When it comes to organisational success, automation is paramount to increasing the effectiveness of your operations. Freeing up your employees’ time and resources enables them to focus their energy on making positive changes through their work within your business, and gives them the power to think strategically rather than being bogged down in day-to-day manual operations and paperwork.
As companies move to digitise virtually every process in their business (as well as focusing on creating agreements that are meaningful to stakeholders), ensuring contracts are established and implemented efficiently, simply helps organisations to run well. And with the power of automated contract management systems, your business can start to increase its operational efficiency in as little as four weeks!
With this in mind, let’s run through just some of the benefits of automation when it comes to how your organisation handles contracts across developed and distributed by your procurement function.
Increased visibility and analytics
Using an automated contract management system gives your team access to a new level of involvement and understanding in regards to your contract management processes and performance. When you automate your contract management, reports are automatically generated, meaning that staff are more likely to keep on top of compliance, risk, financial and performance management.
Having a new level of available information and visibility gives your organisation a distinct advantage when it comes to streamlining your processes and decision-making capability. Your team can easily analyse the success of a contract or process, make the necessary adjustments, and then re-measure performance to ensure continual improvement. You’ll also be able to effectively track the savings being generated by each contract, whether there are contractual terms not being met by the other party, and which contracts should be renewed (or, in some cases, not renewed).
With organisations now expanding to global reaches in terms of their external contractors and regular staff, data leaks and breaches are a seriously real possibility. Automated contract management systems allow you to aggregate your documents in a centralised repository, both improving the security of your company’s sensitive information and making it easy for your team to access, consult and collaborate utilising the required information.
Understanding risks and issues across your enterprise is critical to your ongoing success and to mitigating your likelihood of exposure to security risks. Automated contract management software like Portt provides you with the ability to ensure that corporate governance and security policies are being enforced for high-risk or high-value contract types, making it simple to keep your data safe.
Simplified contract compliance
Automated contract management systems allow you to dramatically streamline your business processes, which provides increased levels of contract accountability when it comes to compliance and governance. From request to approval, every contract needs to be held to compliance standards, especially in the public sector across local, state and federal administration bodies.
With Portt automated contract management software, on-demand report generation can automatically deliver reports on all aspects of your business in minutes, saving many hours of labour in the first four weeks. Access to performance metrics across your enterprise ensures that any area of your business that is not performing to agreed or expected standards can be immediately identified and addressed. The ability to instantly request feedback from all of your suppliers on what you can do to improve your work with them will highlight any inefficiencies in your processes, saving you time and money.
Strengthened supplier, customer and partner relationships
Automated contract management gives you access to a full range of audit and reporting features, such as compliance alerts, audit tracking, report generation, and easy integration with your existing business systems. All these features mean that in as little as four weeks, you’ll be monitoring and maintaining better relationships with your external contractors and suppliers.
Portt provides a complete view of your supplier interactions and information on whether your suppliers are meeting their obligations under the terms of your Service Level Agreement, including performance targets, compliance, and status reporting. This gives you immediate power to identify any issues or failings and address them before they become detrimental to your business.
Make real positive change for your business in as little as four weeks with Portt
Portt is your partner in procurement. Our intelligent sourcing, contract and supplier management platform is easy to adopt, simple to use, and enables the strategic potential of your procurement team.
Contact us today to learn how you can use the software to streamline the necessary, unlock the opportunity, and realise the outcomes for your business.
Article written by: Mark Reddy, Head of Growth at Portt