February 18, 2020
An organisation doesn’t exist in isolation and during the course of its business employs several suppliers and service providers for support. Anyone responsible for managing support contracts and service level agreements will know the hassles of keeping track of the documents, milestones and financials. Creating financial reports for your contract portfolio, keeping track of cancellations and renewals of these several contracts is a daunting task.
The risks of not managing contracts effectively
| Customer Contracts | Supplier Contracts |
| Loss of revenue and profit | Loss of service or support |
| Presents competitors with an opportunity | Increased renewal costs |
| Increased customer churn | Erosion of profits |
| Increased time and effort | Increased time and effort |
| Billing problems lead to increased debtor days | Requires contract to be re-negotiated |
Our contract management solutions help you keep all your contracts at your fingertips. It automates the tasks of renewing agreements with customers and backing off orders to third party suppliers on time – ensuring revenue is secured and there is no disruption to service.
Contract Management – components and features
Benefits of implementing contract management:
- Increase renewal rates and profitability
- Improve accuracy of invoicing
- Reduce debtor days
- Improve visibility and control of status and trends
- Reduce costs by reducing risks and liabilities
- Enhance contract and supplier performance
