of the ways that a formal contract database can help your team maximize productivity:
DBE supplier tracking becomes easier when the right tools are in place.
Whether you’re a local municipality, city, state, or federal agency, chances are you have a goal defined for awarding contracts to disadvantaged business enterprises (DBE). Government agencies operate on “good faith” that they will make the conscious effort to consider these businesses when awarding new contracts. The problem, like managing any other contract, is the work involved to ensure that all criteria is being met and certifications are processed.
Electronic signatures are not new to contract management, but you may be skeptical of the validity compared to a wet signature. Rest-assured, electronic signatures are just as binding as hand written signatures with the same legal clout. If you're stressed about contract deadlines and signature delays negatively impacting negotiations and your ability to close more deals, read on to find out how e-signatures can help your organization.
Why Communication can Make or Break a Successful Acquisition and Improve Contract Management
Improving Contract Management is not an easy process. There are numerous steps that are involved with the acquisition process. From identifying the initial needs, all the way down to monitoring performance once a contract has been awarded will require multiple people – sometimes from different departments – to get involved. If too many people are contributing to the acquisition process, but aren’t making the effort to communicate with one another internally then the process can be unsuccessful from the start. This creates a communication gap. Not only is effective communication imperative to a successful acquisition process and improving contract management, but an open dialogue with the industry and potential vendors is too.