Posted on 19th June 2014

Thought Leadership

Could You Use The Help Of A Contracts Management System?

First question is, how are you currently handling your day to day contract management activities? Which of the following would be your response?

  1. Very well, we already have a working contracts management system.
  2. Good enough, but I’m interested to see what a system has to offer.
  3. Contracts are managed but we could improve the process.
  4. Contracts are being managed but our current system does cause some issues.
  5. We are still waiting on our IT department to provide a solution.
  6. Our contracts management is out of control and we need help!

If you’ve selected number one, you have no need to read further – but curiosity never killed the cat…

If you’ve selected any of the other five responses, listen up!

As your company rapidly grows you need a better contracts management system; trying to manage the multiple contracts under different and multiple departments can be overwhelming. Furthermore, managing contracts in multiple or even one spreadsheet will become cumbersome, unsustainable and limiting.

Existing systems might be able to limp along for a little longer but it certainly wouldn’t scale up to your new demands, which can eventually be pulled up on your next audit, as risk increases and non-compliance issues start to arise.

Your current system or process could be holding back your business growth and be possibly costing you more time and money than you thought. It is typical for businesses to stay with supplier’s year after year because they are continuing to deliver the job and it is less hassle to stay put than make a change. However, failing to review your supplier agreements could potentially make you miss out on a more competitive deal, or cost your business substantial amount of money in the process, leaving you exhausted by your supplier relationships and contract chains.

Contracts management systems can help your business to gain the control, compliance and savings you desire by taking care or document storage, hard copy uploads, contract information, supplier certifications, business intelligence and any reporting that needs to be carried out. Contracts management systems like our contract management solution Accord will connect your staff securely and easily, so instant access to important information is always readily available.

Contracts management systems will help you finally bring together all your contract data and supply chain data in one central repository, allowing all your key stakeholders access to the information they need most to drive and improve negotiations.

Accord is the most advanced contracts management system developed right here in the UK; It has become more than a contract management tool, powering various organisations in the public and private sector – developed to be completely configurable to the be personal business and work ethic.

Accord has become the perfect component for busy procurement, purchasing and facilities departments, providing one version of the truth and ensuring nothing gets missed by flagging and notifying users to when contracts are due for renewal along with all the contracts details.

Contracts management system is making communicating easy, helping departments and stakeholders keep in touch with each other and their activities. At a click of a button users can gain access to departments, suppliers, contracts, reports and equipment documents and certificates so they can control compliance and reports right at their fingertips.

Contracts management systems need to be flexible and easily adapt to the changes of the business. We are continually developing additional features to deliver something new and to fresh to contracts management to improve the system and help our clients.

Request a free demo to understand more on how we could transform the way you manage your contracts.

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…
Read More

Learn more from our team and how innovative contracts management can empower your business.