An electronic contracts management system automates the processes involved in the management of supplier contracts. All documentation relating to the appointment of a supplier of goods or services is stored electronically and automated workflow rules ensure that no vital stages are overlooked during the selection process.
A company wide system gives uniformity and consistency across all departments and helps to avoid duplication of suppliers for the same services. One of the greatest benefits, however, of an electronic contracts management system is that it delivers automatic alerts when a contract is coming up for renewal, allowing adequate time for re-negotiation or notice of termination in accordance with terms and conditions. This ensures that the best value for money is always sought and avoids costly mistakes due to deadlines which are missed.
The cost savings achieved when an electronic contracts management system is installed are massive. Inefficient contracts management can cost an organisation dearly but of most concern is that the amount is very rarely known until the processes become automated. No matter how large or small a business is, managing supplier contracts in paper format is guaranteed to lose money and is rapidly becoming a thing of the past.
There are several types of contracts management systems, from a sophisticated rich client version through to a low cost cloud based contracts management system. For a free consultation on your contracts management requirements please click here or call the document management experts, The IPC Group on 08081 45 46 47.