5 Ways Contract Management Software Helps You Control Costs

When tasked with a project like reducing expenses, you likely need to act quickly. When all of your corporate agreements are housed in a centralized, searchable repository, your legal team can significantly expedite the process of gathering information, identifying opportunities, and taking action to reduce expenses.

Here are some of the ways contract lifecycle management software can help you quickly locate and review opportunities to eliminate non-essential business costs.

Store all contracts in one place

Storing all of your contracts in a centralized contract repository provides a simple and efficient way to access and review key contracts and their related financial impact. No need to waste time digging through filing cabinets, scrolling through email inboxes, or waiting on colleagues to locate a final version - you now have a single source of truth for all contracts.

Stay on top of contract dates

When you’re trying to get a handle of your contract situation, monitoring and tracking critical dates and deadlines is a requisite part of the process. Identifying these important dates within your contract repository will allow you to then take meaningful action, like running reports for upcoming deadlines and reviewing these contracts in detail. This helps determine whether they should be terminated, renewed, or renegotiated, as well as avoid breaches of contracts.

Find contract details instantly

Contract lifecycle management software with OCR and artificial intelligence features lets you easily find specific language, dates, terms, and clauses in your contracts - a task that, if performed manually, could take days if not weeks to accomplish depending on the volume of contracts. This is especially useful when trying to quickly find the value of the contract or specific language related to terminating the agreement. 

Report on what matters

One of the biggest benefits of contract management software is the ability to quickly see detailed information about the contents of your agreements. With the flexibility to run reports on any data points tagged in your agreements, you can easily see which contracts expire in the next 30 days, have a value greater than $10,000, or contain force majeure clauses, for example.

Take control quickly

The need to reduce expenses can arise suddenly, and the expectation to respond quickly and effectively is a challenge many legal teams face. Contract management software can help you find expense-reducing opportunities considerably faster than relying on manual methods, and choosing a solution that prioritizes useability and affordability will allow you to start seeing results in less time while keeping costs down.

When your business needs to manage expenses and eliminate unnecessary costs, your legal team can help lead the effort by having a complete understanding of your organization’s contractual obligations. With this information available, your company will be in a position to make faster, more informed business decisions.

To accomplish this process as efficiently as possible, consider using contract management software that is designed to get you fully functioning right away. CLM software runs the gamut as far as features, complexity, and usability, so choosing a solution that prioritizes simplicity and ease of use over more comprehensive enterprise software will give you the best chance of seeing results quickly.

ContractWorks contract management is an affordable contract management software solution known for its intuitive, user-friendly interface and features that expedite the contract management process. Unlike many of the complex solutions that take months or more to implement, ContractWorks is focused on getting users up and running right away so you can start getting a handle on your agreements and obligations faster.