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”
