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Home » Blog » Contract Management » Enhancing the Contracting Process with a Touch of Technology – Part 3

Enhancing the Contracting Process with a Touch of Technology – Part 3

Contract-Process
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In our previous blogs we discussed the areas in contracting process that can be made more efficient by using technology. Click here to read part 1 and part 2 of the series.

In this blog, the last in series we will focus on the Value derived from automating contract management.

  • Cycle time

Contract templates with pre-approved clauses, pre-defined approval work-flow which facilitates editing the contracts based on the input from different stakeholders and side-by-side comparison of different versions help cut down the time required to write contracts and improve the accuracy.

  • Visibility

With contract metrics, organizations can track the performance of the contracts

  • Vulnerability

Contracting technology with strong security features keeps confidential contracts secured from unauthorized use. This can be done by incorporating user or folder-based access.

  • Maverick spend

Technology enables linking contracts with the organizations spend, reducing maverick spends. As per the Aberdeen study, organizations using contract management systems reduced maverick spend from 22% to 19%.

For further reading, click the download button below to access the e-book, “Enhancing the Contracting Process with a Touch of Technology”

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