Does my business need contract management software?
How much time are some of your employees spending searching for key data on various contracts? Too much. Period.
Stop wasting time. Stop wasting money. Your staff were hired to meet the specific needs of your business and provide value for customers, not constantly sift through file cabinets or spreadsheets in search of critical dates. Manually managing obligations and renewals creates risk for oversight. Instead, use a system that notifies all relevant parties of critical dates and never miss a beat throughout the lifecycle of each contract.
When designing a spreadsheet, search parameters can be challenging to predict, restricting search capabilities. Desire a data point for a contract? A contract management software with a user-friendly interface allows members of your organization to retrieve the information they need at the push of a button through a simple search.
Manually managing your leases and contracts also leads to data entry mistakes. At a minimum, duplicate data and spelling mistakes cause inefficiencies. At most, they can lead to blunders that take a bite out of your bottom line. Even if the spreadsheets you use are in a shared drive, the risk for errors still exists because the information is being entered manually. Good contract management software will have data normalization tools that prevent inconsistent or duplicate data.
Additionally, contract management software can automate and accurately process expenses and income, additionally integrate with your accounting software.
Your contract management solution should have ad hoc reporting tools, allowing users to easily generate real-time reports and visualize them across charts, graphs, gauges, and maps. Armed with ad hoc reporting functionality, your employees will no longer need to rely solely on static reporting. You don’t need to pay your team to gather data. Instead, empower them with the tools to ask and answer questions about their data in real-time.
What is contract management software?
At DataNet, we know how crucial it is for your business to keep your contracts and leases organized, up to date, and compliant. While each contract must be initially examined, repeating this process over and over again throughout the life cycle of every contract is grossly inefficient. Regardless of how simple or complex your contracts are, contract management software is the solution to streamline these operations.
Contract management software centralizes and organizes your asset portfolio, allowing your team to masterfully manage your leases and contracts on a single platform.
Who uses contract management software?
From legal and compliance to finance and procurement, contract management relies on the successful coordination of your company’s various departments. While each department within your organization has its own subculture, all processes for collaboration need to be standardized and streamlined. A decentralized contract management system leads to duplication and needless repetition. A centralized system allows you to delineate responsibilities among various personnel. Your finance team is great, but they should not be going near legal copy. Transparency and uniformity are essential to fully actualizing the revenue potential of your assets.
Takeaway
A cornerstone of any business-to-business relationship is the contract, where attention to detail and transparency are paramount. Contract management software enables you to streamline internal processes, gain greater visibility, and make smarter decisions.