Business Ideas

Why Use Contract Management Software?

There are a number of reasons why you might consider updating your existing paper based or contract management software. The main advantages to an upgrade tend to be time savings as a result of having to spend less time on things like managing contacts and also admin. Up to date contract management software allows people in your organisation to track, manage and automate each state of your existing contract lifecycle management. This is much more difficult to do when using paper based or outdated contract management software.

Replacing Outdated Contract Management Software has Multiple Advantages…

Makes the approval process quicker. Using up to date contract management software allows automation of contract lifecycle management from start to finish. This means that tasks can be completed more efficiently and all contacts can be viewed simultaneously for an overview of all your contracts. Interactions with other stakeholders can be managed by email so they are always kept up to date.

Makes contracts more visible. If you’re still using outdated paper based systems, you may know how frustrating and limiting this can be for contract lifecycle management. Using modern contract management software means that all documentation can be stored in one central location. Which means you know staff are working on the latest version. It also enables your staff to work remotely, not to mention compliance and reporting benefits too.

Makes the auditing process easier. Using contract management software has a number of advantages for auditing and preparation. Because everything is digital and stored in a central location, contract histories can be accessed easily and in a fully compliant way. Therefore, audit trails are much quicker and efficient. Overall, keeping compliant becomes a breeze with contract management software.

Better awareness of renewal deadlines. Contract management software has many advantages over a paper based or outdated system. Once a contract has expired, it is archived automatically. Similarly, users can also easily see which contracts are up for renewal. Alarms can also be set for pre-programmed rules to ensure absolutely nothing is missed and errors are reduced.

Easier and better tracking of compliance. Certain compliance standards can be set for each and every contract from initial request right through to final approval. Contract management software is compatible with word processing software, meaning all changes to a document can be tracked. It also makes version control much easier to manage. Contacts can all be managed more easily.

Overall improved document management. Are you tired of dealing with unorganised filing cabinets or messy reams of paper? Contract management software eliminates the need for such items as everything is completed and stored digitally. Once documents are scanned onto the system using OCR or automatic imaging, they are stored in one centrally accessible location. Other useful features include version control and management of individual contracts, all from one single platform.

Accelerated completion process. Unlike paper documents which have to be signed by hand, contract management software replaces these with digital signatures. These can even be captured on the go. No more back and forward emails or postage costs to deal with. Just saved time and less paper! Authoring, approval and review all in one place and field based staff who feel empowered to do their job better.

Ready to Upgrade your Outdated System?

No matter the size of an organisation, contract lifecycle management is a critical aspect of it. Which makes it surprising that so many companies continue to use outdated paper based systems or digital systems that have multiple limitations. If you have read this article and can identify with some of the problems that outdated contract management software can cause, or are convinced that your business could really benefit from an upgraded system, consider speaking to an experienced provider today. Make your business more efficient, easier to run, and more importantly, better for your clients too.

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