This is the third in a series of four posts covering the essentials of contract organization: why it matters, best practices, key benefits, and what can go wrong.
Key benefits of superior contract organization
A nice UI and slick features are great, but to demonstrate the ROI of a contract management platform, you need to examine the key benefits. How will the speed, quality, and adaptability of your department’s work change?
As a contract management expert you likely keep a lot of contract knowledge for your company between your ears. That’s useful to inform your day-to-day, but when it’s time to report on progress to senior management or judge the efficiency of your team, you need hard and fast metrics. A good contract management platform will have dedicated analytics features highlighting metrics like total contracts, contracts by stage, speed of processing, etc.
2. Searchability – control and visibility
Searching business contracts should be as easy as pulling up documents in Google Drive. Wasting hours or even days tracking down the relevant contract is an inexcusable cost to the business. With best-in-class contract organization, you’re able to search by metadata, tags, and keywords (like vendor name) to make finding contracts a breeze.
If your contracts are properly organized, you know exactly which departments are on which templates and who needs to update and for which situations. This is a function of having a clear overview of what’s in your contract ecosystem. The next step is being able to push out updates to templates to the entire company and guarantee 100% adoption through your contract management platform. Now that’s being organized.
4. Capture more revenue
Never miss a renewal or chance to consolidate multiple contracts with one vendor again. You can’t take action without a clear picture of what’s going on.
In our final part, we’ll examine what can go wrong with contract management.
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Concord’s mission is to help companies achieve scalability and efficiency by automating their most central process, contracts. The cloud-based solution enables over 300,000 users around the globe to create, collaborate, sign, store, and manage their agreements all in one place. Founded in 2014 and headquartered in San Francisco, Concord is built by business for business.