Simplify Your Contract Management Process and Become More Strategic
How much time does your legal team spend generating and managing contract documents for your organization? Does your organization also spend time rounding up the proper approvals for a contract and chasing down signatures? Do they also waste hours tracking upcoming contract renewals and expirations, or searching for contracts of a certain type or that contain specific language?
These answers to these questions are indications you need a contract management solution
A big part of the value customers get out of our eProcurement product suite is that it helps procurement groups move beyond the day-to-day tactical activities and focus their energy on the strategic needs of the business. In other words, if your team could stop spending time processing requisitions, confirming receipt of items, and answering supplier emails and phone calls, they would have more time to be more strategic.
Why should it be any different when it comes to contract management?
The short answer is that it’s not. Just like an eProcurement solution streamlines procurement related tactical activities, an automated contract management solution does the same for contracts.
What does that look like? With a little set up, the contract creation process can be designed to create the right template for each contract type. Workflow can be configured to route contracts to the appropriate people for approvals based on your business rules. Automating and streamlining these processes will decrease your cycle times and get you closer to contract execution.
With the right contract management technology, you’ll save time and shorten the contract cycle time, increasing direct value to the business. Who wouldn’t want that?
See how it works in this two-minute demo of Total Contract Manager.
Jason Liner is the director of product marketing for contract lifecycle management and eProcurement.