By Analytix Editorial Team
As part of our commitment to provide complimentary services which assist our clients in improving efficiency, Analytix Solutions recently developed and launched our new Contract Management System. Contract management systems can be an invaluable addition to any business. This is particularly true for businesses that lack dedicated resources and manpower for management of contracts, such as small and mid-size businesses and enterprises.
Contract management often involves understanding the terms and conditions of various contracts, undertaking negotiations, documenting the process, and tracking amendments and changes.
Contract management requires tracking correspondence such as purchase orders or sale invoices. Depending on the type of the contract, it may also include documentation of details such as technical instructions, legal specifics, and other miscellaneous terms and conditions. Implementing accurate contract management processes reduces the risk of errors caused by misunderstandings of the technical, legal, financial, and other similar details associated with the parties involved.
Proper contract management entails tracking vast amounts of data and details, resulting in an intensive and time-consuming process. By contrast, a contract management system facilitates organization of these details which is immensely beneficial for businesses where manpower resources, budgets and infrastructure are constrained. Implementation of a contract management system ensures accurate information is recorded for key contract elements such as the unique contract ID, the entity entering into the contract, type of contract, etc. Elements including date of the contract, renewal date, and even date of price increase, if applicable, may be included in a comprehensive system, thus helping businesses maintain an accurate report for each contract.
Benefits of Analytix’s new Contract Management System include:
For more information on our new Contract Management System, please email us at [email protected].