Contract management is an important aspect of managing supplier relationships with their customers and ensuring that commodities and services are negotiated and the terms and conditions are transparent to the stakeholders.
Easy Access to Contract Agreements.
What happens to contracts after they’re signed? Within customer and vendor organizations that have not adopted a contract management tool, we often hear of hard-copies being stored in varied places: Filed away by the legal department, kept in a desk drawer by the procurement manager, sent off to the relevant stakeholder. Contract management tools allow companies to store and organize contract records in an easily-accessible, centralized repository. Agreements can be downloaded and reviewed with the click of a mouse, taking the guesswork out of locating your contract documents and giving you visibility into which contracts are currently in place.
Organized Database = Smarter Spend.
Unlike the email inbox you use every day, contract management tools provide sorting and searching functionality to quickly locate the document you need. Having an easy-to-use catalog of your company’s agreements is one of the first steps to reducing problems and time consuming labor to try and find information. With a quick search, all agreements of your participating customers are on hand. In addition, an organized database may help bring to light areas for smarter sales cycle down the road.
Locate Key Data Quickly.
How many times have you found yourself scanning through sales reports to try and find contract metrics? ContractFX™ allows you to report on sales, trends, and opportunities associated with the contracts of your participating clients.
Keep Track of Important Dates.
It’s vital for businesses to stay on top of important contract dates. Automated reminders make doing so significantly easier. ContractFX™ tools let users schedule notifications as needed, so you never miss key dates of a contract’s lifespan. Here are just a few examples of valuable reminders:
- Contract start-dates
- Auto-renewal dates
- Project start/end dates
- Contract end-dates