Contract management: Savings you can take to the bank

contracts are for real estate, internet services, or company cars – they can start to pile up over time. Often, multiple different divisions can be involved. Having one unified software solution for contract management can help you maintain a good overview – and even turn up potential cost savings along the way.

 

Lost sight of what counts?

Has this ever happened to you? You have one supplier, but different conditions for different contracts. You have an old contract that needs to be renegotiated or cancelled. No one’s certain which of your departments is allowed to access a certain software program, based on its licensing conditions. You have to spend all day searching through file folders to find supplier terms and conditions or contract expiration dates. It can be even more difficult to keep your perspective if this kind of data is stored in multiple locations.

When it comes to contract management, little errors can result in major expenses. If you want to stay on the safe side, make sure you don’t lose track of your contracts. The right software program can help you keep everything in view.

 

Major backlogs

A survey on this topic recently confirmed that contract management still isn’t seen a major concern – it achieved just 22 percent in the priority rankings, despite its central importance. Just 63 percent of those surveyed believe that monitoring contract terms and liabilities are central aspects of contract management. Furthermore, according to the survey, 50 percent of respondents have backlogs to deal with in their management work.

 

Recognizing and averting risk…

The danger lies in unwittingly extending expensive contracts. Monitoring terms and conditions and contract liabilities plays a key role. With the right software solution, controllers can keep their perspective – and save money for their companies in the long term.

 

Controlling the entire contract life cycle

With EASY nextPCM Contract Management, an SAP-integrated solution for contract management, you can keep everything in sight. You’ll effortlessly manage all your contracts throughout their entire life cycles. The software is integrated into SAP ERP, and offers totally new options. All your data will be bundled in one place. Automated reminders ensure you complete processes on time, and detailed reports ensure contract statuses are clear.

 

That means you keep an overview of all of your contracts, all the time. You can find all the information you need here.