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:
Legal contracts are the foundation for companies of every size in every industry, with your business being no exception. Contracts are the written handshake that solidifies your relationship and outlines the promises that both parties have made to each other. Once that contract is in place it’s important to your business and its bottom line that you continue to monitor your contracts to ensure the parties involved are living up to their best practices and standards.
When managing contracts, performance monitoring is one of the most important ways to ensure your success. With a large variety of contracts, all with different terms, it can be difficult to know what exactly to look for when assessing each contract’s performance. Luckily, you can boil down the success of each contract, no matter the complexity, to four metrics.
Colleges and universities draft, negotiate, and approve a myriad of contracts with vendors, partners, suppliers, and employees every year. Actively managing contracts and maintaining formal relationships with these sources can be difficult and time-consuming for many universities who don’t have a system in place to manage contracts.
Businesses and professionals of all industries have utilized contract management software to help store and manage contracts, and add order and efficiency. The cloud-based program helps store, organize, and maintain contracts and agreements between all parties.
No matter the industry your organization is in, contracts are a major component of daily operations. Contracts are created for business partnerships, labor, vendor transactions, customers, and more. Restaurant owners hire vendors for various produce and animal products. Human resources personnel create contracts when they hire employees and when there are changes to the employee handbook. Educators create contracts when enlisting the services or products of vendors.
Contracts are a part of doing business. Whether we're referring to a contract with a supplier, an employee, or a business partner, every single contract must be created, recorded, and stored. Before automated contract management software became a viable option, businesses, education institutions, and other organizations had to rely on filing cabinets and other means to store these contracts.
Contract management software is a must for many different industries. Before the development of contract management software systems, everything was done manually. This obviously had its drawbacks. Contract managers would be forced to store every contract into filing cabinets. Now, if there were just a few contracts this may have not been a major deal. However, most organizations deal with thousands of various contracts, making manual recordkeeping extremely difficult. Keeping all of these contracts in filing cabinets or boxes increased the chance of a lost file and, at best, reduced productivity as employees have to take the time to locate the contracts they need.
About CobbleStone Software
CobbleStone Software is a leading provider of advanced contract lifecycle management software and complimentary solutions to customers spanning the globe. Contract management software solutions are our specialty. We launched the first commercial off-the-shelf contract software in 1995 and have kept improving our leading solutions.