5 Signs your Contract Management Approach is Failing Your Business (and How to Fix It)
JUN 22, 2017 19:07 PM
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5 Signs your Contract Management Approach is Failing Your Business (and How to Fix It)

 
by Drew Hendricks
 
Humans are creatures of habit, and that goes for our software selection, too. If your company has contract management software, do you know how it was selected—or when? Who made the decision? What was their driving factor? And when was the last time it was really analyzed or other options were considered? Well before many companies start considering other contract management software solutions, there are big red flags that the current so-called “solution” is failing their business.
 
The biggest one? Nobody remembers how the current contract management approach was adopted, when or why. Here are the biggest signs that your contract management approach isn’t up to snuff and how to fix it:
  1. Nobody uses it because it’s a monster to figure out. Either nobody in your company wants to touch that software, or just one or two people do, and they’re considered the go-to “experts.” This is dangerous for a number of reasons. Everyone who can benefit from using contract management solutions should be doing so. In fact, they should be excited about using it because it’s supposed to make their job easier! However, if nobody’s using it, it’s a complete waste. If just one or two people are using it, they suddenly have an influx of power and control over the quote-to-cash process. What happens if these employees abuse their power, aren’t actually optimizing the software, suddenly quit or fall ill? The entire operation goes under.
  2. The approach constantly causes errors or mistakes. The purpose of software for business is to eliminate human errors which are unfortunately unavoidable. However, what if your contract management software is making just as many mistakes as humans or more? Are your employees constantly having to backdrop and correct machine errors? In some cases, the software might just be so difficult to use, it was never configured correctly. Regardless of the cause, there’s no room for machine errors in business.
  3. Your contract goals are consistently falling short. The goal of contract management software is to, well, manage your contracts. If your contract goals are reasonable, such as maintaining a certain percentage of existing contracts and growing contracts at a feasible rate, why aren’t these goals being met? A major cause might be the software you’re using.
  4. You’ve heard complaints. This one is a biggie but is often overlooked. Whether it’s your employees complaining about the software or your contracts (clients), listen up when there are squeaky wheels. Even if it’s “just one” complaint; look into it. Many times, people don’t complain at all. However, their actions, from refusing to use the software to stopping business with you, is much more powerful and tougher to correct.
  5. It’s just way too outdated. An obvious sign to check is how old the software is, whether it’s still suitable for your company (or ever was), and if there are better options out there. It’s not necessarily a red flag that will wave obnoxiously in your face, but rather one you have to dig to see. Being outdated isn’t an option in the digital era where you can bet your competition has better, more advanced software solutions. If you’re not keeping pace, you’re falling behind.
Managing your contracts is at the core of your business, especially if you have subscription clients who are providing your company with regular revenue. Taking care of your contracts, clients and employees with the right tools is critical. Otherwise, as soon as they get a whiff that there’s something better out there, resentment (and perhaps abandonment) will follow. Upgrade your software regularly, comparison shop, and check out what the competition is relying on for ideas on what to change.
 
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