How can a Contracts Management System help to save money?
by Web Admin
Missed deadlines and renewal dates for contracts can cost a business dearly. Duplication is also an issue when multiple departments have agreements with several suppliers for the same service. For every vending machine, photocopier and company car, there will be a contract or agreement and to manage and control the processes and documentation manually can be a nightmare.
By implementing a company wide Contracts Management System, processes can be simplified and controlled and greater visibility can be achieved in terms of expenditure. Contracts Management software can guide an organisation through the whole process from invitation to tender to awarding and closing the agreement.
Workflow processes allow documentation to be directed to the relevant personnel for approval and finally to the finance department for payment.
Version control ensures that the most up to date copy is viewed at all times and an audit trail provides a full history of all activity within the system. One of the most important advantages, however, is the automatic alerting facility to contract expiry dates which eliminates the risk of penalty fees or over payment.
Whether the contracts are the responsibility of the Facilities, I.T. or HR department the company as a whole will benefit from having a central and secure repository for such business critical information.
To request a demonstration of The IPC Group’s Contracts Management System, please call freephone 08081 45 46 47.