How contract management solved similar challenges for our clients
It can be a complex operation to keep everyone in an organization apprised of a contract’s status from creation through revisions and execution. Once a contract is executed, milestones and obligations like billing and service delivery must be met by various business units, while critical contract deadlines and renewals are not missed.
Mitratech’s solution has solved similar client challenges by:
- Centralizing all contracts in a single repository, so everyone has access to the most current version and all associated documents
- Alerting stakeholders to critical dates and milestones so that risk is minimized across the organization
- Decreasing time spent on manual contract creation through automated Word templates
A contract management solution manages the countless contract tasks and deadlines and ensures nothing falls through the cracks by tracking all milestones related to every contract. By using contract review benchmarking, the reviewer can focus on the clauses that matter and reduce the contract review process by hours. In addition, work is left in a place where it is easy for one member of a team to pick up where another left off.
With so many people involved in contract review, a contract management solution ensures the latest version of the record is saved, while preserving prior versions for comparison. With all contracts centrally located, users are able to aggregate contract information, documents, actions, etc. for a full view of contract status.
In the Nu Skin case study, Karralee Morgan, Contracts Administrator explains the biggest benefit they see by utilizing a contracts management solution:
…at any time any of us can go into [the solution] and see exactly where a contract is in the process. It really does save a lot of time. When someone asks a question about a contract, instead of having to remember or look through a stack of papers on your desk, it’s nice to be able to search by the name and see exactly where it is.