How can an automated contracts management system help businesses save money?

Almost 80% of all business transactions have a related contractual agreement and these documents can have a great impact on a company’s profitability. So many areas of a business are reliant upon suppliers, whether it be office equipment, company cars or vending machines and ensuring that goods and services are delivered cost effectively can prove difficult if not managed correctly.

Paper copies of supplier agreements very often get lost or mislaid, monitoring costs and renewal dates is time consuming and frequently gets overlooked because of higher priority tasks. All of this can result in a substantial sum of money leaking out of a business year on year.

An automated contracts management system gives total control over every step from sourcing and selecting through to appointing a supplier for any product or service. Documents are stored electronically and can be viewed across an organisation at any time. Spending can be monitored and the system automatically sends out email alerts when supplier agreements are due to terminate. Costs can also be tracked against benefits which allows for more informed decisions to be made when contracts are due for renewal.

As well as improving efficiency, it gives an organisation greater visibility but more importantly reduces expenditure and improves profitability.

For further information about an automated contracts management system, please call The IPC Group on 08081 45 46 47.