You probably don’t associate Brexit with agility. You probably don’t associate agility with contract management software either. In fact, many of us think contracts – like Brexit – seem lengthy, cumbersome, and time-consuming. A necessary evil that bogs us down in detail, they keep us from being out in the field, selling, networking and bringing in business.
However when you consider that contracts basically secure the foundations of your business, you might start to see contract management in a different light. As Brexit talks begin, the maze of red tape seems almost impossible to navigate. What if you could find a solution that could cut through your own red tape, speed up the process of contract management and ensure you avoid penalties? A solution that helps you reap bonuses due, cut renewal costs, and keep compliant at all time? A solution that would actually improve the channels of communication between yourselves and your customers, your vendors and your colleagues? Wouldn’t you jump at it? I’m sure the Brexit negotiators would…
Merging the virtual with the physical
The digital age has connected the global community in ways we never thought possible. This week sees EdTechXEurope, a great example of how digital facilitates collaboration today. Our working environment has also changed dramatically. Lots of us work remotely, and with all the methods of communication we can use – the traditional conference call, video conferencing, Skype, Face-time, IM, text and email – our virtual office is a close as it can possibly be to a physical one. Some of us never meet our colleagues but the distance between us doesn’t seem to matter; we can still work effectively together, no matter where we are. Which given the unknowns we face as we navigate the Brexit waters is reassuring.
But agile working isn’t just about location. The cloud means quick, secure access to data wherever we are, and makes integration of our various systems and technologies easy. As the hardware we use is increasingly virtualised, infrastructure and equipment can even be upgraded remotely. We can securely access corporate information and all our other internal resources when we’re on the move.
Don’t just sign, file and forget
Contract management really is no different. The approach which saw us sign, file and forget has cost us. Our businesses have lost significant sums down to human error, compliance penalties, missed bonuses and expensive unnecessary renewals. To say nothing of the damaging implications of finding out – too late – that an important contract has lapsed.
You can build on your existing business agility and easily protect yourself and your business in the same way, by automating your contract management. Agility in this case means managing and significantly limiting your risk. Although we can’t control the risks we’ll face in the post Brexit age, isn’t this music to your ears?
So, how can you tell if Contract Insight contract management software is for you? If you can answer yes to the following questions, then congratulations, you’ve got a truly agile contract management system.
- Can you manage the status of contracts anywhere in their lifecycle?
- Do you never miss key contract dates, such as option renewal or automatic term rollover?
- Do you know off the top of your head, or can you quickly find the number of contracts you manage that will expire in the next three to six months?
- Can you say that you’ve never paid for something your business didn’t need, because you clock all the negative options on your contracts?
- Can you track organisational cash flow back to specific contracts?
- Can you provide a summary of your organisation’s contractual liabilities if they are needed by one of your stakeholders, suppliers or customers?
If your answers are largely no, then we can help. You’ll be in good company. Many Fortune 500 companies use Contract Insight to manage their contracts, their commitals and their agreements. Contract Insight takes care of your contracts throughout their entire lifecycle. By lifecycle we mean requests, authoring, negotiations, approval, execution, obligations, compliance and renewals – the whole gamut.
From the outset, Contract Insight means transparency for its users. During the contract request, authoring and negotiating process in particular, you’ll find this transparency shores up the trust between you and your clients or suppliers – always a good thing in business. Tracking of changes and document versioning mean you’ll both be working from the same document, avoiding mistakes and confusion.
Once your contract is approved – and this whole process can be carried out online due to the inclusion of electronic signatures – it can be executed to its full extent. You’ll easily be able to manage the contract wherever stage of its lifecycle, you won’t miss any key dates, and you’ll be able to track progress – including cash flow – specific to that individual contract.
You’ll see improved customer and supplier relations simply because at every stage of the contract you’ll meet your obligations, you’ll remain compliant and you won’t ever have to pay for any hidden clauses. And with full transparency of renewal dates you’ll ensure that you won’t pay over the odds for renewal fees.
Peace of mind in the Brexit age
As Brexit talks begin, it’s good to know that contract management can be a real part of your agile, digital business. And the resulting agility will enable your business to be nimble and responsive whatever’s happening in the outside world.