· Contemporary supplier and contract database software promise to streamline how procurement teams approach contracts and sourcing.
· This technology ensures real-time communication, collaboration, and management of the contract lifecycle.
But how do you know if you should invest in supplier and contract database software? What are the signs telling you it’s time to get such technology? Let’s explore.
5 Signs It’s High Time You Invested in Supplier and Contract Database Software
If you identify with any of the following five signs, you’re a prime candidate in need of this software.
1. Not Enough Supplier and Contract Visibility
If you’re not even sure where your contracts are stored, how they are stored, or how the vendor contract management process is being handled, it’s a clear sign that you need better visibility.
The late management guru Peter Drucker once said, “You can’t manage what you don’t measure.” Put another way, you can’t get the best merit from data that’s not visible. This means that if you have no visibility of vendor and contract information, how can you extract the most value from your contracts?
Changing this narrative starts with the incorporation of supplier and contract database software.
2. Your Contracts Are Spread Out Over Several Platforms
Are your contract management campaigns spread out over several platforms? Are you using email to communicate with vendors, Microsoft Word to draft up contracts, and Excel to keep track of contract lifecycles among various other metrics?
Does each team with access to the contract have its own set of modus operandi and protocols regarding the handling of said contracts?
If this is the case, then you really need to consider a single centralized platform for your contract management. Not only does this keep everyone on the same page but it also cuts back on duplicating efforts.
3. You’re Spending Too Much Time on the Contracting Process
Time is of the essence in business. Being able to close deals and sign contracts quickly reduces the odds of losing potential business.
However, if your contract management process is all over the place and it takes you a lot of time to draft and sign the legal documentation required, you might end up losing clients.
The value of an innovative supplier and contract database software platform that comes loaded with a range of templates that can be easily tweaked to suit your needs can not be underestimated. Speed up your contract management process with some of the best contract management software on the market today.
4. You’re Losing Money on Off-Contract Spending
Contracts are generally fixed and set. However, some procurement teams and clients find themselves facing off-contract spending.
Any spending that you’re doing outside the designated contract, while it may seem small at first, can quickly add up.
Rogue, off-contract spending, comes in different forms:
· You allowed a contract to expire and now have to pay a contract renegotiation fee.
· You’re paying for software and licenses that you’re actually no longer using.
A lot of rogue spending could be nipped in the bud if you were using supplier management software.
You would have enough contract visibility to enable you to stay on top of contracts so that you could renew them before they expired, meaning you could negotiate better terms and conditions, as well as lower discounts. You would also get to see all the add-ons you no longer need and so stop paying for them.
5. You Plan to Scale Business Operations
As a business grows, the number of vendors it typically works with also increases. This means there are a lot more deadlines and a lot more details that you need to stay on top of.
Throughout the year, you may need to periodically run audits of your vendors to see who you’re working with and how much you’re spending on each individual contract.
Now, without a reliable supplier and contract database solution this is going to be difficult and cumbersome. The benefit of investing in such a system outweighs any potential costs as you’re saving on both time and money – aspects which are key in any business.
Let’s also not forget that supplier management software will make it easier to manage, renew and automate contract lifecycles.
Still Concerned About Investing in a Dedicated Supplier and Contract Database Management Solution?
Knowing you should invest in a supplier and contract database system is one thing, but how do you know which is the best contract management software?
Why rely on resources that were never designed for enterprise contracting to get the job done when there are trusted solutions on the market?
And among the best solutions are those from ProcurePort.
ProcurePort solutions make adopting and integrating supplier and contract database software a less complex affair. Owing to the easy-to-assimilate nature of ProcurePort’s software, integration into your existing ERP is straightforward.
Furthermore, there is a low learning curve meaning you won’t spend considerable amounts of time teaching your team how it works.
Integrating supplier and contract database solutions into your procurement operations can assist you to become significantly more efficient with your contract management process.
If you’re tired of missing contract renewal deadlines, disrupting the company bottom line with rogue off-contract spending, and are looking for modern supplier management software then look no further than ProcurePort.
Our reliable, robust, and innovative supplier and contract database management solutions are trusted and used by businesses and organizations such as UNOPS, HUD.GOV, and conEdison.
To discuss supplier management software with a consultant or to schedule a demo of our solutions, contact us today.