Every business aspires to grow and stay relevant in this competitive world, but it can be challenging to keep up with multiple contract entitlements and SLAs (Service Level Agreements) without a contract management system.
Businesses need a holistic contract management system (CMS), which can automate the complete contract lifecycle right from initiation to renewal. This blog will discuss the key benefits of adopting a contract management system and software with powerful capabilities, SLA KPI reports management, etc.
Key Benefits of Adopting a Contract Management System
Contract templates not only ease manual dependencies and costs but also ensure speech texture
Contracts must be concise, clear, and accurate. Modern contact templates are not only a clause library with pre-approved language, but they also enable users to quickly draft contracts by including the required field values, choosing the clause language, and making minor tweaks to cater to the current engagement.
Contract templates not only reduce manual dependencies and costs but also ensure language consistency across all contracts. Businesses leveraging intelligent contract management software can eliminate human intervention during post-execution management stages like amendments and renewals, leaving no scope for error.
Configurable Approval WorkflowsApproval workflows ensure that internal stakeholders know about the potential opportunities and risks in a contract before it is executed. Digital contract management solutions with powerful capabilities of SLA KPI reports, allow admins to configure approval workflows, both parallel and sequential.
Approval workflows provide better visibility into contract risks at the individual contract level, allowing admins to devise granular risk-mitigation strategies.
Reduced Negotiation CyclesContract negotiation plays a key role in contract management. This process can create an opportunity for organizations to arrive at beneficial terms and decide the tone of their business relationships.
A contract management system eliminates the pain of email back and forth
A contract management system eliminates the pain of email back and forth, and enables accelerated negotiation cycles. Contract owners can leverage a CMS to securely share SLAs by assigning appropriate access permissions for every negotiator. It saves time as the counterparties can collaborate in real time to review the document.
These powerful capabilities of a contract management system coupled with advanced analytics, allow businesses to gain insights and revisit their negotiation strategies. A contract management system offers diverse SLA management and SLA monitoring tools that help businesses streamline their workflows and manage the dynamic contracts of today effortlessly and accurately.
Ways SLA Management Tools Can Benefit a Business
Whether they leverage existing templates or customize client-specific agreements, they can make changes in the support coverage and billing rates and add billing charges for extra products or services related to the agreement effortlessly.
Seamless IntegrationWhen they have automatic integration with alerts in the regular workflow, they can easily assign first-response targets, establish a resolution plan with a timeline, and close all the open tickets by the next service-level event.
Response-Time Goals ManagementAnalyze final resolution time and scale the service desk offerings by demonstrating the ability to establish, monitor, and report on service delivery goals.
SLA Tracking Becomes EasySLA management tools allow admins to respond by priority, issue type, and sub-issue
SLA management tools allow admins to respond by priority, issue type, and sub-issue, and include SLA information on service tickets, enabling them to easily track it through for a complete audit trail.
360° ViewSLA monitoring tools give the admin a holistic view of all the time entries applied to an agreement, allowing them to determine profitability easily and quickly.
Meet established SLAs by keeping track of KPIs. These tools also allow you to run smooth and profitable field operations with more reliable information and pivot strategy accordingly.
Conclusion
Now that they know how a contract management platform or system can add value to modern businesses, they must deploy a reliable contract management system like FieldEquip. FieldEquip’s cloud-based contract management solutions help businesses evolve while staying efficient, profitable, and organized.
FieldEquip has helped many businesses across domains digitize essential documents and streamline invoicing and other processes. Its contract data management system can also create standard or customized contracts that can be signed and stored online.
Reach out to the FieldEquip team to explore the differentiated capabilities of their contract management system and SLA monitoring tools and how they can add value to the business.
