How much is poor contracts management costing the government?
A few years ago, The National Audit Office carried out a survey using a sample of 35 government organisations on how they were managing service contracts. They subsequently published two reports which concluded that better contract management by government departments could save between £160m and £290m per annum against an expenditure of £12bn.
It is not, however, just the government who could save money by more efficient management of contracts. Have you ever thought how much it may be costing your business? Every organisation has to deal with suppliers whether it is for vending machines or company cars and the larger the company the more complex contracts management can get. Keeping track of renewal dates and monitoring expenditure can be difficult and can end up costing a lot of money.
The solution, fortunately, is simple. By investing in an automated contracts management system all these issues can be resolved. An email alert feature will ensure that contract renewal dates are never missed, penalty payments will no longer be incurred, total expenditure will be easily visible and the latest versions always available.
A bureau scanning service can take care of converting all existing contracts so that the system will be ready to use going forward. All that then would need to be scanned is incoming post as all emails and documents produced using MS-Office can be saved directly into the system. There is also a full audit trail which allows all actions to be tracked and recorded.
For further information on The IPC Group’s Contracts Management System and their Bureau Scanning Service please call us on 08081 45 46 47.