Contract Management Software for Energy Companies: What You Need to Know
The energy, oil, and gas industries have been around for a while. They became integral solutions in a developing world years ago and they continue to prove their worth in modern society. Without these industries, the world as we know it would be set back by decades.
Energy is a hot topic of debate in a community more and more focused on sustainability and environmental impact. This trend, and change of approach, to energy development and consumption has enriched some companies and burdened others. It has opened a whole new bed of possibilities and wiped out some industries in given locations.
To cut our rant short, the trend of sustainability and attention to environmental impact has made energy company's contract management lifecycle more complex. The newfound difficulty of negotiating, acquiring, reviewing, and renewing contracts pertaining to research and development has driven some energy-based company's sales down.
Today, we are going to talk about how you can fix that. How? Through the integration of contract management software within your energy company.
Contract Management Challenges for the Energy Industry
The contract management lifecycle for energy-based companies is immensely long and complicated.
It starts with new research and development contracts, which are the most susceptible to risk of disruption due to changing conditions in supply and demand. Renewing such contracts then becomes a priority before they expire or get canceled by one party because the other has withdrawn from their obligations. In addition to that, acquiring new projects also demands attention as well as reviewing existing ones; this can be time consuming when done manually.
Digital Contract Management Software Solutions for Energy Companies
There's no denying it: digital contract management software will help your company tackle these challenges head on whilst streamlining your workflow process even more than you ever could have imagined. By integrating contract management software into all your contract processes, you'll be able to increase the productivity of your contract management team and reduce operational costs significantly.
Contract management software helps to reduce administrative efforts with automated workflows, too. Reducing admin burden is just as important as increased efficiency in order to allow employees time to focus on more lucrative tasks. Automated workflows will help take care of routine tasks so they don't fall through the cracks or get overlooked whilst allowing employees find their own way around a system that matches what they do best. This means less hassle and more free time.
The benefits don't stop there. The contract management software you purchase will be available in the cloud, so your employees can access it from any device and location without needing to download or install anything locally. This means they'll always have their work with them wherever they go and whichever tools they're working on since all data is stored in a central location which syncs automatically as changes are made.
Contract Compliance Management
In the energy industry, contract management software can help companies with managing agreements that span multiple services. These contracts often include renewable and sustainable energy resources like wind power or solar panels.
The benefits of integrating contract management software in an energy company's contract management lifecycle are many: it helps to automate tedious tasks such as collecting reports for how much electric is used by a customer; this information then feeds into the billing system so customers can be properly billed and no overcharges occur; automating these tasks also means there isn't any room for human error when calculating numbers or filling out paperwork - which would lead to mistakes going unnoticed until too late. In addition, automation enables more complex calculations than if you were inputting everything manually - meaning companies can save a lot of time and money by using contract management software.
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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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