Take a moment to think about your business and the vendor contracts that govern its operations. Can you answer these basic, yet crucial, questions?
- Which is your most profitable contract?
- Which is the least profitable?
- Is your business paying for duplicated or overlapping services?
- Which contracts are up for renewal?
- Is your business already past the time to decline any auto-renewals?
If you can answer these questions quickly and confidently, congratulations. But there is a good chance that you don’t have an answer for some or even most of these questions.
It’s easy to think of contract management software as a “nice to have” administrative tool. But having a full-featured contract management tool will give you the kind of information you need to answer the above questions – and know a lot more about the true costs of contracts.
If you think of contract management software as a key reporting tool, you are closer to the mark than thinking of it as primarily “administrative” in nature. Reporting is a crucial step in the contract life cycle and one that can be automated and enhanced by using contract management software.
Contract Assistant, for example, has rich reporting functions. Knowing the importance of reporting to end users, Blueridge Software includes in the Standard Edition a library of starter report templates. At the PRO and Enterprise edition level, users get a rich starter library as well as a report generation tool – Report Designer.
Reporting even basic information on all your company’s contracts on a regular basis for review and analysis can really pay off. Depending on your management structure, contract managers may be required to report on the full spectrum of contract performance metrics, or may only be asked to deliver reports and notifications when exceptions are discovered. In either case, the information gathered from contract management software from the very beginning of a contract becomes the basis for all reporting, no matter the format or detail.
The flexibility of Contract Assistant, for example, allows for so much customization that you can gather data on select fields quickly and easily. If you want to find out more about all the benefits of contract management software, download this complimentary executive summary report, “Contract Management Software – Reduce Risk While Saving Time & Money.”