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Increase Efficiency with Contract Management Systems

By Analytix Editorial Team

March 25, 2013 6 Comments

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:

  • Automatic reminders- Our new system emails reminders and alerts to multiple parties involved in the contract execution. The system also offers easy-to-navigate dashboard, making critical information more readily accessible.
  • Detailed tracking- To facilitate managing multiple contracts, our system collects detailed information on each contract, such as the type of company or entity involved. Furthermore, the contracts can be tracked by various categories such as company location, department responsible for contract, etc.
  • Central depository for all contracts- Storing contracts in a centralized location makes them easier to access. Moreover, our system offers significant storage space so that clients can store an unlimited number of contracts, while simultaneously being able to easily search them for key data.

For more information on our new Contract Management System, please email us at [email protected].

Comment

    Very useful post. thanks for sharing this valuable information on contract management system.

    Wow.. really great information regarding contract management. Its very essential to improve control over business.

    Really contract management helps to improve the control over business and produce additional revenue for business. Thanks for sharing.

    I am agree with you that it is very important to have contract management system or services in business because it is helpful to managing contractor relationships and also helpful to ensure that products and services are negotiated at the correct time. There are many reasons to choose contract management services such as it is helpful to access contract agreements easily, helpful to organized data base, and it is helpful in finding terms and conditions quickly. For more information visit at http://www.ayers.com.au/solutions/contractor/contractor-management

    You have to be certain that these agreements will be performed to the letter. The software offers a constant process of making certain that the agreement is reviewed appropriately and structured properly. The intent should be realized and all its provisions should be effectively enforced. Any weakness or error should be recognized and corrected. In its real sense, an agreement is a theory regarding how things should work. There are times when reality differs from the contract, and this is where you need the right software that can bridge the gap between the real scenario and the theory that is embodied in the contract.

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