In the past few years, contract management has attracted widespread attention. With regulations and compliance becoming much stricter, contract management has become a real business priority. That’s why many organizations are now implementing a new contract management system or are trying to improve their existing system.
Key contract management questions
In general contract management boils down to a few key questions. If you don’t know the answer to one or more of the following questions:
- What kind of contracts has our organization committed itself to?
- Where are these contracts saved and stored?
- Who manages these contracts?
- What are the obligations associated with these contracts?
- Have the contract details been saved in a system?
then we highly recommend your organization to acquire a Contract Management System in order to manage your contracts in a more cost-efficient and professional manner.
Contract management difficulties
Most organizations struggle to retrieve all existing contracts or even one specific contract in a short period of time. Once the contract has been retrieved, the following questions need to be answered:
- Is this the most recent version?
- Is the contract complete?
- Where are the attachments (if any)?
- Is it part of an umbrella contract?
- If so, where is the associated umbrella contract?
- Who or who else is managing this contract?
Contract Management System
Retrieving contracts that have not been saved in one central location is very time consuming. A well-organized Contract Management System will give you the following information immediately:
- The contracts our organization has committed itself to;
- The location of these contracts;
- The person managing these contracts;
- The obligations associated with these contracts;
- Important contract dates like expiration, renewal and termination dates;
- The history of each contract;
Once a proper Contract Management System has been implemented you can rest assured that late termination of contracts will be a thing of the past. This means considerable cost reductions: your contracts are terminated in time, so you no longer pay for ‘unnecessary’ costs (e.g. services you no longer use but forgot to cancel). Retrieving and managing contracts takes a lot less time using a contract management system, thus providing an additional cost-saving factor.
AlertA Contact Management Software
AlertA provides dedicated software to address the above mentioned problems. Our software has been in use at dozens of leading companies for over 10 years.