How OCM Contract Management Helps Enterprise?
Feb 15, 2019 By Prasad Varade
Contract Management Platform For Enterprise.
1: Find your contracts fast
If you can't find the contract you may as well have ripped it up. Your contract documents are kept safely in the database so that you always know where to find them when you need them. Contract management has ability to store multiple documents per contract means you can keep multiple versions of the same contract document. No more time wasted searching for documents, and no more embarrassing calls to the other party to ask if they can send you a copy of your contract.
2: Never miss another contract milestone
Would you risk your entire business for the sake of a missed renewal? The milestones within your contract are way-points in the contract lifecycle that present both opportunities and risks. The financial implications of these opportunities and risks are such that the entire value of a contract can be lost through a simple oversight. This might occur if your key staff member takes leave, resigns, or simply forgets. You might be too busy on a project, or your normal day to day business, to take a look at your contracts. Contract management safeguards your contract milestones via its unique email reminder. The "Future Event Schedule" report provides a calendar view of your upcoming events, renewals, expiries meaning you are able to plan your contract activities without having to wait for emails to arrive.
3: Contract Obligation Management:
OCM has ability manage obligation and obligation fulfilment by assigning the obligation task to respective user which protect organisation from reputational and financial loss, helps in stay inline with compliance and reduce risk.
4: Advanced Analytics:
Contract Management stakeholders, such as CFO, General Council or Procurement can easily achieve visibility across all contracts to manage risks and opportunities.
Contract management application gives 360 degree view of contract cycle time, upcoming expiry, upcoming renewals, procurement metrics to analyse spending and sales metrics to analyse revenue. Helps executive team to get quick insight of all contracts of organisation and to make decision.
5: Save Opration Cost:
Reduce your spend and improve efficiency Many of your contracts will have a limited life and are subject to renegotiation and price change. If you have the opportunity to gain a financial advantage by renegotiating the terms of your contract then you must not miss the window of opportunity.
Terminate redundant contracts, If you no longer require the contract then you absolutely must terminate it.
6: Save Resources Time and Cost:
A recent IDC study shows that 36 percent of salespeople spend their time on administrative tasks. Contract management software will allow your sales team to keep selling by eliminating tasks like re-typing contract details, emailing contracts back and forth for redlines and approvals, and searching through shared drives and folders for the right contract.
Businesses have a huge opportunity to drive sales productivity by automating the contract process, and do things like generate a contract by merging information from a customer relationship manager (CRM) and other databases, automatically route the contract to the next step downstream, and send notifications and reminders when it's time to action on a contract.
OCM designed for sales, procurement and operations team to manage contracts efficiently and automate all administrative tasks in contract lifecycle.