Automated contract management systems are sophisticated, powerful and available now. Some need tweaking for individual business needs while others are pretty much usable straight from the box. In either case they are capable of generating substantial efficiencies and savings. Could your business be missing out?
A suitable contract management system can offer a raft of process improvements including full document automation and the concept of business self-service, so that standard contracts can be filled out by the business users themselves saving time and leaving a legal team free to concentrate on value-adding strategic work.
The benefits also include: a reliable and searchable document repository, hugely powerful contract reporting and analytical tools, contract authoring and negotiation, integration to internal and external systems and deal optimization.
The IACCM also states that a CMS can accelerate the negotiation process by some 50 per cent, reduce payment errors by 75-90 per cent, and cut operating and processing costs by 10-30 per cent.
Time to dive in?
Consider this: the International Association for Contract and Commercial Management (IACCM) cites that almost 10 per cent of gross revenue is lost on poor contracting processes. For the disbelievers out there, cut this figure in half, and if you feel compelled, cut it in half again. The impact to both your top and bottom line is staggering.