Four ways to manage your contracts

Whenever you invest in anything new for your organisation, you need to know you’re making the right choice. If you’ve done your homework, you’re more likely to be confident in your selection – an informed buyer is a satisfied buyer.

This is especially important when your new investment requires an overhaul of some of your current processes. Implementing a new way of doing things can be overwhelming, and when it comes to your contract management processes, change can be downright scary.

Protecting your contracts and making sure all goes well during the contract lifecycle is critical. Introducing contract management software can inject much needed life into your operations and the benefits of introducing contract lifecycle management (CLM) into your daily routine might surprise you.

  1. Handle more contracts in less time

If the thought of introducing just one more contract has you running for the hills, you’re in trouble. Why stress if you don’t have to? Using an automated contract software solution that makes recording, managing and reporting on agreements virtually painless is the perfect reason to feel confident about your purchase. Think about the time you’ll save having all your contracts in one central repository, and being able to quickly execute tasks at the click of a mouse.

  1. Mitigate miscommunication

One of the biggest problems of working with multiple stakeholders on one contract is trying to accommodate a myriad style of doing things and operating on their own schedule. This can cause huge gaps in communication and could delay a task or even a contract, from getting executed on time. And potentially worse, you may not know who owns what task which complicates things further.

When you’re using a centralised software platform, all stakeholders work from the same set of standards, which means consistency. With contract software, you can also set up task alerts and assign them to different owners so there’s no confusion about responsibilities and deadlines.

  1. Optimising resources

To manually put together a contract, or designate someone to work on data entry requires a lot of time and energy, and could mean multiple people working on the same thing. To look for and retrieve contracts when they’re all over the place can be a job in itself. When you or your colleagues are distracted from bigger tasks to manage your contracts, the costs of maximising opportunity increases.

If you’re still generating paper contracts, you’re also burning through valuable materials. A contract software solution eliminates the need to produce mass amounts of paper with its automatic digital storage. And a CLM will migrate all your fields together into a digital document far quicker than if you were to do it yourself. Better for the environment, and better for you.

  1. Avoid unnecessary renewals and expirations 

Manual but inconsistent contract management can mean unintended auto-renewal and expiry. A waste of both time and money. With contract management software, this is done for you. Set your preferences and never worry about missing those deadlines again.

Let us take some of the weight off

Feel confident about your decision to move to an automated contract management software solution. Know that everyone who has a hand in managing contracts within your organisation will be able to execute their tasks and stay on top of key dates with ease, ultimately saving your organisation time and valuable resources.

Contract management software from Four

Contract Insight is easy to use, simple to install and reduces your total cost of contracts.

  • It’s a Windows PC based contract management software solution, with systems hosted on Microsoft Internet Technologies, using Windows Servers, .NET technologies and Microsoft’s MS SQL Server Database to store and retrieve data faster and more reliably.
  • Security features include dedicated firewalls, monitored ports, monitored logs, backups, failover facilities, private web, private databases and server scans; all with username and password authentication.
  • Contract Insight Enterprise can be either installed on your company’s servers or hosted as a Cloud-based SaaS solution. On-site help is available from our team, or you can allow Four Business Solutions to manage the solution via our cloud deployment.

If you’d like a free trial to understand how Contract Insight can boost your business, please call John O’Brien, on 0800 6250 025.

Find out more about the ultimate guide to contract management – sign up to access our white paper.