If your business has been in operation for a number of years, the chances are high that you must have participated in a number of contracts over the years.
But if you were asked to provide some contract information from a couple of years back, how long would it take to find that information?
Can you pinpoint for sure your best and worst performing contracts? On closer scrutiny is the answer you just gave accurate? Have you made more profits or losses from contracts so far?
As more years roll by and your business continues to sign even more contracts, how do you plan to use that information to improve your contracting processes?
For a busy organization, understanding and interpreting your contract information can give you better visibility and help to highlight areas that need urgent corrections. But before you can start the process of correctly analyzing contract information, it’s essential to first of all centralize your dispersed information on a single contract management platform.
Why You Need A Central Contract Repository For Your Business
Below, we look at 5 reasons why you need a central contract repository for your business.
1. Information whenever you need it.
Remember those questions we asked you at the beginning of this post? Using a contract lifecycle management software would allow you to answer all those questions and more in a matter of seconds! The platform allows you to store all contract information, and access it whenever or wherever you want through a secure and easily accessible cloud storage setup.
Having access to accurate and organised data in this manner positions you to spot trends, make effective decisions, and guides your next contract decisions effectively on a consistent basis.
2. Improved Responsiveness
Imagine companies like trust fund managers, financial asset managers, real estate portfolio managers, and other very large enterprises that handle contracts with hundreds of different parties and customers every month. It’s of utmost importance that they don’t mix up details, misplace contract documents, or miss important milestones. If they do, the backlash from angry customers could cause them to lose several valuable customers or they may incur heavy penalties as well.
With the benefit of a central repository that you get on a contract lifecycle management software, you have access to a better overview of all contracts in one place and the ability to quickly detect errors. You can also conduct indexed searches and get deadline alerts and notifications for important dates.
These benefits add up quickly and will empower you to respond accurately, swiftly, and confidently to customer inquiries. In addition, the historical data contained there allows you to understand a customer’s issues, address any complaints, and deal with them more effectively.
3. Enhanced security
Protect your clients’ information, collect e-signatures or digital signatures, eliminate authorized access, protect valuable contracts via encrypted data, and enjoy other security features of a
best-in-class CLM. The software makes it easy to keep colleagues, suppliers, and clients in the loop 24/7 without compromising on security and access control.
Remember that it’s critical that you don’t lose your customers’ trust via security breach or carelessly handled contract documents. It can be extremely difficult to regain.
4. Preserve customer goodwill
Continuous and consistent high-quality contract management via a central repository will help you to fulfill and exceed your customer expectations through proper contract monitoring and performance. Also, it enhances your company’s reputation and attracts more customers and future business.
5. Improved data integrity
A central contract repository helps to improve data integrity.
By partnering with a reputable CLM solutions provider, you limit the problems of poor quality data. The platform is dynamic and responsive and all changes are immediately captured. There are no frustrating gaps in contract records. Neither do you have to constantly worry about manually backing up your data
Still don’t have Axxerion’s CLM software yet? Then your business is missing out on all the advantages highlighted above, and much more. Our easy-to-use and highly-customizable CLM solution also helps you with contract reports & dashboards, role-based security and access, contract financials, confidentiality, sales contracts, procurement contracts, service agreements, etc.
Our CLM software is designed to help businesses like yours understand and mitigate contract liability risks. Contact us for a free demo today and enjoy the Axxerion contact lifecycle management advantage.Free DemoFree Demo