Control Your Business Process Through Contract Enforcement
By Justin Perkins
When you look across your organization or department and think about every active contract you are currently managing, do you ever get worried about what your business has agreed to? What critical business terms do you need to be able to realize and reference? Did you really get the right people involved and maintain the correct approvals? Your business needs a holistic view of each and every contract, presented in a way you can easily understand and more importantly, enforce. It doesn’t matter if these controls are at the start of an entirely new negotiation or at the end a contract’s lifecycle.
“You need a holistic view of each and every contract.”
When I talk with prospective clients about these challenges, I like to look at some of their real-life use cases. In almost every situation, their problem could be avoided by enforcing processes and managing better controls across the business. You wouldn’t believe the number of times I have heard a prospect tell me their business missed a chance to cancel a renewal it had no interest in continuing. That they lost money by failing to negotiate an annual increase within the acceptable timeframe. Or, that one of their colleagues keeps signing new contracts without getting all the required information, documentation, or the complete business approvals and buy-ins. This is where taking control of your business process starts to define contract enforcement and compliance.
“Taking control of your business process starts to define contract enforcement and compliance.”
The good news is that there’s an easy solution to those contract management challenges. With Contract Logix, we help you know where your organization’s contracts always stand. It’s all wrapped around business process management controlling how and when every task and alert needs to happen, triggering workflows specific to contract terms, and immediately alerting the appropriate personnel when someone goes outside of this process. It’s about giving you complete contract lifecycle management visibility. What do you personally need to work on today, tomorrow, or next week? As a manager, knowing what your team is acting on to make sure they are keeping up with their own internal processes and to help manage the backlog of tasks. All while easily searching for and referencing any key business terms or materials with visualization into any step of the process from approvals and renewals, to amendments and addendums.
Takeaway
The challenges associated with managing contract compliance and enforcement can really bog down a business trying to bring controls like these into the forefront without the correct technology. However, contract management software from Contract Logix can help you overcome and streamline these issues with ongoing, easy to manage steps. This not only allows your company to take control over contract processes, but it does so in a way which helps improve and perfect them. Enforcing these controls will not only protect your business, but also make sure the correct items are completed, controlled, and moved seamlessly one step to the next. You’ll never have to guess what needs to be done next or by whom in the organization. It all comes back to our holistic view of an end to end contract lifecycle management process.
About the Author:
Justin Perkins is a Solutions Engineer with Contract Logix. For the past 3 years, he’s worked with hundreds of customers to help them find the right CLM solution to digitize their contract lifecycle management processes. In addition to helping people solve their CLM pain points, Justin is huge fan of going to see the next big movie in theaters or just spending time experimenting with cooking meals for families and friends at home.
Skills/Knowledge: Contract Lifecycle Management, Salesforce Administration, NetSuite Administration, CRM, ERP, E-Commerce.