Till now we discussed the importance of contracts for an organization and what procurement execs should look for while evaluating contract management technology. (Click her for part 1 & part 2)
In this last blog in the series, we will talk about the benefits that correct contract management technology can offer.
Technology can make the process of contract authoring, SIMPLE! Procurement execs can gain in the following ways;
- Standardized contracts
Pre-approved clauses and templates ensure the terms and the format used to author contracts are consistent
- Higher adoption rate
User friendly interface makes it easy to access the different functionality of the tool, eventually resulting in a higher adoption rate
- Security
Ability to provide folder based access control ensures the confidentiality of the contract is maintained.
- Reduced cycle time
Collaborative authoring platform, ability to conduct side by side comparison for different versions of the contract and standardized templates all account for an authoring process which is quick and accurate.
Learn More: Zycus iContract Solution
Manual ways of authoring contracts does not provide that much value as it often eats into valuable time. Automating the process makes contract authoring less time consuming, and makes the contracts more relevant.
As said by Tim Cummins, director of IACCM “Organizations which don’t manage their contracts effectively will be at a tremendous competitive disadvantage.”
