Are you waiting on an ERP implementation? That's great news. Hopefully, your new ERP system will make all your problems magically disappear. It hasn't happened before. But maybe you'll be the first.
In the meantime though, you still have contracts that need to be managed. You still have renewals to keep track of. And you still have software vendors that can send you an audit notice at any moment.
Those vendors don't care if you're waiting on an ERP implementation. And if they catch you off guard because you can't find your contract or you can't figure out what's in the agreement — they're going to take you to the cleaners.
In this video, I'll explain why you should consider interim contract management software while you're waiting on an ERP implementation.
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A while ago, we were asked to run an RFP for an organization that was looking to implement an ERP solution.
Now, as I’ve said before, requirements’ gathering for an ERP can be tricky and time-consuming.
For this client, it took about 2 months.
But in that 2 months, we were able to get a really good handle on their internal business processes.
And what we found was that this client was losing a ton of money on lost productivity, missed renewals, and compliance payments — all related to their contracts.
So I made a suggestion to the CIO that they should consider doing something in the interim with their contracts, because they were at least 2 years away from a fully functioning ERP.
And once it was up, they still had to go through the process of collecting all of the contracts and manually uploading them into the contracts module.
Unfortunately, the response he gave me is something I’ve heard a hundred times before:
“Well, it’s not gonna take us 2 years. We’ll be up and running in 6 months.”
(Famous last words.)
It actually took more than 2 years for this client. And the CIO? He was let go well before then.
Thankfully, the Procurement Director took my advice and implemented a simple electronic document repository, so at least they’d all of their contracts in one place.
Now, we’ve all seen this play out at one time or another. Somebody in the organization decides to dangle the shiny ERP ball, and everyone gets fixated on it.
But the reality is, your business won’t stop or take a pause while you go through the steps of implementing ERP.
Your contracts still need to be managed.
And if they’re not being properly managed today, you’ll have an even bigger problem to deal with when you’re finally ready to upload them into your ERP.
So, if you’re in that situation now, or think your organization may be heading in that direction, you should seriously consider implementing an interim contract management solution.
They’re really not that hard to implement and we’ll show you how in the next video.
And don’t forget to check out our free course at oneviewnow.com/course.