Do you spend time reading through long and complicated contracts, after they've been signed, just to understand what you’ve committed to? Does it take forever to retrieve contracts when it's time for a renewal or negotiation?
Are you, like so many others, managing your renewals using spreadsheets or Smartsheets?
If you nodded yes to any of these questions, you're probably wasting way more time on contract management than you realize.
The good news is it doesn't need to be this painful.
Check out today's video to learn how to get back some of that time you've been spending on manual, tedious contract management processes.
Want to spend more time creating value for your organization and less time reading contracts?
Schedule a FREE contract management process review and we’ll show you how to save time by eliminating manual and redundant contract management processes. So you can spend your time adding real value to your organization.
One day, I sat with the contracts administrator for one of our clients and what I found was something that probably rings true for most organizations.
For this client, once the contract was signed, the contracts administrator would spend an hour summarizing and then filing or uploading the contract.
The summary and a copy of the contract was sent to several executives, including the CFO, who would spend 30-45 minutes reading the summary, reading the contract and asking for clarifications. The CFO actually had his admin print out the summary and the contract for him to read.
But when they had to find and review a contract for an upcoming renewal or a renegotiation, it would take days, sometimes weeks (depending on the contract they were looking for).
I did the same assessment for a large telecommunications company in Toronto. And some of you watching this video know this story very well.
This telco had a gentleman whose sole responsibility for years was to manage a “tickler” report, which was essentially a massive spreadsheet for tracking renewals. One day, quite suddenly, this gentleman decided to retire, and this company went from having a pretty good handle on their renewals to a state of panic and chaos.
Sadly, some people in our industry have made careers out of just managing renewal spreadsheets for their company.
And if we just peel back that layer of the onion a bit, we’ll find tremendous opportunities for efficiency gains.
One of the first things you should do if you want to increase the efficiency of the procurement department is stop using Microsoft Excel to manage your renewals. There are some pretty good solutions out there. I’m obviously partial to OneView, the solution we built.
But any contract management tool that allows you to upload contracts should have the functionality to be able to provide you alerts at the time of renewals.
The other thing to consider is using an e-Signature tool that integrates with your contract management solution. You’ll save hundreds of man-hours each year by eliminating the need for individuals to chase signatories on contracts.
And with proper integration, you’ll save even more time in by not having to manually upload contracts and type up summaries.
So that concludes this video series on how to save money and gain efficiency through good contract management.
We’ve talked about how good contract management can help you:
- Avoid the cost of a failed internal audit
- Avoid paying software compliance penalties
- Decrease the cost of annual maintenance renewals
- Reduce your software license costs
- Increase efficiencies within your procurement department
If you missed any of these videos, you can get immediate access to the entire series by signing up at oneviewnow.com/savings
Now that you’re beginning to see how much you could potentially save by improving your contract management process, you should probably take a serious look at our solution, OneView.
It helps organizations save money and gain efficiency in all the ways I’ve talked about because I designed it specifically for that purpose.
So if any of these videos resonated with you and if you believe your organization can potentially save money and increase efficiency, we should talk.
I’m happy to discuss the specifics of how your organization could stand to save money and improve efficiency through good contract management.
To schedule a free contract management process review, where we’ll show you how you can reduce the time you spend on contract management by up to 75%, head over to oneviewnow.com/review to claim your free session.
Thanks again for watching.