Benefits of a contract management solution present themselves in many areas of the business. They are easily quantified to establish compelling business cases in organizations where no contract management solution exists or the Excel spreadsheet or Access database plug the gaps. The issue with these approaches is not only that they are old-fashioned, but that they lack integration to other systems like ERP or CRM; they lack organizational access, distribution, and do not offer alerting when important contract conditions are not met.
Benefits of a contract management solution extend to:
- Proper controls and policies enforced
- Traceable audit trails and compliance monitoring
- Operating on the latest terms and conditions
- Reduced “off-contract” spending
- Reduced legal fees
- Eliminated renewals of unwanted services
- Improved forecasting
Productivity / Operational Effectiveness
- More efficient contract lifecycle
- Eliminated manual processes
- Centralized document repository
- Access to the right people
Ensuring the contractually correct amount of revenue is recognized as early as possible can substantially impact an organization’s bottom line. The resulting ROI is typically many times the cost of implementing and operating a contract management solution. Projects are usually completed in a very short of time.