Benefits of using Automated Contract Lifecycle Management Process
No matter what the specialty of your organisation is, every day, you possibly enter into a variety of contracts. Such agreements may bind partners and transactions, or may build legal bonds. The higher the amount of active contracts you have, the more profits you make. But, do you treat these contracts in such a way as to achieve this? On average, due to inadequate contract management, telecom companies lose 9.2 percent of sales. There are many reasons why it is hard to handle contracts. They can take a substantial amount of time to copy, register and store, and there is an exorbitant price and payment monitoring that can create revenue holes. The solution is to leverage automated contract lifecycle management.
1. Shortens Approval Duration
Telecom Contract Management software is designed to make the contract process fully automated. Customizable automated workflows speed up the process of analysis and improve performance. The system can analyze the present Telecom Service Provider Service Agreements and other contracts such as Minimum Annual Revenue Commitment (MARC), and Service Level Agreements (SLA). With telecom contract management contracts are thoroughly analyzed for contract compliance. It compares and verifies any revisions, or modifications to the original signed agreements. Invoices are also cross-checked. Commercial contract terms and conditions regarding telecommunication agreements are researched.
2. Increases Contract Visibility
Unlike paper-based contract management systems, it allows for maximum enforcement and extensive documentation to store all files in one unified, digital archive. You will make sure the workers are operating from the most up-to-date contract models and using the new clauses by centralising the contract repository. Each service provider’s name, specific contract information such as telecom contract start date and expiration date can be retrieved at a glance. Most importantly, the contract termination date must be noted so that if needed it can be cancelled before renewal. Additionally, by giving them access to the platform via a password-protected website, you can motivate your mobile workers. That way, all the new contract templates and clauses are available from anywhere at any time to all approved employee members.
3. Improves Audit Preparation
A centralised platform with features such as audit trails that provide access to the entire contract history with the click of a mouse should be provided by contract management software. Your company should maintain an accurate auditing contract history and maintain a complete audit trail for compliance with internal policy.
4. Never Miss a Renewal Date
You can improve renewal awareness by archiving contracts automatically upon expiration and using warning notifications based on the rules you define. For a company, contract extension is the smallest hanging fruit, but also the most missed opportunity. You may customise alerts with contract management software using default settings or custom settings such as recurrence. These alarms will not reset until the appointed team member has hit the next deadline, so you can be confident that action is being taken against the date of renewal.
Enabling end-to-end partner lifecycle management for profitable partnerships