Contract management is a complex undertaking for any company. Pressure from competition and outside sources increases the complexity of contracts and creates the unique, proprietary nature of any business, forcing businesses to tailor their contract management process into a strategic advantage – thus making no two processes alike.
Contract management software offers a solution that helps companies deal with the complexity of the contract lifecycle from request to approval. Some solutions provide renewal, augmentation and modification features. Each aspect of the contract from its inception to approval can be configured to meet a specific company’s needs. A company may require additional steps in its contract execution, and the software can add steps in the software’s workflow to extend the functionality and meet the company’s requirements. The custom nature of contract management software means a company can retain its competitive advantage.
After execution of the contract, payment terms will be executed requiring a billing process to manage the collections. Electronic billing, or E Billing, can enhance any company’s billing process by reducing labor, providing an easy to pay experience for customers and increasing the payment options for the company. Many E billing solutions integrate tightly with a contract management solution, allowing contract terms to flow seamlessly into a billing solution. The E billing solution can then generate invoices that are electronically sent to a customer, who can in turn pay the invoices online; all of which reduces mailing and printing costs.
Flexible systems must include legal requirements in today’s business environment. Legal hold software can extend the contract management software’s reach into the business by tracking all discoverable items requested during a legal discovery. Because companies today are required to turn over their electronic documents and other pieces of evidence, the shear volume of documents can be overwhelming. Legal hold software helps companies track and manage the release, location and state of these discoverable documents.
