Do you have a Contract Management system setup for your business? If yes, that is a smart move. Modern businesses need specialized solutions to handle critical processes like contract management and vendor management. However, the efficiency of these solutions is significant to ensure that you are getting the right support your business requires. As time goes, the demands and challenges your business face will also change. If your Contract Management system is not able to handle those changing needs and demands, it is time for you to look for another suitable option. In this blog, we are trying to make you aware of 5 warning signs that prove your CMS is hurting your business.
Businesses that do not have a contract management solution can also gain from this blog. While making your first CMS choice, you can keep these factors in mind and thus ensure that the system is developed to handle situations that arise in the future when your business eventually grows bigger and better. Let us talk about the warning signs now!
Increased Number of Missed Deadlines
Deadlines and renewals are very important factors in a contract. When you are depending on a software or system to handle all aspects of your contracts, it must be capable of avoiding any unfortunate situation that arises due to a missed deadline or renewal date. What you need is an accurate and comprehensive notification facility. Apart from the standard notifications, it is essential to create custom notifications for different causes. This helps businesses to stay alert about the priority actions they need to be taking immediately. If your software is not doing it now, consider it as a warning.
Inappropriate Management of Sensitive Contract Data
Data is a very precious and significant factor in making business decisions. Businesses are spending a big part of their budget on finding data that helps them to take decisions and make moves that help them to stay productive and smart in all areas. In these circumstances, businesses must utilize their data efficiently and keep it safe. Your contract-related data is very sensitive and confidential.
Along with storing all contracts in one system, you should also be able to retrieve that information with ease whenever needed. For a business with numerous departments, the ability to keep all contract details in one place is very crucial. Furthermore, you should be able to avoid your sensitive data from getting shared among unwanted users. With Microsoft SharePoint and Office 365 powered contracting software, you can get all this right with ease.
People are Not Happy with the Contract Management Processes
This is one of those warnings that you will notice when it is time to change or upgrade your contract management system. When the number of contracts in your organization increase, and more people and stages are involved in the approval processes, there will be a need for more features and capabilities. Modern contract management systems will be able to handle those situations, as they are pre-equipped with such flexibility and scalability. If the user interface of the system seems to get outdated in few years, and your employees start complaining about the ease of use, there is a serious requirement for a fresh solution.
As the demand for new capabilities and functionalities rises, you should understand that your contracting software will soon become a pain for your workforce.
Support and Upgrades Getting Overpriced
Software providers offer you all kinds of support and flexibility to upgrade when purchasing a solution. Only genuine service providers will keep up all the promises and support you without breaking your bank and patience. Sometimes, even upgrades to your current solution might not be possible.
At any stage of your business, you need to pick only software service providers who are ready to provide you reliable support anytime. They should also be capable of making any alterations or customizations you are demanding. The cost for further changes should not be over your budget limits. As modern contracting Softwares can help you avoid revenue leakage, consider this as a priority.
If any of the above processes is overpriced and not worth spending your time and money, it is a sure-shot warning that your contracting software is starting to hurt your business. The best decision you can make at this point is to find a replacement. Here is how you can find a good one without much trouble.
Written by Alex K Joseph
Alex Joseph is a Digital Marketing Strategist with explicit knowledge in Content Marketing and Microsoft Technologies. A writer by day, Alex is a night owl and a DIYer. Alex's theory is to make businesses achieve success with modern solutions and smart exploitation of resources.