Over half of organisations have doubts about contract management

A survery conducted by Huron Legal showed that 57% of legal professionals worries about contract management practices within their organization. The survey was conducted in San Francisco and half of the respondents indicated that their organization managed over a 1000 actives contracts at any time.

While this does not mean that all these companies have bad contract management practices, it does show that the key challenges involved in contract management are still relevant. Another interesting conclusion is that three quarters of all respondents indicated that they do not store contracts electronically.

Huron finally concluded that a lot of organizations leave money on the table by not reviewing their contract terms periodically.

Contract management using Excel?

Some people say its possible while others say its not. So it is possible and is it a good idea?

We think that for personal use and 20 contract maximum Excel may offer some sort of a solution to contract registration. Do however be aware that Excel does not make backups, does not send you email notifications about deadlines, does not do user authorization and cannot store all your contract related documents. It’s thus not really contract management, but more contract registration.

So while contract registration using Excel is better than no contract business at all, it does not really fundamentally solve a lot of the issues companies are struggling with in contract management. Thats why we would advise you to use proper contract management software.

Still think you want to try? Then go ahead and download our free Excelsheet for contract management. Do you want to go pro while still keeping costs down, then tryout AlertA Lite.

Contract management using Excel

AlertA Lite Reporting

A key difference between AlertA Lite and it’s more advanced cousins was the lack of reporting functionality. The past months we worked hard to close this gap, cumulating in this weeks update.
AlertA Lite now features a fully fledged reporting module, which includes ready made reports as well as the possibility to set up completely custom reports.

AL2 Reporting

Reports allow you to take your contract data directly to print and allow easy export to third party software like Microsoft Excel. Over the coming weeks we’ll be adding more reporting sources allowing you to export key contract events as well.

AlertA Lite in English

AlertA Lite is now available in English. While our other products have had support for other languages for a long time, AlertA Lite was until now only targeted at Dutch clients. By adding English support your colleagues overseas can now also use AlertA.

The update bringing English language support also included improvements containing more proactive checks on your contract administration. This should prevent you even better from missing important dates.

Proactive contract management

During the past month, we at AlertA focused on implementing features which are supposed to make contract management with AlertA Lite more proactive. The concept behind this proactive contract management is that beyond the usual signaling and notifications you specify for contracts, AlertA will also on it self look for contracts that require attention within you administration.

When for example a contract does not have a contract manager assigned, AlertA will ask you to do so. Is data missing on the life cycle of a contract, then AlertA will ask you to enter the missing data. A final example is handling of contracts which can optionally be renewed. After the contract expires, AlertA will ask you to specify if the contract was renewed or left to expire. In this manner, you contract administration will always be fully up to date.

These functions will be brought to the other version of AlertA in the coming months.

AL2 ContractAttention

AlertA Lite 2.0

AlertA Lite received a major update today. Besides technical improvements, we focused on reducing the length and complexity of the work flows of contract management with AlertA. The major changes are as follows:

  • Contract data can now be edited without have to navigate to a separate page.
  • The managing of counter parties has been simplified.
  • Both contracts and tasks now show a detailed activity log, showing exactly who changed what and when. In addition its possible to add comments to the activity log for later reference.
  • Its now possible to compose contract texts in AlertA and to manage text revisions.

Below is a screen shot of the reworked dashboard:
AL2 Dashboard

AlertA Windows 1.9

AlertA Windows version 1.9 has been released.
Contract your AlertA account manager for instructions on updating your installation to AlertA Windows 1.9.

The value of tracking facility contracts

The Dutch magazine Quote reports that Oracle missed out on the termination notice on the contract for their office in Amsterdam. The result is the contract being renewed tacitly and Oracle losing an estimated € 1.5 million on an unused office over the coming 5 to 10 years. In addition Oracle failed to seize the opportunity to adjust the rent to market rates, only adding to the gravity of the situation.

These kinds of incidents illustrate the importance of having decent tracking on your contract administration. Even while one would expect that the largest ICT service companies like Oracle would have their contract management sorted out, the opposite is evident. Make sure that you do not miss out on tacit renewals, manage your contracts using dedicated software, or even on paper if you have to.