Most management processes rely heavily on analyzing data and tweaking processes to improve efficiency and profitability, and contract management is no exception to this reality. Reviewing both contracts themselves as well as the spreadsheets that summarize the data contained within those contracts is a routine facet of the contract management process. However, for companies that have not yet implemented an online contract database via a custom-built contract management solution, this review process is likely beyond tedious. Creating spreadsheets in certain software may work when dealing with a small portfolio, but these documents are very difficult to maintain as the business expands. Companies seeking to capitalize on their contracting relationships need to invest in a dynamic solution that offers a custom reporting feature. These custom reports just may be the secret weapon to staying on track and here is why:
First and foremost, a solid contract management solution will be purposively designed to accommodate the needs of most contract management teams. Obviously, one of those needs will be generating reports utilizing discrete criteria to analyze certain aspects of a batch of contracts. And, this should not be a difficult or time-consuming task. The right system will allow for easy clicking and selecting among drop down menus, so that reports are quickly generated for immediate analysis. This kind of feature is an absolute necessity for companies with large and growing portfolios that require agility.
Of course, generating a report that has to then be downloaded, saved, and emailed is far too cumbersome and can waste precious moments. In addition, this could even lead to the leakage of confidential information or some kind of data breach since the report will be exported beyond the system. Instead, it is better to create and share reports with other users within the selected contract management solution. Even if the person to whom the report must be sent is not an active user, it is faster and more secure to add that person to allow them to enter the database and view the pertinent report. Once again, the creation of custom reports that are easily and securely shared will help companies to act quickly, and time saved is money made.
Another important consideration is the utility of having trackable reports generated within the same system. Rather than have a bunch of spreadsheets scattered across systems or a gigantic spreadsheet with multiple tabs, it is more efficient to store all reports in one central location. In addition to making it faster and easier to simply locate a report, this also enhances the trackability of data, as a system will generate reports in a consistent manner, facilitating review and analysis.
Ultimately, custom reports that are based on specific criteria and other relevant parameters enable a contract management team to gain a strong understanding of their particular portfolio. With cookie cutter spreadsheets, time must be wasted on formatting and standardizing a spreadsheet to the team’s needs and liking. It is clearly preferable to spend time crafting and executing strategies instead of wasting time on such trivial administrative issues.