The Case for Enterprise Contract Management

Category : Information Technology

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Unifying Contract Management to Reduce Risks and Improve Business Performance

Contract Management is still a manual process for a lot of enterprises. It is divided between legal procurement, finance, and sales teams. This division makes it difficult for companies to effectively track contractual terms and commitments. Ensuring compliance is also a tough task as well as maximizing all opportunities for revenue and risk mitigation. The bigger the company, the more difficult it gets to manage these issues, especially for those with global operations. This is because they have to follow a complex variety of regionally specific laws and regulations. When companies shift to the cloud, their enterprise contract management platforms take care of these challenges. They do this after unifying buy-side, sell-side, and corporate contracts. They are combined into a single and central repository. These cloud-based contract management platforms dramatically improve a company's contract visibility, velocity, and consistency. They also decrease the contractual risk and boost business performance.

Siloed Systems, Manual Processes

The current contract systems are fragmented and the existing manual processes end up slowing down contract cycle times. Enterprises end up missing revenue targets and deadlines. This takes place due to contractual delays. The delays have a direct impact on performance goals, budgets, and ultimately the company's stock price. The manual and slow contract processes strain the relationships with the company's partners and customers.

Integrated, Automated Platforms

An integrated and automated contract management system to overcome these hindrances. It needs to be done across the buy-side, sell-side, as well as corporate contract processes. When companies adopt a cloud-based and enterprise-wide contract management system, it automatically improves contract visibility at both the macro and micro levels.

Macro Level

A contract management system analyzes and optimizes all company-wide contract portfolios, resulting in faster, more cost-effective discovery, and audits. There is an improvement in compliance monitoring across all first and second-tier suppliers. Contract management platforms facilitate sourcing and negotiations. They also maximize cost savings and leverage economies.

Micro Level

A unified contract management platform helps provide visibility into each and every contract to avoid missing deadlines and help structuring and optimizing contractual data. It also extends throughout the company. The software also links core CRM and ERP systems as well as streamlines workflow, improves coordination between teams, and fastens cycle times.

Key Takeaways:

  • Contract management software is necessary in companies that want to optimize structural workflow and improve their processes
  • It helps in meeting deadlines, organizing a company's data and insights as well as improving workplace efficiency

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