Is your contract management hurting your business

1
Is Your Contract Management Software Hurting
Your Business

• 5 signs to look out for

2
Contract Management

• Modern businesses need specialized solutions to
  handle critical processes like contract
  management and vendor management.
• The efficiency of these solutions is significant
  to ensure that you are getting the right support
  your business requires.
• If your Contract Management system is not able
  to handle those changing needs and demands, it is
  time for you to look for another suitable option.
• While making your first CMS choice, you can keep
  these factors in mind and thus ensure that the
  system is developed to handle situations that
  arise in the future when your business eventually
  grows bigger and better.

3
Increased Number of Missed Deadlines

• Deadlines and renewals are very important factors
  in a contract.
• When you are depending on a software or system to
  handle all aspects of your contracts, it must be
  capable of avoiding any unfortunate situation
  that arises due to a missed deadline or renewal
  date.
• What you need is an accurate and comprehensive
  notification facility. Apart from the standard
  notifications, it is essential to create custom
  notifications for different causes.
• This helps businesses to stay alert about the
  priority actions they need to be taking
  immediately. If your software is not doing it
  now, consider it as a warning.

4
Inappropriate Management of Sensitive Contract
Data

• Data is a very precious and significant factor in
  making business decisions.
• Businesses are spending a big part of their
  budget on finding data that helps them to take
  decisions and make moves that help them to stay
  productive and smart in all areas.
• Your contract-related data is very sensitive and
  confidential.
• Along with storing all contracts in one system,
  you should also be able to retrieve that
  information with ease whenever needed.
• For a business with numerous departments, the
  ability to keep all contract details in one place
  is very crucial.
• You should be able to avoid your sensitive data
  from getting shared among unwanted users

5
People are Not Happy with the Contract Management
Processes

• When the number of contracts in your organization
  increase, and more people and stages are involved
  in the approval processes, there will be a need
  for more features and capabilities.
• Modern contract management systems will be able
  to handle those situations, as they are
  pre-equipped with such flexibility and
  scalability.
• If the user interface of the system seems to get
  outdated in few years, and your employees start
  complaining about the ease of use, there is a
  serious requirement for a fresh solution.

6
Support and Upgrades Getting Overpriced

• Software providers offer you all kinds of support
  and flexibility to upgrade when purchasing a
  solution.
• Only genuine service providers will keep up all
  the promises and support you without breaking
  your bank and patience.
• They should also be capable of making any
  alterations or customizations you are demanding.
• The cost for further changes should not be over
  your budget limits.
• As modern contracting Software can help you
  avoid revenue leakage, consider this as a
  priority.