Filling the Box. Leveraging box.com environment with openSourceCM contract management, it’s a bit of a different animal.
The reason why you selected the Box platform to consolidate all of your content services within a single environment is clear. The benefits are tremendous. Having a single, secure solution for all of your content, with an ability to control access, sharing and collaboration provides huge leverage and cost savings to the enterprise. The myriad of silos that once dominated your IT landscape are gone, but everyone who needs access to content has it, with the security both you and IT requires.
What content can Box manage? Well, pretty much all of your content. But, is there additional opportunity to turbocharge your Box implementation? One area of opportunity is full Life-cycle Contract Management (LCM). With Box in place, management of your contracts has likely improved over what it once was. After all, they are now centrally located and accessible from anywhere, they can be developed and reviewed collaboratively and they can be searched at a file level. A big improvement, we agree.
Contract Management, however, is a bit of a different animal, with its own unique requirements, strictures and pitfalls. Depending on your starting point, the contract management benefits realized using Box may be impressive, but with very little additional cost and effort, you can augment your Box implementation and receive big benefits. How? By incorporating detailed enterprise-class contract life-cycle management.
If you are managing as few as 300-500 contracts without a contract management system, it is highly likely that you are consistently leaving money on the table and don’t realize it. Industry analysts agree (and when do they ever truly agree?), that having any dedicated contract management system in place can routinely realize 5% higher contract yield. What does that mean? Well, if your business relies on $100 million in contract revenue, that would translate to an additional $5 million to the bottom line; and who couldn’t use an additional $5 million? For a $500 million business; well you do the math.
With the right solution, working alongside your existing Box implementation in the Cloud, numerous additional contract specific management and support document functionalities can be achieved across your organization. Here are just a few examples. Recognizing what was previously thought to be a benign contract liability, but has now been identified to be materially significant, a CEO can commission a search for any word, phase, term or condition and quickly identify broad-based corporate exposure in contracts and supporting documents. A CFO can quickly identify and assess revenue recognition and avoid missing revenue opportunities that might otherwise we overlooked. A General Counsel can quickly and accurately compare contract documents and assess whether negotiated terms have been accurately represented contract to contract.
Extremely easy to implement, all you need to do is create an openSourceCM folder in Box and put all your contracts and supporting documentation there. When you set up your account with openSourceCM we create a Box folder for you in your account and all of your folder documentation synchronizes automatically from your Box system to ours. Once completed you immediately have full contract management capabilities, but also an ability to search for any term, phrase, language, number, date etc. in any MS Word or WordPerfect document, even PDFs!
Best of all, we’ll let you use the system free for 30 days! So what’s stopping you from taking a test drive?
Interested in learning more? Go to info.opensourceinc.com/box or Call us at 1-866-393-4312.
Tags: CM News