Currently, the most common problem in contract management is the lack of a centralized platform where employees can search, access, and retrieve contracts and other documentation. The disorganized process causes many pain points such as inconsistency across contracts, cumbersome processing, and supply chain continuity issues.
To have a better contract management process, you should establish a centralized cloud database that allows your staff to create, store, and maintain all documentation from operational processes to contract templates. In this way, you can ensure consistency and standards among your contracts, save time dealing with repeated tasks, and mitigate errors and risks.
Implementing a contract management automation should offer you with:
- Central repository: An easily accessible database that stores all documents,
- Configurable interface: A customizable interface to fit your business requirements,
- Automated notifications: Send automated alerts on contract milestones, renewals, and renegotiation chances,
- Vendor performance monitoring: Track delivery time, product quality, pricing, and adherence to purchasing terms and conditions.