5 Reasons Contract Management Software Can Alleviate Pain Points for Your IT Department

Business units and IT departments are often seen as being at odds with each other within the enterprise. While employees want fast, cutting-edge solutions that can help them do their work more efficiently, information technology workers are sometimes seen as overly conservative and out of touch with the needs of business users.

But as the gatekeepers of company technology, achieving IT buy-in is a crucial step in implementing any new solution that is aimed at improving business results – and contract management software is no exception. One way to improve the alignment between business and tech teams is by understanding and championing the ways a solution can alleviate existing IT pain points. Here are five reasons contract management software specifically can also bring about improvements to your company’s IT department.

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Productivity Alert: You Might Need Contract Management Software

Selecting a contract management solution can be a daunting task.  There are many different software providers available, all with different features, and it can be hard to know where to start. In addition, depending on your company’s resources and capabilities, there may be a small team tasked with overseeing a rather voluminous contract portfolio. With so much at stake - and so many irons in the fire - how do you decide which contract management solution is right for you?

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New Ebook: The 2019 Buyers Guide to Contract Management Software

Deciding which software solution makes sense for your organization doesn't have to be complicated. With The Buyer’s Guide to Contract Management Software, you will learn how to you evaluate and implement the right contract management software to fit your needs. After reading this guide, you will be better informed about your options and better able to choose a contract management solution capable of meeting your organization’s goals and objectives and improving your contract management processes.

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Assessing the Value of Your Contracts

Measuring contract performance is critical to managing a company’s contract portfolio. Before you know what to fix, you first need to know what’s broken. When it comes to finding the profit potential in your contracts, you must begin by understanding what contracts you have, their status, and their potential costs and revenue opportunity. As a result, the contract management team must have clear metrics by which to measure performance.

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Meet Parker Eliot, Implementation Manager at ContractWorks

At ContractWorks, our team represents the spirit of our company: innovative, agile, and committed to fulfilling the needs of our customers. Our employees come from a variety of experiences and backgrounds, each with a unique set of skills and talents that align with our overall mission of providing simple, smart document management solutions.

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Contract Management Software: Things to Watch Out For & Avoid

From employment agreements to customer and vendor contracts, businesses typically have a variety of types of agreements within their portfolios, which can have direct and indirect effects on the bottom line. And while service contracts – those with suppliers who provide business-related services such as internet and maintenance – may not have a direct line to company revenues, your ability to manage these contracts appropriately can affect overall performance.

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ContractWorks Tops G2 Crowd List for Top Contract Management Software

Communication. That’s the driving force that motivates the entire ContractWorks team, from sales and marketing to product development to customer service. By encouraging feedback and working hard to develop strong relationships with our clients, ContractWorks is always innovating and updating with one eye on “what can we do?” and another on “what do our customers need?”

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Contract Management Power Duo: Automation and Data

By combining automation with data intelligence, contract management software can help organizations tap into the previously untapped resource that is their contract management repository. At the center of this revolution lies automation.

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Using Metrics to Find the Hidden Value in Your Contracts

While it may be obvious that using a contract management system will enable your organization to generate reports based on a variety of metrics, the true value of this added insight may not be so obvious. With the types of comprehensive reporting available with contract management software, you and your team can gain insight into budgetary elements like spending analysis, inventory status, and compliance trends.

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Your Contracts Are an Untapped Resource

Contract management software can help businesses manage expenses and increase net revenue.

How?

By gaining greater control of their contracts.

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