A reliable contract process has two variables: a trustworthy team and reliable contract management software.
Managing contracts effectively can be difficult without the right resources. Your team can be well-versed in best practice contract management, but without a contract management system to track actions and process workflows, bottlenecks may occur, tasks may be overdue and you may have no way of knowing if you’re losing out on opportunities.
How do you know what’s going on within your team? If you’re not sure what’s happening, it may be time for an upgrade to contract automation. Learn how to create a reliable contract process for your organisation.
There are a lot of different factors behind a successful contract management process, including contract automation, user security permissions, audit trails and trustworthy, informed team members.
Contract automation with contract management software
Contract automation can take contract management to the next level with automated workflows, and email and calendar alerts. Workflows track the status of each step in your process to ensure users are completing tasks when assigned to them, and alerting the appropriate individuals when a contract is ready for review, signature or renewal.
User security permissions
Security permissions enable your organisation to control the team members that have access to view, modify or manage contracts and associated data stored within your contract management system. System administrators can change these rules within the system as necessary to ensure the right individuals have access to the documents they need.
Advanced contract management software tracks user activity with audit trails so you can identify the source of process bottlenecks, compliance risks or team members who fail to complete assigned tasks. This can help optimise your contract process, avoid bottlenecks and escalate tasks.
Trustworthy, informed team members
While automation and audit trails can help create a reliable process, you must ensure your team members understand the expectations that come with using the software. Contract management software can help you identify issues early on so their process gets minimally affected and opportunities are not missed. To ensure your team understands the software functionality and can take advantage of all the system features contract management software has to offer, training is the answer.
Create a reliable contract management process with Contract Insight® from Four Business Solutions
Our award-winning contract management software – Contract Insight® – helps leading organisations create a better process with intelligent contract workflows, user-defined rules, automated email and calendar alerts, secure login and more.
Four helps small and multi-national organisations enrich the way they work. From supply chain to procurement and contract management, we have decades of experience helping companies forge ahead in the global market. If you’d like a demo of Contract Insight or simply to find out more about what we do, please call John O’Brien at Four Business Solutions on 0800 6250 025.
John O’Brien is the CEO at Four Business Solutions, global business consultants and software integrators providing business processes improvements in Finance, Supply Chain and Operations, across a broad range of industries.