Your contract management is no longer manageable via Excel and Word?

Each individual contract situation involves several employees from a wide variety of departments. However, contracts are still managed locally or on paper. That costs time and nerves.

Empower your organization with software that can create, manage, and negotiate contracts. Avoid a number of mistakes and the associated costs, which can quickly amount to several hundred thousand euros.
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Why is it no longer enough to simply manage contracts?

The traditional view of contract management is managing contracts via static management systems. In a dynamic world, however, contract management requirements are also increasing. Contracts must be renegotiated as products and customer requirements change.

In addition, new data must be entered into contracts every day. This results in mistakes that can quickly cost a lot of money.

What is contract management?

Contract management is the process of providing administrative support for contract preparation, negotiation, administration and signing. The task of contract management is to optimize each of these process steps so that they can run smoothly. A range of administrative measures are used for this purpose.

Would you like to read more about contract management?

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What does modern contract management have to do today?

In addition to filing and managing access to contracts, modern contract management must be able to provide the data from concluded contracts. Inefficient contract management can cost companies up to 9.2% of annual revenue.

Other contract management tasks to increase the efficiency of the organization include:

  • Regular risk assessment of the contract portfolio (evaluation of the contract portfolio for cluster risks)
  • Reminders for responsible persons about important deadlines
  • Preparation of templates for important contract processes
  • Annexes of guidelines and guidelines for the preparation of contract documents
  • Preparation and implementation of guidelines for negotiating contracts
  • Define approval processes for the approval and dispatch of contracts
  • Define a signing process for selected contracts

What is contract management software and how can it help companies?

Contract management software supports contract management in carrying out its tasks. The core tasks of contract management software are the creation, negotiation and administration of contracts.

1

Preparation of contracts

Innovative transaction management software offers the option to create contracts using an approved template. This saves companies up to 70% of the costs when creating them.

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2

Negotiating contracts

Contracts are usually negotiated via email and MS Word. It is a lengthy process. Contract management software can help shorten this process. Accidental sending of internal comments to the other party can also be ruled out in this way.

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3
filing contracts

In order to be able to make a reliable statement about the state of your company, it is essential to take a look at your contract portfolio. Contract management software helps you determine which risks are currently lying dormant in your books, without painful Excel evaluation or collecting data.

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Why is modern contract management relevant from a GDPR perspective?

Data subjects have the right to know what data about them is being stored. Contract management software provides information at a glance as to what data is available and to what extent it was collected.

Why should accounting and contract management work together effectively?

The accounting department is responsible for invoicing. This requires deadlines and billing details from the contract. If these are missing, invoices can only be made slowly and your money arrives later.

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Why is functioning contract management the basis for risk controlling?

Controlling usually monitors the risks of contracts and is responsible for planning and evaluating data across the entire company. Contracting is an important data provider for controlling. Inadequate data is often the starting point for far-reaching wrong decisions.

Our articles provide further valuable insights.

Contract management with Excel tried and tested but not always easy

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The Contract Signing Process: Everything you need to know

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How to Manage Contracts Efficiently in 2024: A Guide

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Electronic signature

The Contract Signing Process: Everything you need to know

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What does a complete contract management process look like?

Contrary to what the name suggests, a contract management process does not just start with filing and managing contracts, but with the creation of templates in order to maintain the quality of the process.
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Preparation of contract templates

Define templates and provide alternative clauses and negotiation scenarios
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Approval workflows

Who must approve the contract at what point? Who finally signs the contract on your side?
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Management and analysis

What happens after the signature is obtained? Who needs access rights to the contract?
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Deadline management and changes

Who is responsible for meeting the contract deadlines? Who ensures that the agreed items are delivered?
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Archiving and deleting contracts

Who is responsible for the audit-proof archiving of contracts? Who assumes that contracts may be deleted in accordance with the law?

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