Why invest in a Contracts Management System?
For many organisations, the management of supplier contracts is very much a ‘hit and miss’ affair. Individuals in various departments can be responsible for the supply of a wide range of products and services each dealing with their own suppliers and there is no central control over processes or expenditure.
This lack of control and visibility can cost a business dearly in terms of duplication of services, missed renewal dates and unnecessary overpayment. For these reasons alone the implementation of a contracts management system is essential and would very quickly show a return on investment as well as providing a standardised company wide application ensuring that everyone follows the same procedures.
An automated contracts management system is a workflow based solution which is designed to pass contract related documentation around an organisation to relevant personnel for authorisation or review and enables the Finance Department to see at any time what expenditure is outstanding. Scanned documents and emails can be stored in the system and a version control feature guarantees that only the most recent copy of an agreement is being viewed. A review date facility ensures that renewal dates are flagged for action and that contracts do not expire without warning.
For further information on how a contracts management system can help your business to save money, please call The IPC Group on 08081 45 46 47.