Posted on 4th August 2011

Thought Leadership

4 Important traits to have in Online-Based Contract Management Systems

There are a lot of contract management systems out there on the market, but what makes a good online based contract management system?

Quite rightly online-based contract management systems allow a secure access environment from anywhere through a web browser; meaning functionality and data is when and where you want it, right at your fingertips.

However businesses need to take into consideration important traits when looking for contract management systems to improve purchasing and procurement activities, as they need to ensure they are getting the most value out of the system in the long run.

  1. Visibility on all your data

The number one important trait for online-based contract management systems is the ability to give you the complete picture on all your data. You need to have a system that gives you clearer visibility on all your data; with a clear and organised display which makes numbers and text easy to read at a glance. You should look for software that improves the control of your data and ensures nothing gets missed in your process, but will increase the visibility throughout all areas of your business, ensuring that you have insight into anything that needs improvements e.g. decision making and negotiation times.

2. A tailored system made for business

Making a user comfortable with a new system has to be considered when looking for new business software, so flexibility is an important aspect of the software you are looking to use. The contract management system should cover the standard workflow of contracts management but have the flexibility to adjust theses standard processes to suit your business workflows. A system that can be tailored to your existing business processes and change to when the processes change is important. In the long run, choosing adaptable contract management systems will positively affect future functionality and cost.

3. Ability to grow your own software

As your business grows you don’t want to buy in another and totally different contract management system. It is important to bring in a contract management system that will support the growth of the business and ultimately ensure you that you will never outgrow the system. A system that can be tailored and developed and built around new requirements as the business grows is a key trait for a long term solution for your contract and supplier management needs.

4. A system that will make you more efficient and effective

Contract management systems are designed and created to help streamline and improve business processes. The main concern with new systems entering the business is the increase in administration tasks however an online-based contract management system with help save time and money; eliminating the administration burden and allowing users to focus on what is important – the business.

P.S. An outsourced online-based management system means all the tasks related to IT is managed externally; this consequently frees up internal IT resources allowing businesses to lesson IT’s burden on enterprise solutions.

When being overwhelmed with data is no longer an option. Systems just make business simple.

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