Contract management and contract life cycle management
Companies can often have limited oversight of their overall customer contracting process. Individual departments use a mix of manual and informal processes, as well as various workarounds and spreadsheets to solve problems and gain departmental efficiencies.
However, this approach frequently leads to a highly fragmented set of disconnected activities that result in slower cycle times, increased errors, duplicative efforts, administrative challenges, and provides no systematic way to track compliance with controls, standards, and policies. Consequently, the ability to reduce costs, increase employee and customer satisfaction, and minimize exposure to regulatory and contractual risks is increasingly difficult.
Key benefits of an effective contract management software:
- Reduced costs & risks
- Increased productivity, cycle time
- Improved management visibility
- Greater compliance management
- Reduced repetitive administrative tasks