Contract management software solves challenges at various stages of contract management.  Let’s look at this more closely.

Poor Contract Management

Contracts are living, legal documents that underpin business practice across the globe – so diligent contract management is essential.  Yet, many organizations don’t have clear strategy and this can happen:

* Contract documents get lost
* Critical review dates are forgotten
* Contracts roll-over
* Opportunities  for reviews are lost
* Opportunities to negotiated are lost
* Opportunities  to tender to the open market are lost
* Potential savings and increases to bottom line profits are lost too

Poor contract management can lead to disasters in business – such as website domains not being renewed as happened to leading toy store Hamleys in the lead to Christmas one year.  Reputation and sales were hit badly.

Contract Management Best Practice with Cloud Software

The problems outlined above are resolved by software in the following ways:

* Contracts are scanned and uploaded to ONE central repository – this is password protected but can be accessed by those with authority from any office or device with a browser.
* Once within the contract management software, the system identifies who is responsible for each contract
* The contract management software creates notice periods for reviews of critical dates
* Automated email alerts are sent at intervals to named individuals responsible for each contract
* Always ensuring contracts are managed in structure time frames, with total control

It’s all very simple – but without cloud-software creating structure and automating alerts to critical contract dates, contract management can get chaotic very easily.

To find out more about EPIs contract management cloud software visit the following links – and try the software FREE for 12 months.