Manage Contracts Effectively with Our Enterprise Contract Management Solution
Contract Management Software is a program that manages and stores legal agreements, such as contracts with licensing agreements, leases, and vendors. The important purpose of this application is to minimize overhead and optimize administrative tasks by offering a single and unified view of the processes for each contract.
ProcurementPath Contract Management Solution
Companies can use enterprise contract management software to manage a new request for a contract, obtain data related to the agreement, and document contract creation, negotiation, and authoring. The program can then track the contract as it undergoes the process of review and approval, providing documentation for contract execution, digital signatures, management of commitments, and post-execution tracking.
Why Enterprises Should Have Contract Management Software
Organizations that do not have an enterprise approach to contract management are likely to hurt their bottom line due to lost money, time, or potentially damaged reputation. Having an enterprise contract management solution, therefore, is vital for companies.
A powerful contract management system can serve as a game changer for your enterprise. It makes your entire collection of contracts secure, searchable, and visible. From contract creation to compliance and tracking, you’ll have a real-time and accurate picture of the contracting opportunities and risks of your organization. These insights make cash flow management less complicated and allow you to save precious resources and time.
The Benefits of a Contract Management Solution
Contract management software is advantageous to the many different departments of an organization:
- Procurement – This department needs to know the status of current negotiations and the details of past deals to make sure they are obtaining the best contracts and prices for the organization. The department doesn’t have the luxury of time to browse for hours on the computer looking for a single invoice or hunt through stacks of paperwork. When organizations get a contract management solution, the procurement department becomes more efficient. The software makes it easy for employees to get the information they need to meet deadlines or renegotiate more favorable contract terms.
- Sales – Contract management software makes the sales team more efficient by providing streamlined contract creation. Sales representatives use rule-based templates to make sure that they work with the right contract form in any scenario.
- Legal – Recalling automatic contract renewals can be tough, especially when the legal department is manually keeping track of thousands of contracts. On top of that, keeping everyone on the same page is difficult when you have different individuals adding to a contract. An effective contract management system offers maximum transparency and keeps everyone in the loop. It also provides reminders to allow the department to monitor renewals effectively.
- Human Resources (HR) – The department can make the organization’s hiring process quicker when they use a contract management program. New hires get onboard faster when they can get through all the initial paperwork and contracts. Easy onboarding shows that the company is structured and organized for maximum efficiency.
Efficiently Manage Contracts within the ServiceNow® Platform
Contract Management Solutions
Contract Management System Becoming More of a Need in Companies
The need for contract management software is at a tipping point. Forward-thinking businesses are recognizing that contract management as an enterprise initiative is no longer a “nice-to-have,” but a “need-to-have.” On top of that, many companies realize that contract transparency and accountability are required to adhere to compliance and regulatory standards.
Organizations that need a great contract management solution can get the ProcurementPath from Stave Apps. Use our software to manage the whole contract lifecycle effectively from request to closeout. Our program allows you to manage various aspects of your contract, including upcoming expirations, option periods, terms and conditions, clauses, modifications, and other contract documentation.
Visit this page to learn more about our ProcurementPath enterprise solution.
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