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5 Ways Contract Management Software Lowers Costs

5 Ways openSourceCM Lowers Costs

Contracts are a necessary part of any business. It's critical that these contracts are managed properly so they don't end up costing the company more than they should. Unfortunately, that exact problem happens all too often. Thus, if you want to lower costs and improve efficiency while managing a contract's lifecycle, contract management software is the answer. Today, we'll discuss 5 ways contract management software reduces costs for your business.


Better Insight for CEOs and CFOs

CEOs are the leaders of their company, but they often lack the insight needed for making informed decisions. With contract management software in place, CEOs get a better understanding of how to reduce costs and increase efficiency. This is because it provides visibility into what's happening on every level with all contracts - from inception to termination.


CFOs are in charge of the company's finances, so it's their responsibility to ensure that costs are only incurred when necessary. Contract management software makes this possible by providing a system and process for tracking contract spend over time, along with alerts which notify users before they exceed budgets and thresholds set in place.


Eliminating Paperwork

Paperwork is often messy and difficult to keep organized - making it impossible for employees to find what they need quickly. When you use contract management software instead, all your contracts can be uploaded as PDFs or scanned copies right into the platform. This eliminates paper clutter while simplifying access so everyone knows where everything is at any given moment.


Finding the information that you need quickly from an detail-heavy contract reduces cost as it allows for better efficiency and greater output.


Eliminating Errors

Errors can happen anywhere from contract negotiation, to drafting the document itself, and implementation of said contract - but it doesn't have to be that way. Contract management software eliminates errors by providing a self-service platform for both contracting parties where they're able to review every step in the process before signing off on anything.


That way there are no surprises when any discrepancies arise down the road because mistakes were made along the way. This helps eliminate cost as you avoid expensive litigation fees or penalties due to inaccurate contracts - which is better for everyone involved including your business.


Faster Processes

Contract processes can take weeks or even months before completion, which means that they're also costly too. Contract management software speeds up this process by providing insights about any potential issues early-on so negotiations proceed smoothly without delays due to misunderstandings.


Deadlines can be met in a much more timely fashion, which means that you also save on wasted time. This is great for employees who don't have to worry about working overtime and your business will appreciate the increased productivity too when everyone knows what they're supposed to do so it's easier to delegate tasks accordingly.


Clear Communication & Collaboration Between Departments


Contractor agreements require input from many departments including legal and finance among others if you want them properly managed.


As a result, these departments need to communicate with one another in order to get everything done. Contract management software manages this by providing an intuitive and centralized tool for collaboration between different people within the business.


This way, everyone is aware of what they should be doing and when in order to avoid any potential problems like interrupting employees from their work or forgetting about deadlines that may impact your company's financial stability.


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API (application processes interface) uses to connect to company applications, added a secured Deal-Room/Data-room, bidding system, and allow external users to log in to their dedicated data-room.

Now the company can have (BI) Business Intelligence processes with Reports and AI (artificial Intelligence) integration for document analysis and data extraction processes.

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opensourceCM is a cloud-based SaaS (software-as-a-service) solution. When uploading a text or MS Excel document the application performs OCR, indexing and then recreates each document as an HTML document allowing easy document comparisons (e.g., between MS Word and scanned PDF docs). It also has the capacity to find words, values, phrases, terms of art, or specific legal language within documents that are hyperlinked to the actual highlighted location in each document. This can be accomplished across document data sets that may comprise tens of thousands of documents. Furthermore, opensourceCM provides a contract authoring workflow, calendar and notifications workflow, support SSO (single sign-on), and encrypted secured access. The application offers the ability to simply create Negotiation Deal-Rooms and Users Data-Rooms (internal/External) or Flexible Bidding System with Advance Q&A. We offer an API (Application Processes Interface) Library like office 365, BOX.COM, Salesforce, MS-Dynamics, NetSuite, OKTA, Dropbox, DocuSign to mention just a few.

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