You always have to make sure that the product or service you’re purchasing will maximize the benefits of your business. If we’re talking about contract management software, the decision-making to change often stems from inefficiencies. That means the pressure is to ensure that your company attains the highest ROI from a newly implemented source to contract software.
The key to the success of contract management in your organization is leveraging all tools. These tools are made available in your business to reduce contract lifecycle bottlenecks, migrated risk and increased efficiency.
This article will show you some ways to get the most from source to contract software. But before we do that, we want to show you what exactly this software means and does.
What do you mean by the source to contract software?
It is a digital solution that will help you create more efficient procurement processes. From sourcing a supplier to managing agreements with a source to contract software, the team encompasses a great deal of procurement.
However, the source to contract means a collective set of procurement processes while implementing products or services. The source to contract process starts with analyzing the requirements of products or services.
Also, it involves developing a sourcing strategy. Before awarding the contract to a suitable supplier, it advances the request for quotation and contract negotiation.
Ways to get the most from source to contract software
This section will bring you some of the ways to get the most from source to contract software.
1. Optimize contract workflows
Previously, your company’s workflow process must involve spreadsheets. But it needs a contract manager to supervise every stage of the source to contract cycle.
It will ensure that all involved parties are on top of their assigned tasks. Due to delays in the completion of tasks, this process can become a problem.
It can bring contract workflows to a halt and force teams to waste time fulfilling the tasks. That means it is time to embrace your old fashioned process with intelligent contract workflow management.
The software offering intelligent contract workflows will abate the contract cycle bottlenecks. It will help you to engage the right people at the right time with features like contract notifications, task reminders and automated alerts.
2. Unify your Contract Repository
Previously, your organization’s document management may rely on insufficient manual approaches. These manual approaches involve emails and disorganized digital storage.
However, these methods will prevent you from keeping the contracts safe, secure, maintaining version control, and meeting critical milestones. But now you have to on risk mitigation, excellent contracts management, and embrace your implemented contract repository system.
It will allow your contract management team to organize contract documents, oversee permissions, keep track of contract status and much more.
3. Enhance contract tracking
Early, your company may have a manual filing system and spreadsheets for contract tracking. But these methods can lead to bottlenecks, increasing the risk for lost contracts and lack of task notifications regarding issues with contract language.
Now, you do not have to rely on these manual tracking systems. Instead, take advantage of intelligent contract tracking. It will equip your team with enhanced contract management with better visibility, a centralized contract repository, and more.
If you are looking to invest in contract tracking software, look at some of its features.
- user-defined fields
- audit tracking and logging
- electronic signatures
- key date and task reminders
- pre and post-award tracking
4. Streamline signatures
Early, you may employ an outdated and slow signing process in your organization. But this process will be a barrier in the way of a streamlined signing experience.
It will put your company at risk and the lack of an efficient signing process. Now, stop relying on the manual signing process and take advantage of the contract management platform’s e-signing tools.
It will help your organization save money, time, enhance security and improve visibility and business relationships.
With the four ways shown above in maximizing your company’s ROI, you can feel confident in your decision to move forward with a source to contract software. If you want to leverage all these features, click here and get help with the management of the entire contract lifecycle.