Peer into the fabric of almost any business, and you’ll find a network of contracts. They exist for nearly everything that takes place at work, from tax preparation and employee contracts to vendor relations and of course client relationships.
But in spite of their importance, contracts are often managed using extremely outdated systems: homespun, cobbled-together routines and horrendously inefficient practices that cause business owners to miss out productivity, growth, and profits.
You may not think your contract management software is outdated, but if you use any of the following words to describe your system, then perhaps it’s time to reassess how you’re handling your documents.
If you’re still keeping track of everything on simple spreadsheets that simply get saved on a server somewhere and don’t offer you advanced ways to collaborate, you’re missing out. The wonderful aspect of a good contract management system is that it allows for feedback mechanisms at every stage of the contract life cycle.
OK, so it’s technically two words. But more importantly, if you’re using your email program in place of contract management software, then all your contract processes are probably much slower than they need to be.
That’s because email programs, no matter how advanced, simply aren’t robust enough to handle even the most basic functions which are easily supported by contract management software.
If your contract management software doesn’t allow for a detailed and tracked trail of everything that takes place in the contract life cycle, then it’s not going to help you very much should you find your company is going to be audited.
That means you also must be able to extract detailed, customizeable reports from your system, which of course helps at tax time as well.
Does your current system encrypt your documents, or just store them unsecured on a server somewhere? Any contract management software worth its salt will offer you encryption while files are being transferred, as well as secure storage.
Hope you found this useful- for more on the latest in contract management software, visit Contract Management Experience to see how you could be handling your contracts in the future.