Achieving Maximum ROI with Contract Management Software

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    Return on investment (ROI)

    Feel Confident About Managing Your Contracts the Right way.

    When purchasing anything new for your organization, you want to feel confident that you’re making the right choice. An informed buyer is a satisfied buyer because you’re confident you did your homework. This is especially important when you’re looking to overhaul some of your current processes and implement a new way of doing things. It can be overwhelming, and when it comes to redesigning your contract management process, it can be downright scary.

    Protecting your contracts is a big deal and making sure all goes well during the lifecycle is important. Contract software can be vital to your organization’s operations and you’d be surprised just how much you’ll benefit from implementing a contract lifecycle management (CLM) into your daily routine.

    1. Handle More Contracts in Less Time

    If your current process of manually managing contracts has you running for the hills at the thought of adding just one more to the bunch, that’s a problem. Contract management can be a daunting task for contracts administrators and the like. Why stress if you don’t have to? Using an automated contract software solution that makes recording, managing, and reporting on agreements easy and painless is enough of a reason to feel good about your purchase. Think about all the time you will save having all of your contracts in one central repository and being able to quickly execute tasks.

    2. Mitigate Miscommunication

    One of the biggest problems of working with multiple people on one contract is defaulting to their own style of doing things and operating on their own schedule. This can cause huge gaps in communication and could potentially delay a task, or even a contract, from getting executed on time. And worse? You may not even have an idea who is assigned to what which makes tracking down the owner even harder. When you’re using a centralized software platform, everyone involved will always be working from the same set of standards which will help ensure consistency. With contract software, you can also set up task alerts and assign them to specific people on your time so everyone is aware of their responsibilities and deadlines.

    3. Optimizing Resources

    To manually put together a contract, or designate someone to work on the data entry part of it, requires a lot of time and energy and could require multiple people working on the same thing. It can even become a project trying to find and retrieve contracts when they’re scattered all over. You’re increasing your opportunity cost because you or the employees doing the work are being taken away from bigger tasks that may need to get done.

    If you’re a company who is still generating paper contracts every step of the way, you are also burning through valuable materials. A contract software solution will eliminate the need to produce mass amounts of paper by storing and creating your contracts digitally. Furthermore, with pre-defined fields and clauses, you no longer need to put together the entire contract yourself. A CLM will migrate all your fields together into a digital document quicker than if you were to do it yourself. Good for the environment, good for you.

    4. Avoid Unnecessary Renewals and Expirations 

    You’re looking through your spreadsheet of contracts and you notice a few of them auto-renewed when they shouldn’t have. Even worse, the contracts that needed to be renewed are now expired! You swore you made a note to check up on that sooner but you can’t even find the paper you wrote it on. Manually managing key dates and deadlines is not efficient. With a contract management software, this is done for you automatically. Set your preferences, and how far in advance you want to be notified, and that’s it! Never worry about missing those deadlines again.

    Feel confident about your decision to move to an automated contract management software solution. Know that everyone who has a hand in managing contracts within your organization will be able to execute their tasks and stay on top of key dates with ease, ultimately saving your organization time and valuable resources.

    Download the free guide to learn about contract management's critical stages

    Published: 04/16/18
    Jamie Reedy

    Written by Jamie Reedy

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