How To Prepare Your Contract Repository For 2019

It’s the second week of January and we are all back to business. Now that you have got your feet under the table have you been able to review 2018? What is the next plan of action to make improvements and have the greatest impact to 2019?

Common problems within business is around getting control of contract data. Large amounts of important data is becoming unmanageable and become inaccurate over time when not correctly managed and stored in a reliable contract repository.

So how are you going to prepare your contract repository for 2019?

With these 4 easy functions you can be step closer to improved contracts management:

1. Secure Storage.

If you are still working in manual spreadsheets that are stored in shared drives it is time to look towards a more secure way storing your contracts data. Placing your contracts data in a central contract repository platform with easy but secure access with allow you work in real time with others and ensure no data is being left behind, while trying to work collaboratively.

2. Have an overview of your department relations.

CRM functionality shouldn’t be new to business, it is an important tool to have in every industry to understand any type of relationship. To understand your contracts lifecycle in 2019 it is important to be able to effectively manage your interactions as well have an overview all interactions, whether it be from past, present or future. Better management and insight of activities and relationship notes will help departments stay connected and improve collaborative working.

3. Manage your supply chain.

Your supplier relationships are just as important as your customer relationships and should be managed in the same way, especially in terms of getting value for money. By improving how you manage your supply chain data you are improving on the way you make important business decisions. Effectively and efficiently managing your supplier data will allow your business to create KPI’s, meet compliance regulations and reduce risk.

4. Make your important decisions with business intelligence.

To prepare your contracts for the year ahead and in turn save your business large amounts of money as well as time, your contracts data should be effectively managed so you can create important business intelligence. Improving oversight to gain better insight into your awarded contracts will provide more accurate reports to in turn show you what you should be doing next.

Ultimately having better control of your contracts and the data in a central and all encompassing contract repository will put you in better place to tackle the year ahead of you.

Combine all four functionalities and you have a automated contract management system. Want improved overview and insight of your contracts for 2019? Contact us.