It’s not unusual to find contracts are often managed without true diligence or governance – holding companies to costs, product and services that no longer provide best value or purpose. Often there is no central repository for key contracts; no clarity on who is managing the life-cycle of a contract; no system in place for strategic reviews and tendering as contracts end dates draw near; and no figures pulled in for competitive comparison. These lapses represent a huge lost opportunity.

e-Contract Management or ‘Contracts in the Cloud’ allows users to:

• Access documents easily. Contracts are scanned and uploaded to ONE central repository – this is password protected but can be accessed by those with authority from any office or device with a browser.
• To insert tags such as department, product, service etc can be added to each record
• Once uploaded within the contract management software, the system identifies who is responsible for each contract
• Contract database is searchable by value, suppliers, start and end dates etc
• Contract management software creates notice periods for reviews of critical dates
• Automated email alerts are sent at intervals to named individuals responsible for each contract
• Always ensuring contracts are managed in structure time frames, with total control
• Providing visibility and easy compliance with auditing and head office requirements

It’s all very simple – but without e-contract management software such as Contracts in the Cloud creating structure and automating alerts to critical contract dates, contract management can get chaotic very easily.