Contract Management is critical to an organisations success as it provides a rigid way to monitor success. However, at the moment, there are seemingly insurmountable challenges, we are here to say they are surmountable and this is how:
Contract Management Challenges
Challenge #1: Lack of Supplier Information
By having contract management software that has a fully integrated vendor management system, a contract manager can have a real time view of a supplier performance. This can include costs, quality, accountability and usage.
Challenge #2: Unclear responsibility in supplier disputes
Again, an integrated contract management software ensures a single means of communication between the client and suppliers. This keeps a full audit trail to resolve any disputes that might arise.
Challenge #3: Tracking of costs and time plan
Monitoring costs associated to a contract together with associate time parameters make it impossible to monitor contract performance. Having contract management software that integrates costs, projects and contracts allows for a single version of the truth allowing management to keep control of scope creep
Challenge #4: Notifications of terms, rights and obligations
Having a central system using meta data layers of contracts allows important information in contracts relating to leases, equipment maintenance, deliverables, etc to be continuously monitored. This can include dates, accountability, costing, etc
Challenge #5: Version Control
Having a big team, brings about its own challenges, one of the biggest being… Version Control. Having a platform that ensures that you are working on the latest version of a document can ensure you are not wasting hours of time trying to validate which is the latest version of the truth
Challenge #6: Undefined Handover Processes
Having contract management software built on top of a workflow engine ensures that all processes are clearly defined and followed. This ensures risks associated to improper handovers are mitigated
Simplify Facility management today with Silver Axiom
Keep control of your facility, manage your vendors, your assets, your contracts and your internal staff with an easy to use platform with a complimentary mobile app