I
don’t know of anyone who says they enjoy contract management. It
takes so much time, there are so many mistakes and so much back and
forth. It’s a waste of time!!
After
managing several contracts I can say this from my own experience!!!
Only
a lead knows about the trouble involved in managing a contract when
it has to be approved by different employees
of the organization. Moreover, it takes a lot of time when all of
them have to provide input and correct the agreement before it can be
sent to the client. Many times this simple process of contract management workflow
for assembling the contract takes 3-4 weeks.
Recently,
we came across a software application known as an enterprise
negotiation solution.
These applications claim to help enterprise
negotiation and contract management.
Well,
I reviewed a number of contract management software solutions and
decided on the one which is best suited to our business. Currently we
are using the ContractRoom as our contract
management and enterprise
negotiation solution.
Typically,
I manually
keep track of who I have sent the document to, who is reviewing the
contract or who has responded and who hasn't. The ContractRoom
solution
monitors the whole contract
management workflow
and notifies me as soon as everyone agrees on the contract terms and
language. Then as a designated editor, make the approved changes and
all participants visit the Contract Room for final approval.
The
best thing about the ContractRoom enterprise
negotiation and contract management
software is that it is cloud based. Therefore, rather
than sending multiple emails, text messages and having virtual and
face-to-face meetings to get the document reviewed by everyone,
ContractRoom provides a common platform where everybody can review,
approve and comment on the agreement. So, the physical location of
users is never an an issue, which saves a lot of precious time and
increases productivity.
I
would recommend the ContractRoom enterprise negotiation solution to
every business owner who wants to ‘shorten the time to close a
deal’, ‘reduce
transaction waste’
and ‘improve control over business’!
Well,
who wouldn’t want to!!!
