A modern contract system brings together all the agreements in an easily accessible manner. It will help you to keep track of what contracts are about to expire and need to be renewed. Important agreements with suppliers and customers become accessible to the right people within the company. Such a system creates order and fixes and increases efficiency. In addition, it simplifies the process when new contracts are to be procured. Those who work on contracts and deals that should be renewed receive automatic reminder when it's time to do this and do not have to worry about missing due dates.

Tips on how to simplify your contract management

Good contract management greatly improves the company's competitiveness. In order for a system of this type to be effective, it should digitize a certain amount of basic data. This enables automation of workflows with the help of the system. The design of the agreement is of utmost importance for unnecessary costs and for the company to be perceived as serious. This design is governed by a variety of parameters as digitized handling helps you to master more efficiently. Another very important aspect in the work of written agreements of this kind is of course follow-up. With templates, guidelines and reminder maturities, all relevant parts of the organization provide good prerequisites for managing the agreements in the best possible way. An effective contractual system gives greater security to both the company as a whole and those responsible for these documents. An effective system for managing agreements can help with the following:

●  Create a central overview of the company's entire agreement
●  Track all agreements with external as well as internal providers
●  Get automatic reminders when the maturity date of the agreement is approaching
●  Define specific agreement types
●  Track contract history using a contract log

Why switch to a modern contract management?

The traditional ways to keep track of contracts are many. Perhaps you have spread your contracts in different barges, in the cloud or at worst, in different employees' inboxes? Today, there are significantly safer and much more user-friendly ways to keep track of the company's agreement. As we have seen above, a digitized system facilitates a variety of ways, as well as space saving. Some companies use programs and methods that are not adapted to the purpose. An example of such a method is to collect all agreements in, for example, Excel. It's an excellent spreadsheet program, but it's not suitable as a contractual system. The disadvantages of using a system that is not designed specifically for managing agreements include:

● The system does not send automatic reminders
● Unable to store documents
● Is a time consuming system

Lost agreements can have far-reaching consequences for the company. A colleague who changes workplace or retires may be difficult when the contract management is not well-organized. Once the agreements are readily available, it is easy for the responsible colleagues to take part in and to engage in these. Agreements never risk getting away along the way and are always available to those who have jurisdiction. An effective contract management allows the company to utilize the full potential of the contract portfolio and provide a valuable basis for decision making. The system provides a central overview of the company's agreements, how much they are worth, who is responsible for the specific agreements you have, what their value is, when they expire and who is responsible for them.

The Nilex contract management system has been developed to meet our customers' needs in the best possible way. Contact us and we will tell you more about how our agreement management system simplifies your work!