The contract administration software not only assists you in routine tasks, but also offers unique benefits.
With a centralized database, you have instant access to the latest versions of your contracts and contract templates, as all data is stored in a single place.
The contract administration software sends timely email alerts to the contract owners, notifying them of approaching deadlines for expiry of contracts, so that they may be renegotiated or terminated in ample time.
By allocating a contract to a specific department, you can ensure that users only have access to contracts and its related data that has been assigned exclusively to them.
The software is especially useful for companies active on multiple sites, as it helps detect synergies more easily. Garnering data from multiple sites facilitates quick establishment of suppliers and costs.
Solid Foundation For Analysis And Budgeting
The entered data can be easily used for future estimates with all income and expenses sorted out as per department or site, per month or calendar year, thereby simplifying the budgeting process on the basis of accurate data.
Reports may also be exported in a worksheet format for a more comprehensive analysis and budget estimation.
Have team members informed by email once a contract milestone has been realized so that the next step in your process can be achieved like maintenance, invoicing etc.
Customise contract types
Every contract type and every business is having its specific data to be saved. For that, create custom fields and assign them to a contract type to make sure that the required data can be entered.
Contract Approval flow
Have new contracts approved by the relevant stations within your company like legal and finance so that no surprises will occur.