Contract administration is more than just signing on the bottom line and then making or receiving payments on time. Every contract, from the simple one-pager to the most complex, multi-volume agreement, has provisions, terms and conditions, and many other details that you need to be carefully keeping track of. The good news is that simple contract admin software will do that all for you.
A smart person once said that efficiency is doing things right and effectiveness is doing the right things. They are great goals for your organization, but achieving both at the same time is challenging. That’s why you need the right software tools, and for a task as vital as administering contracts, software is definitely a can’t-do-without.
Why This Software is Important
Managing contracts is much too complex today to try to do it by hand. There are just too many details to keep it all on paper – or even worse, in your head! Dates, agreements, financial terms, legalities, compliance issues, and on and on can all be collected, stored, and efficiently reported on from one place by simple contract admin software. Everyone who needs to be part of the communications that are necessary to create and negotiate contracts, and then everyone who needs access to the contract data afterwards will be part of the system. Even better, all of this will happen with complete security, ensuring both data integrity and privacy.
The software, however, will provide more than just a data repository. The real beauty of simple contract admin software is in making sure you don’t miss anything. Giving you time to prepare and take the appropriate actions, the software will alert you to upcoming contract events and will give you the information you need to make good decisions. Happy with a particular contract? Great – let the software make the renewal process be as smooth and as quick as possible. Need to renegotiate one of the contracts? Fine – let the software give you the ammunition you need to make the case for changes.
Your contracts are all different. The entities you have contracts with will typically be from many business sectors, each with its own characteristics and requirements. Contract provisions will be based on the particular context for each one of those entities. Using software to manage all of this complexity is the smart way to do it.
Use simple contract admin software – and start now. Eliminate all of that paperwork. Empty the file cabinets. Prevent oversights and blunders that come from confusion about who is supposed to do what and when. Get everyone on the same page, all working for the same objectives, with simple contract admin software.
