Every business leader seeks operational efficiencies to ensure effective expense management by eliminating unnecessary costs and streamlining operations. For many businesses, the right and leading contract management software and lifecycle process is just one method to ensure operational efficiencies can take place. In order to do this, businesses must seek to consolidate contracts across their organisation. Best-in-class companies achieve up to 80% more savings than others through a clearly defined contract compliance process. (Source: Aberdeen Research). The process must also ensure a central repository for holding contracts, yet only 48% of organisations have a consolidated system to manage their contracts, according to a recent Aberdeen Group report.
We demand and rely on applications for contract management of many internal and external operations. Our recommendation for best-in class software to manage contract lifecycles is Contract Insight Software from Four Business Solutions, which provides the following four key benefits:
1) Ease of use with intuitive user interface
Everyone considers user experience more than ever. We live in a world where ease of use and intuitive behaviour with technology is imperative to ensure we are efficiently using our time on critical business processes. Contract Insight software provides a user experience which looks familiar yet has flexibility and adaptability to meet tailored demands.
2) Evolving system with comprehensive reporting
Many contracts quickly become out of date with new regulations and laws which we need to abide with. The Contract Insight system easily accommodates for this and permits new fields without any disruptions to workflows as well as maintaining comprehensive reporting views which allow clear view on audit trails, edits, user actions, approvals and tasks.
3) Ability to integrate with other applications
Investments in technology should complement existing systems across the business used for HR, Sales, Customer Relationship Management (CRM), Marketing databases and Operations applications. The integration should be dynamic using agile software that understands how other systems operate and flexibly accommodate your IT needs across the business.
4) Tailored proof of concept and pilot
One of the unique benefits Four Business Solutions offer you is the value of a proof of concept and pilot for your business before purchase. This eliminates any risk when investing into Contract Insight whilst offering you the ability to fully enjoy and see the benefits of how a good contract lifecycle/management system like Contract Insight can help your business.
John OBrien is the CEO at Four Business Solutions, global business consultants and software integrators providing business processes improvements for Finance, Supply Chain & Operations across Telecoms, Pharmaceutical & Retail.