The traditional view of contract management is managing contracts via static management systems. In a dynamic world, however, contract management requirements are also increasing. Contracts must be renegotiated as products and customer requirements change.
In addition, new data must be entered into contracts every day. This results in mistakes that can quickly cost a lot of money.
Contract management is the process of providing administrative support for contract preparation, negotiation, administration and signing. The task of contract management is to optimize each of these process steps so that they can run smoothly. A range of administrative measures are used for this purpose.
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In addition to filing and managing access to contracts, modern contract management must be able to provide the data from concluded contracts. Inefficient contract management can cost companies up to 9.2% of annual revenue.
Other contract management tasks to increase the efficiency of the organization include:
Contract management software supports contract management in carrying out its tasks. The core tasks of contract management software are the creation, negotiation and administration of contracts.
Innovative transaction management software offers the option to create contracts using an approved template. This saves companies up to 70% of the costs when creating them.
Contracts are usually negotiated via email and MS Word. It is a lengthy process. Contract management software can help shorten this process. Accidental sending of internal comments to the other party can also be ruled out in this way.
In order to be able to make a reliable statement about the state of your company, it is essential to take a look at your contract portfolio. Contract management software helps you determine which risks are currently lying dormant in your books, without painful Excel evaluation or collecting data.
Data subjects have the right to know what data about them is being stored. Contract management software provides information at a glance as to what data is available and to what extent it was collected.
The accounting department is responsible for invoicing. This requires deadlines and billing details from the contract. If these are missing, invoices can only be made slowly and your money arrives later.
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Controlling usually monitors the risks of contracts and is responsible for planning and evaluating data across the entire company. Contracting is an important data provider for controlling. Inadequate data is often the starting point for far-reaching wrong decisions.
Contract management with Excel tried and tested but not always easy
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