New Year’s resolutions and contract management solutions
January 9, 2018
It’s that time when we set our New Year’s resolutions – signing a binding contract made up of life-bettering clauses which will probably be renewed again in 2019.
Speaking of contracts, setting some manageable business goals for your supplier contract management system should go without saying.
So this year, why not set yourself the challenge of improving your contract management process – with the added help of specialist software.
This has to be the ultimate New Year’s resolution. So many of us over-indulge at Christmas time and when we roll into the New Year (often literally) we want to shed a few pounds.
The same should be applied to your supplier contract management process.
Supplier contract management software is developed to streamline the way in which you manage the approval and sign-off process of contracts and other important documentation.
Manual contract management processes are often clunky, difficult to control and can be a very large task for the person responsible – especially if the business is big with an even bigger supply chain.
Automation, configurable workflows, alerts, reminders and reporting functionality form the basis of a supplier contract management software solution, and are designed to minimise the hassle, stress and administrative burden associated with its manual counterpart.
Another common New Year’s resolution is to move more, whether that’s going to the gym, running, cycling, etc. – whatever takes your fancy.
Getting your supplier documents to be moved around the business and signed off more efficiently is equally as important for the health of your contract management process.
Contracts which require multiple sign-offs and edits by various different departments can create a version control nightmare and can be a laborious job when this is done manually, and the problem is magnified when the business is large and complex.
Thankfully, supplier contract management software can alleviate some of the issues associated with multiple stakeholders in the approval process.
Configurable workflows that match your business needs and best practices automate communication and tasks for stakeholders, and enables users to focus on other pressing jobs.
So technically, you may still need to dust off your running shoes.
Many people set themselves targets to start saving their hard-earned money when the New Year arrives. Similarly, saving all supplier contracts and documents in a central place can prove to be just as valuable.
Manual systems, such as filing cabinets, folders on desktops and emails, are so last year.
Businesses are increasingly moving towards formal and structured processes to manage their supplier contracts. Cloud-based central repositories allow the user to store all information and documentation in one place, which can be accessed by all key stakeholders with just the click of a button.
Additionally, SCM also has the ability to save you money.
Automated alerts signal to buyers and other stakeholders when contracts are approaching renewal, potentially preventing those costly auto-renewals and allowing your procurement professionals time to negotiate/source the best market value for goods and services.
Many people are pledging to wake up earlier in 2018.
You know the feeling – the alarm goes off in the morning and you repeatedly press the snooze button before finally crawling out of your bed.
Supplier contract management software should be no different.
Specialist software features configurable alerts and reminders to encourage stakeholders in any department, such as finance, legal, procurement etc. to complete tasks such as sign-offs.
The comprehensive dashboard gives you a complete 360° view over the status of each contract, allowing you to easily identify bottlenecks and set up alerts and prompts against key milestones. This also ensures buyers are able to stay alert to renewals which can, in turn, reduce risk and improve efficiency.
Don’t be the snooze alarm for your business and get your contract approval process running like clockwork.
ARCUS® Supplier Contract Management software has been designed to streamline and standardise the way in which you manage all your supplier contracts and documentation, no matter how complex the approval process.