Enhancing the Contracting Process with a Touch of Technology – Part 3
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.
With contract metrics, organizations can track the performance of the contracts
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”