When approving contracts, companies may face the following problems:

  • Contracts are critical to proactively managing your business
    • Sales contracts translate to revenue
    • Procurement contracts drive bottom-line savings
  • Contract management in most organizations today:
    • Manual, labor-intensive process
    • Cross-department collaboration inefficient
    • No central repository of enterprise contracts
  • The result:
    • Lengthy creation cycles, lengthy sales cycles
    • Lengthy approval cycles
    • Missed revenue opportunities
    • Missed cost-savings opportunities
    • Compliance is challenging
  • Paper-based processes are inefficient and costly
    • Collaboration among business units is thwarted
    • Everyone must view and use the identical information
  • Inconsistent proposal language and terms
  • Long negotiation cycles
  • Inconsistent contract language and terms
    • Financial risk
    • Legal risk
  • Contract performance review and contract renewal is often overlooked
  • Process inefficiency and lack of operational control
    • Bottom line erosion
    • Legal risk