The cloud has revolutionized procurement as we know it.
CEO of Microsoft Satya Nadella says, “Everything is going to be connected to cloud and data…All of this will be mediated by software.”
The future is here and cloud computing is a very big part of it. So essential is it that it’s already being integrated into procurement software for example within contract management suites.
If you’re still on the edge about the cloud, here are five reasons to consider adopting cloud infrastructure for contract management.
Advantage #1 Secure Contracts
So, what’s the very first advantage of cloud-based contract management?
Without looking far it is security. We’re talking about reliability and surety here.
The information contained within your contracts is of a very delicate nature. As such, your contracts should only be accessible to personnel with the requisite clearance.
Gone are the days of paper-based contracts and storing them in physical locations. It’s not difficult to see that this approach made securing contracts very difficult.
Today, every enterprise can invest in a cloud-based contract management suite that’s guaranteed to elevate their contract safety.
That’s not all, but such a cloud-based contract system affords the procurement team other additional benefits such as real-time collaboration, remote access, and compliance.
Advantage #2 Scale Comfortably
Growth is a part of any enterprise. However, many organizations forget that the manner of handling contracts will also need to become more sophisticated.
It is failure to keep up with the back-end technicalities that is often the downfall of many businesses.
With cloud infrastructure, as your enterprise grows and you take on more contracts, you don’t have to worry about contract management issues.
Armed with a contract management suite from ProcurePort, your enterprise will be able to meet all data and storage needs without needing to add more in-house servers.
The nature of the cloud is such that you get access to a lot more storage options. In addition, cloud infrastructure provides you with little to no disruption and is low maintenance.
Advantage #3 Remote Access
The COVID-19 pandemic has shown with greater clarity the need for enterprises to adopt cloud infrastructure that promotes working remotely.
New studies by Pew Research show that 20% of U.S. workers worked from home prior to the coronavirus outbreak. Today, 71% are working from home, and post-pandemic 54% expressed a desire to continue working from their home offices.
Because of the cloud’s ubiquitous nature, it allows for the centralization of data. Using a contract management suite, employees can manage contracts, renew terms, and draft up new contracts remotely.
What’s more, a cloud-hosted contract management system will markedly improve contract visibility allowing all team members to check progress, confirm details, and work on the contracts without the wearisome constant back and forth of email.
Advantage #4 Improved Contract Management
Would you like to be better organized in terms of contract management? Honestly, who doesn’t?
Most procurement teams are actively seeking agile contract management processes and tools that make their lives easier. And it’s not hard to see why.
When you’re running a business – and one that’s scaling – there are quite a number of contracts to manage and keep track of.
Fortunately, cloud-based contract management solutions exist such as the contract management suite from ProcurePort that delivers accessibility and visibility to users.
By adopting a streamlined cloud option you encourage efficiency within the ranks.
Productivity should significantly get better as employees spend less time searching through inefficient excel spreadsheets and paper-based contracts.
Advantage #5 Streamlined Operations
Perhaps you’re saying, “I have no contract management issues so why bother with a cloud option?” Well, cloud-based contract management solutions are designed to make your procurement efforts more effective and efficient by utilizing faster and simpler processes.
Put simply, a cloud contract management suite is geared at streamlining your contract operations. Process contracts faster so your team can focus on more pressing issues.
Smart contracts are the future of procurement. And in a world as connected as ours where your suppliers might be on the other side of the world paper-based contracts and other legacy contract models just won’t cut it anymore.
The cloud can change the contract management game for procurement teams. Allowing them to work from anywhere, access contracts faster, and rectify contract management issues quickly.
Cloud solutions allow procurement teams to process and close contracts faster.
In a nutshell, digital contracts are here to stay.
ProcurePort prides itself as one of the leading providers of the best contract management software on the market and is trusted by enterprises and organizations such as UNOPS, HUD.GOV, and conEdison.
If you would like to discuss contract management software with a consultant, or to schedule a demo, contact us today.