For many industries, contracts are the bedrock of operations. In fact, even SMEs can have thousands of active contracts at the same time. So, it will be really hard for them to manage all these documents without the support of the right technology. A contract management system in ERP software will be a great assistant for companies in maximising both financial and operational performance while minimising risks. Read on to explore some of its top benefits.
Compliance Enhancement & Risk Reduction
Obviously, improving compliance invariably aids in the reduction of a huge number of dangers within the company. With contract management software, businesses can streamline their operations and improve contract accountability. Every contract must obey compliance requirements from requests to approvals. This guarantees that no critical terms are removed, and only appropriate parties can change the documents. Therefore, businesses will have complete control over their contracts.
Contract Management systems also provide validation and certification capabilities. Companies now can easily spot contracts with a variety of suppliers. Besides, they can identify the suppliers that are in high-risk areas due to economic uncertainty, political unrest, or natural disasters. This is crucial for controlling the company’s risk.
Contract Visibility Improvement
Contract management systems normally store data in a centralised digital repository making compliance and reporting easier. Thanks to this, companies can ensure that any authorised staff members can access the most up-to-date contract templates and terms at any time and from anywhere. Besides, team members will be able to submit contract requests and track the progress of their agreements. Thereby, they can be aware of suppliers, prices, and contractual obligations.
The Contract Management System helps enterprises avoid unplanned renewals of wanted services. It also gives companies cost insight, which is crucial for ensuring they get the most bang for their buck. Maverick spending is reduced by purchasing from approved suppliers at the right times, for the right quantity, and at the agreed-upon price. Tracking rebates, delivery times, and volume discounts in a sourcing cycle ensure that businesses can capture all saving negotiations.
The contract management system in Synergix ERP system also helps your company manage the billing process better. The system will automatically create bills with a variety of billing frequencies (monthly, bi-monthly, quarterly, bi-annually, yearly). It also picks and generates invoices when they are due, so you will not have to stress about forgetting to send invoices.
The contract management system provides better data and analytics which makes forecasting more accurate. The system allows companies to better track crucial milestones and provides automated tools and alerts, so they can be notified when necessary. They can gain more control over their process and workflow efficiency by eliminating manual processes and centralising the document repository.
In conclusion, a contract management system will be a great tool for your company to improve contract department productivity. With decades of experience in developing ERP solutions, the Synergix contract management system will definitely elevate your business workflow, starting from contract quotation, to contract auto-generation, to contract dispatch, and finally to billing. Being an ERP leading vendor in Singapore, our ERP software is fully-integrated and customisable which will fulfill your unique requirements.
To encourage SMEs to embark on the digitalisation journey, the Singapore Government has offered Productivity Solution Grant (PSG) and Enterprise Development Grant (EDG) with the financial support of up to 50% of the qualifying costs.
Should you have any further questions, feel free to contact our consultant now!