The Power of Cloud-Based Contract Management
Cloud computing has come a long way from buzzword to a reality affecting businesses around the world. Ranging from hosted email solutions to hosted IT servers to hosted contract management software, cloud computing is empowering businesses to focus less on maintaining their computing power and more on their core competencies. Use of cloud computing in businesses processes benefits benefits any organization that has remote or mobile workforce, who needs to be constantly connected and gather reliable data collection for use of the entire organization.
A major goal for contract management within any company is to ensure that its commitments and obligations to customers and suppliers are clearly visible to the right people in the organization and that they are acted upon.
A contract management system enables an organization to manage its business contracts, with capabilities to handle service entitlements and managed services. When it comes to contract management, cloud-based software or Software as a Service (SaaS) can be used to manage the contract life-cycle, from new contract request, through data capture, review and approval, monitoring and analysis, and close-out or renewal.
Benefits of Cloud-Based Contract Management
The main benefits of cloud-based contract management are collection of data in remote locations, mobile access to data, flexibility to meet business cycles, and competitive pricing.
Collection of data from assets in remote locations – Cloud-based contract management software empowers your workforce by saving them time to input data from remote collections. Your organization saves time and money because your workforce does not need to drive back to the office to access the network and input the contract data. Features such as advanced workflow automation tools, contract creation and authoring tools (clause and template library) make your mobile workforce more autonomous within a controlled environment.
Mobile access to data – Cloud technology makes data and reports securely available through a web browser with Internet access. This simplifies contract administration, data entry, reporting, searching, tracking, reviews and approvals, termination and renewals, and much more. Just like staff is empowered to collect and enter the data from anywhere, management and supervisory personnel is empowered to access, monitor and review it from anywhere as well. This creates more visibility and internal control processes.
Flexibility to meet business cycles -By using our cloud-based contract management solution, an organization can add or eliminate resources on demand as needed. The flexibility of cloud computing comes in that you are transferring all responsibility on maintaining server redundancies to a reputable, reliable service provider. Therefore, you can adapt the software platform to your business, not the other way around.
Competitive pricing – Given that you don’t have to purchase redundant hardware or set up disaster recovery protocols, an organization can enjoy important price savings. Oustanding service providers such as Contract Logix work out all the necessary licensing, maintenance and interoperability so that their clients do not have to. Additionally, important opportunities costs are eliminated. Costs due to complicated data entry and management, manual contract processes, misses contract deadlines and inappropriate contract compliance are minimized through a more robust and reliable platform.