Managing Contract Risk Is a Business Imperative
Likely, that you don’t have the same type of contract with every vendor and organization that works with you. What makes an outstanding contract management system imperative to your business is its ability to adapt to your needs. At any one moment, if you’re using the best contract management system, you can look into your contract repository with a dashboard look at every contract, where it is in the workflow, and what you need to do (if anything) within your contract management system.
Beyond streamlining your workflow and ease of use, another important piece of a supplier contract management system is the management of supplier risk. Failing to manage risk jeopardizes compliance, profitability, and, ultimately, the future of the organization. At the heart of supplier risk management is the process of methodically and efficiently managing corporate contracts from initial negotiation, authoring, and collaboration through compliance and performance management. A simple contract management tool can help you meet and combat several types of challenges, all with one piece of software.
Do you recognize these challenges?
- Traditional processes result in increased costs, increased risk, and lost rebates
- No benefit from the power of collaborative creation and management throughout the contract lifecycle
- Lost or wasted time and increased productivity costs because of non-integrated communications
- Feeling hindered by the inability to access contract and agreement data quickly
- The absence of an easily accessible, reliable centralized repository of contract data
- A lack of full control over your contract obligations such as dates, events, commitments, and payments
EC Sourcing Contract Management Solutions and our contract management system software allow you to improve operational efficiency, maximize productivity, and reduce administrative costs—plus, it is easy to learn and use.
EC Sourcing Group’s comprehensive contract management system allows you to:
- Automate and streamline the entire contract lifecycle
- Reduce time and simplify administration with easy-to-use vendor contract management system software
- Effectively negotiate, manage, and track all types of contracts and business agreements
- Make better management decisions with improved analysis tools and reports
- Ensure contract consistency and compliance with more accurate records by tracking all modifications to contract data
- Assure contract obligations are met on time with proactive alerts, and tracking of key dates, events, commitments, fee schedules, and payments
- Centralize a contract repository with RFP case management software so that you can access contract and agreement data quickly, easily, and reliably across the enterprise
What Are the Requirements for a Contract Management System?
A solid contract management system should have many features. As you’re deciding on and implementing a contract management system, you should consider the following:
- Calendars that allow the addition of different milestones with deadlines
- Compliance monitoring
- A core contract management system to manage workflow
- Dedicated RFP management
- Claims functions for non-compliance
Reliable and functional contract management system software should have more features than those listed above; this is a non-inclusive list. However, these are good features to always keep in mind.
To learn more about our contract management system software or to schedule a demo, get in touch with us at EC Sourcing Group by calling (855) 287-3750, option 1.
Sourcing 101 – How Will a Strategic Contract Management System Help Your Bottom Line and Control Risk?
FlexRFP is the solution I wish I found sooner and we immediately realized efficiencies. The newfound productivity is becoming a strategic focus as leverage to win business in my department as well as the organization. Furthermore, the transition of our old quoting system was nearly flawless with the service and support of EC Sourcing as a whole. All in all, a great company to start a partnership with.
My feedback is this… I have been in wireless for 12 years and this is the best RFI/RFP process that I have experienced, streamlined, concise, and easy to understand. This is coming from someone who has worked in executive level corporate offices for other tower companies and providers. Nice job, please pass along my compliments.
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