Managing contracts can be complicated and time-consuming, with the cost of manually tracking them far outweighing the benefits gained. A customizable open source contract management (CM) system can, among other things, improve your company’s ROI by monitoring compliance and assisting in future negotiations. With opensourceCM, you’ll transform how risk is managed; it’s a cost-effective solution that, once implemented, can save your organization significant amounts of resources. The benefits of open source CM are substantial.
Value of opensourceCM
When you manage a contract’s lifecycle with opensourceCM, you, streamline operations and increase compliance. You can draft, review, monitor, and execute contracts using software that’s been fully customized to your organization’s needs and practices. It offers an excellent, high return on investment by:
Maximizing contract value
Avoiding financial risks; penalties
Reducing the cost of compliance
Allowing contract managers to administer more contracts
Key Benefits to opensourceCM
Most companies deal with hundreds or thousands of contracts, each with its own specific deadlines, terms, and hidden risks. The opensourceCM platform helps your company avoid noncompliance and/or cost overruns by:
Helping you standardize contract language and processing, which leads to increased efficiency and compliance. You spend less time manually reviewing contracts, with tracked deviations quickly directed to the legal or compliance department.
Monitoring your contract portfolio to ensure business continuity and stability.
Giving you the ability to limit which people in your organization have access to specific contracts.
Making sure your company complies with all document and record management policies.
Alerting appropriate personnel when important contract dates such as renewals or expirations are approaching.
One of the greatest benefits to opensourceCM is how it reduces your risk by ensuring contractual commitment and performance. Contracts, by their nature, are meant to mitigate risk for all parties, and opensourceCM allows you to effectively measure performance and take appropriate action when needed. By making the contracting process as efficient as possible, you have the opportunity to reduce the inherent risk that comes with contract leakage.
The Bottom Line
All too often, companies fail to fully appreciate the importance of efficiently managing contracts. Embracing opensourceCM for your company’s contract management will save time and valuable resources, and have a significant impact on your bottom line.