Contracts are considered the heart of a business’s operations. Be it a small and mundane task or one that is worth millions of dollars, every decision and deal requires a contract that is signed and sealed by two parties. Since contracts are nothing new for a business, can you think of how they are handled in your organization?
Who initiates contracts? How are they drafted, standardized and monitored? How is the progress of many contracts tracked? When asked about contract management, many companies realize that the way they manage their company’s contracts and deals is highly inefficient because they don’t use technology in the management process at all.
Contract Management Solutions involves several steps, all of which are necessary for a business to complete. However, going through each manually, takes a lot of time and effort. Making contract management effective should be a common goal for all types of businesses because once the starting point of each business deal is efficient, the rest of the contract procedures will follow the same pattern as well. Many good companies, especially InfoTrinsic Solutions have developed sophisticated systems solutions for companies to encourage excellence.
Why Promote Automated Contract Management?
When completing contracts manually, most companies and their executives often challenge the efficacy of contract management as a concept and the various tools used for it. How can automated contract management help?
• It saves time- Since processes are automated; managing hundreds of contracts becomes easy.
• It reduces the chances of mistakes- Manual management of contracts involves a high percentage of error. Many contracts are worth millions of dollars, and hence, should be dealt with extreme caution.
• It shrinks the many stages in the process- Since contract management software are central hubs, the program shrinks the many stages of manual management that have to be managed. For instance, from resource allocation to approval, management can take days on end to finally set the contract in motion.
• It automates repetitive tasks- If a contract has to be renewed every three months; the system has options to automate this renewal without waiting for executives to manual renew it.