Contract management can be a tricky business, but it doesn’t have to be. When you have a solid system that works together Contract management can be a breeze! Let’s talk about how using standardization and standardization software can improve Contract Management for the better!
How Standardization can improve your Contract Management
Business process standardization improves productivity and efficiency by decreasing the time that is spent determining just how to do a task. It also combines processes to streamline procedures quickly and with more precision than manual practices. This leaves more time for employees to go over other aspects of the process for increased quality and attention to detail.
Quality is also ensured by standardization software since it creates a uniform process that can be used over and over again to a very useful effect. This includes custom templates and checklists that have already been approved to the highest of standards. Standardization cuts down time consuming and menial tasks and instead catapults productivity.
Standardization software also supports BBP, or Better Buying Power. This is a way of doing more without more, which may seem impossible at first glance. This couldn’t be farther from the truth as BBP focuses on eliminating unproductive processes while making efficiencies greater. Think of it as pruning a rose so that it can grow to be taller and even more beautiful.
Contrary to what you may have heard, the returns from using standardization software can be enormous! Each year companies spend up to 12% on contract negotiations while using standardization software has been reported to reduce annual contract management expenses between 20 and 50 percent. It has also been stated that many companies see a return on investment in contract management solutions within the first quarter of implementation. Doing things quicker and cheaper is definitely a positive reason to leave those old practices in the dust.
Manage your Business Contract Analysis with Pipefy
Pipefy’s Free Business Contract Analysis Template offers an easy way to run your company’s contract management process – creation, alteration, etc. Use pre-designed e-mail templates to ask for internal and external approvals and find out how Pipefy can save your time – and make your life a lot easier.