The term “enterprise contract management system” refers to the specialised issues and methods for handling contracts in large-scale business organisations.
While most of the principles apply to smaller enterprises as well, dealing with larger organisations has some special difficulties.
What Is Enterprise Contract Management?
End-to-end contract administration is streamlined by enterprise CMS. It can help the typical company save up to 9% of its annual income. These savings add up to hundreds of thousands of dollars annually for many businesses.
Here’s a quick guide to help you understand the benefits of a contract management software.
1. Collaboration
Platforms for contract management enable authorised people to work together on the same contract at the same time and automate manual procedures. Your staff will spend less time on routine administrative activities and more time focusing on what really matters: expanding your company and boosting your bottom line.
2. Time-saving
Manual contract management requires a lot of time and effort. It requires printing, signing physical copies, sending back and forth, scanning, and uploading them to share. It goes on from here. You need to keep track of all the parties involved, their agreements, and the expiration dates for everything. Every time you change a contract, you’ll have to go through the full procedure again.
You won’t have to deal with tedious duties if you use enterprise contract management software. This software merely helps with daily work; it does not take the position of you or your personnel.
3. Increases contract visibility
Keeping all documents in one location on the internet improves contract visibility. For instance, a single contract may go through numerous amendments over the course of its life, each involving your legal staff and other organisational divisions. In order to ensure that nothing is missed or falls through the cracks, the best contract management software enables you to track several parts of the contract’s lifecycle.
4. Cuts costs
You may make sure that the required number of persons examine all contracts before they are distributed by using review mechanisms included into CLM software. In this manner, there won’t be any errors or unforeseen delays that end up costing your company money. As a result, your company may process orders more quickly and decrease invoice disputes as well as potential fines for noncompliance.
5. Improves perception
As strange as it may sound, keeping track of your contracts well influences how your clients view you. Nothing irritates customers and suppliers more than not being able to get the contract they require or getting incorrect information from the individual they interacted with. You come out as more responsive and professional if you maintain all of your documents in one location and make sure the correct people can access them.
Check out some contract management software features you should look for before investing in one:
- An Intelligently Organized, Centralized Contract Repository
- Strong Search Functions
- Alert Rules and Automated Alerts
- Dashboards and Reports
- Security that is based on features and roles
- Dedicated Task Management Tools for Common Contracting Tasks
- Libraries of Contract Clauses and Templates
- Tools for Collaboration, Approvals, and Redlining
- Digital Signature
- Contract Intake and Request
- Using processes to manage the contracting process
