Posted on . Category: BLOG
Contracts are part of every business. They are core to every department/level of a business and are key to the day-to-day business operations.
Unfortunately, few businesses manage contracts the right way.
Often, contracts are stored in both electronic and paper formats. Moreover, these contracts are sometimes tied to several departments like Accounting, Purchasing, Sales and Legal. As a result, everyone from each of these departments stores a copy of their own resulting in mismatches, and version-creep.
With such a setup, many businesses have problems following up and meeting timelines, monitoring terms and conditions and a whole lot of less than desirable outcomes. These challenges have led many organizations to look to software solutions to automate and simplify their contract process.
Are you in need of contract management? Here are a few questions you may need to answer
Do you have difficulties finding contracts?
Many businesses still store contracts in paper form and track key milestones through spreadsheet documents. But how can you find all contracts set to expire in December? Or every contract with a certain company for the last 5 years?
M-Files gives a priority to WHAT files are stored where, rather than WHERE these files are. This is because with M-Files, your documents are already easy to find.
What does your contract workflow routing look like?
Is your response to this have printers and email somewhere in there? You should definitely consider using a contract management solution. Through the workflow, papers get lost/misplaced, emails go unseen or ignored… cue the anarchy.
With a solution such as M-Files, the contract review and approval process is automated. This way, there is greater accuracy and efficiency in terms of managing of contracts, making sure the contacts are reviewed and approved by the right people and in setting and meeting milestones.
Can you easily view and accurately report on your contract information?
Is your answer “no”? Not to worry. You aren’t too different from other organizations.
Many businesses have their disjointed data – Emails, paperwork, ERP data, and the not-so-reliable “mental note”.
M-Files directly addresses this issue because the information which is contained in different systems can be accessed easily in an easy to understand and report format, without having to worry about file duplication or version creep
M-Files contract management is an out-of-box solution that allows you to control risk and automate your organization’s contract management.
Are these issues your business is dealing with? Are you interested in learning more about how you can automate your businesses contract management? Get in touch for a free consultation.