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Needs A Contract Management Software Solution?

The title of this post might seem like a rhetorical question to some, but to others it turns out to be a very valid question.

A company’s legal contract repository is the best source for information on projections and liabilities. A well-chosen Contract Management software platform, will make any organization that uses it, regardless of size, perform better, and spend less.

Better Performance with Contract Management

opensourceCM (contract management system) will automate, monitor, and streamline the life-cycle of any contract entered into it. As a result, contracts are easier to negotiate, create, locate, and administrate. An automated centralized solution will have reporting tools that regularly provide unprecedented perspectives on your business, that would otherwise require , considerable efforts, and manpower to produce. opensourceCM enable an organization to integrate its workflow with that of others, thus creating more growth opportunities. Here are a few highlights:

  • Streamlined contract process ensures events take place on time.

  • Rigid audit trails ensure accountability, and higher performance.

  • More people in the organization enjoy easier access to contract information.

  • Less time Xeroxing, printing, filing and locating, means more time for coming up with productive ideas.

  • Event reminders mean no more missed deadlines.

  • Better Risk/Revenue control.

  • Deal-Room or Data-Room for M&A and external users control

  • Improved contract negotiation, and renewal process with office 365 integration

  • Reduce Costs with Contract Management Software

Automated systems reduce the man hours required to perform certain tasks. Managing an organization’s contracts is no exception to this rule. Asides from the obvious reduction in administrative overhead there are several other cost related benefits associated with the use of a contract management solution. Here are just a few:

  • Reduced administrative contract management expenses

  • Stricter contract term monitoring ensures that contract terms are enforced

  • Eliminates task redundancy involved with hard copy contract repositories

  • Advanced search and compare capabilities make for better negotiation tools

In the case of subscription based SaaS (Software As A Service) such as opensourceCM many other cost related benefits come into play, here are but a few:

  • No hardware overhead

  • No IT overhead

  • No software upgrades

  • No catastrophic hardware failure risks

  • No licensing quotas due to pay-as-you-grow scalability

  • Minimal integration and sharing overhead

Well now, what did I say about being nicer? This might not be a universal sentiment but I’m sure most of you agree that any work process, in fact, any life process that eliminates the need for mountains of paper qualifies one to be considered nicer, at least to the planet.

Obviously there is much more to Contract and Document management systems, then just the issues of improved performance and increased efficiency. But I argue that even with all other factors weighed in, and I will get to those in future posts, adopting a good solution is the right way to go, no matter what size organization you are a part of.

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