So a salesman, purchasing manager, and claims analyst walk into a bar…. While on the outside it looks like they have nothing in common, they actually do – they all rely on contracts as an important part of their everyday business operations. For this reason, it’s very important for them to have effective contract management solutions in place.
The Aberdeen Group recently found that best-in-class companies are 75 percent more likely to have a searchable contract repository, keeping more than 75 percent of their contracts inside. This growing focus on contract management is prevalent because organizations are recognizing that effective contract management actually delivers successful business results, putting a strong emphasis on performance management and putting an increased focus on regulatory compliance.
The many faces and places of contract management touch the entire span of an organization, in every industry. They all may look different, but they operate on the same philosophy – better compliance, transparency, and collaboration. Below are three examples of how contract management looks within different departments:
Sales & Marketing – aka the “Sell Side”: The sales and marketing department deals with all the sales and services contracts, including:
- Sales Agreements
- Partnership Agreements
- Joint Venture Agreements
Procurement – aka the “Buy Side”: Procurement deals with all of the vendor contracts, including:
- Vendor Agreements
- Price Schedules
- Non-Disclosure Agreements
Human Resources – aka “Employment”: The human resources department deals with temporary agreements for services, including:
- Employment Contracts
- Insurance Policies
- Non-Compete Agreements
No matter the application, there is a lot to gain from a contract management solution, and automation is the key to providing the most benefits. Capture, store and manage all of your contracts under one roof for instant access, eliminating lengthy manual work and maximizing productivity. Improve compliance by taking advantage of automated notifications for renewal or disposal, and access a complete audit trail of interactions to ensure accountability. With a contract management solution, you’ll be able to relax in knowing there’s no unpleasant surprises hiding around the corner.
To learn how organizations are using automation to enhance their contract management solutions, download our webinar recording below, “Conquering Contract Management in a Digital World.”
