Contract management software is used to automate the processes involved in the selection and appointment of suppliers of goods and services. It facilitates the electronic storage of all documents and uses workflow to route paperwork round an organisation to relevant personnel.
Managing contracts in paper format is a risky business. Overdue renewal dates can cost a company dearly as can lost copies or the duplication of suppliers of the same service. Contract management software gives companies a common platform and central repository for all contract related documentation and ensures that the relevant procedures are followed by all users.
Using contract management software also gives greater visibility and the Finance Department can see at any time the value or potential value of all contracts and if necessary intervene if there is any danger of overspend.
The most beneficial feature of an automated contract management system, however, is the automatic alert for contract renewal dates. This can be pre-set to an agreed period prior to the expiry date to allow sufficient time to re-negotiate or source a new supplier at a more cost effective rate.
For more information and guidance on the installation and use of contract management software please click here or call The IPC Group on 08081 45 46 47.