How can contract management help you close more deals?
Contract management and the business segments!
Contracts exist everywhere, in every department and in every business. Every company, regardless of its specialisation, needs to trade with a mix of organisations, individuals and agencies. Contracts are the formal agreements between two or more parties involved in a business deal. It may be spun over a period of time for years or months. These contracts cover important information shared among the involved participants to do business. Hence, it is significant to have a system in place that provides a value in managing your contracts instead of doing repetitive work.
The global CLM (Contract Lifecycle Management) market is projected to grow at a CAGR of 16.35% over the period 2014–2019.
The outburst of SaaS solutions has taken contract management in the digital wave as well. Considering that cloud-based platform offers a multitude of advantages, it is a no-brainer for all industries to embrace it. Let us explore how automating contract management encourages more deals down the lane-
Councils, local and national government authorities are adhered to manage their people and meet the required compliance standards. Maintaining business relationships with suppliers, vendors, agencies and goods providers is critical to serving their citizens. Also, delivering services and managing administration involves a lot of black-and-white agreements. To achieve smooth working and ensure timely supervision, compliance based contract management software stands to be the perfect solution. Contract management platform centralises contract authoring and documentation, trails through compliance audits and maintains deadlines. Automation of contract lifecycle management begins right through the initial request, submission, negotiation, approval, novation, alerts, closeout, and most importantly budget alerts.
Software is useful to consolidate contracts and benefit to
- Gain public confidence
- Track the redline version changes
- Audit activities and reports
- Meet council objectives
- Establish a trust-based relationship
- Transparent conditions
- Speed up contract times
- Analyse negotiations
- Eliminate inefficient processes
- Avoid extra expenditure
- Monitor compliance
This presents an ideal methodology to maintain a standardised approach using SaaS-based contract platform.
The medical sector is one of the most sensitive business segments dealing with the health of people, thus involving a lot of compliance measures and regulations. The ever-changing technology dynamics have thrown new challenges in this area. This may require more investment in terms of time, money and efforts. Healthcare organisations need to maintain service contracts with physicians, supporting staff, pharma companies, equipment and lab services, managed care providers, and other agreements to ensure a smooth working and timely treatment. A straightforward approach using contract management software having centralised repository is sufficient to manage all these agreements and ensure compliance.
Healthcare service providers can benefit from contract software by achieving
- Easy accessibility to authorised parties
- Timely renewal
- Mutual negotiations
- Secure storage
- Customised workflows to map processes.
Moreover, it reduces the overall cost of managing each contract manually and streamlines the operations with efficiency.
When it comes to reliability and security, masses look up to the insurance companies to organise their present earnings for a safer future. The competitive insurance market is sensing a transformation in insurance working scenario using cloud platform. There are many obvious reasons like low investment revenues, process efficiency, delayed cases and cycles, unorganised work, scattered information, taxation, risk management, contracting demands, and diversely shifting population. In such a situation, digitising the communication and administration helps to free the companies from clutches of speckled management. Software developed to manage insurance contracts and related services orchestrate a comprehensive way to achieve goals with customers and brokers.
Contract management software simplifies
- Collaborative authoring
- Role-based access to sensitive information
- Set up claims conditions and clauses
- Automate quotes
- Advanced search options
- User-defined fields
- Document versioning
- Well-defined termination and cancellation policies
- Auto-routing contracts to agents
- Seamless integration
- Auto-emails and templates
- bulk data updates and
Energy and Utilities
Energy service providers are facing challenges to provide combined, convenient and profitable commerce with customers and business partners. Unstable market conditions, budget setbacks, environmental health and safety standards, employees’ issues and the need for innovation are the current troublemakers for the energy industry. Utility and energy contract managers need to adopt the best practices with the help of contract management software to stabilise their position in the market. All-in-one bespoke software covers entire contract lifecycle various types of contracts for buyers, sellers, HR, legal, proposals, renewals and approvals with transparency and coordination.
An intelligent contract management software automates
- Drafting and review cycle
- Record keeping
- HR functionalities
- Employee recruitment agreements
- SLA milestones
- New connection requests
- Service contracts with external providers
- Contract printing
Clause library and ready-to-use templates, penalty terms, audit reports, electronic signature capture, calendar alerts, document compare and configurable actions add to ease up the work.
Traditional processing methods to communicate, schedule and manage contracts are given up by the legal professionals. Information exchange with precision has to be done keeping every risk and compliance factor in consideration. This certainly demands smart and efficient working. Contract management software presents a holistic approach to contract drafting, negotiation, amendments, visibility, reviews, completion, archiving and closure. It uncovers the risks involved, monitors every portfolio aspect, highlights key issues, search engine capabilities and reports any non-compliance factor.
Legal contracts can be managed with the help of software involving any number of individuals and organisations. It offers a
- Secure access
- Status and update tracking
- Interaction history
- Email and message cycle
- Reduced contract turnaround time and cost
- Organising multiple contracts
- Related activities and tasks
A scalable all-inclusive contract management solution suffices all the strategic needs and help you to seal more deals.
Originally published at www.itouchvision.com on August 5, 2016.