The Benefits of an Efficient Contract Tracker for Optimizing Your Contract Management Processes
Contract life cycle tracking is vital for gaining valuable insights about stage lengths, costs, risks, deviations, renewal periods, and more. Efficient contract management and analytics dashboards available in a contract tracker are essential for providing your team with incredible insights, allowing you to make data-driven decisions, and optimizing your end-to-end contracting process.
Performing Analytics Without a Contract Tracker
Disadvantages of performing analytics manually
When businesses do not have the help of a contract tracker, they must analyze their agreements manually. Manual analytics is becoming an obsolete strategy as automation allows for greater efficiency, fewer mistakes, more advanced tracking contracts, and increased savings.
Manually performing analytics is no longer advantageous as it leaves room for human error, does not provide advanced insights, and accumulates additional costs.
The beneficial alternative to manual tracking
Contract tracking platforms with advanced management and analytics dashboards are a beneficial solution to the issues caused by manual tracking.
Implementing a contract tracker into your company’s agreement workflow will pave the way for more remarkable business growth, more beneficial deals, higher productivity levels, and decreased costs. These platforms are already in use by many businesses, so if you want to keep up with your competitors, automating your contract analytics is necessary.
Advantages of a Dashboard for Contract Management
What are dashboards in contract tracking apps?
A dashboard for contract management allows you to manage all of your agreements and track critical terms and milestones. It includes beneficial contract analytics such as the status of agreements, deadlines, tagged categories, negotiation lengths, activity reports, and terms. These contract analytics give your team beneficial insights into the agreement processes, allowing you to make better-informed decisions.
The most critical indicators in management and contract analytics dashboards:
Contract terms and milestones
It’s essential to keep track of your agreed-upon terms and milestones so that you don’t breach any of your obligations. A contractual breach can result in significant fines, poor publicity, and a lost relationship with a beneficial partner. A contract management dashboard with a comprehensive summary of all of your obligations ensures that you know all of your agreement terms that your company must follow.
Expiration and renewal dates
Managing the renewal and expiration dates of your arrangements can be a daunting task to administer manually. Since your contracts probably have different deadlines, it can be easy to miss one without a robust management system in place.
A contract management dashboard gives your team insight into these critical dates, ensuring you don’t incur any unnecessary costs or damage your business’s reputation with the public and other companies.
Number of active contracts
Knowledge of your company’s active contracts, drafts, forms that need approval, etc., is a critical component to successful contract management. Without an accurate track record of your deals, you can easily misplace documents, prolong stages, and limit an agreement’s comprehensiveness.
Analytic applications will automatically keep track of your company’s active deals so you don’t miss any profitable opportunities or overlook vital elements in the agreement process.
Days in negotiation
Lengthy negotiation processes are one of the primary reasons why companies fail to close deals. When teams use manual management processes, they often fail to keep track of the length of their negotiation cycles. Prolonged negotiation decreases productivity, leading to wasted time and lost profits.
Dashboard analytics allow you to easily keep track of the days you’ve spent negotiating each agreement. Therefore, you can decrease your cycle lengths and benefit more from deals.
Tag reports and non-standard terms reports
Tagging allows users to categorize and group their deals. Organizing your deals will enable you to improve your management and reporting procedures.
Additionally, it would help if you took precautions when managing non-standard contracts as they contain terms that differ from your other agreements. A dashboard application gives you oversight of tagged and non-standard agreements, allowing you to access them when necessary easily.
Using a contract management dashboard to boost business growth
Intelligent contract analytics boosts business growth through increased visibility of risks, obligations, and potential opportunities. With its implementation, you will see improved performance, cost recovery, and loss mitigation. Additionally, intelligent contract analytics help you identify trends so you can improve agreement processes that are stunting your business’s growth.
The benefit of advanced contract management and analytics dashboards
The efficient contract management and analytics dashboards available in some tracking contract tool are essential to improve your agreement processes. By implementing these tools, you can track crucial data such as deadlines, terms, cycle lengths, expenses, and much more. Through increased insight, you can manage your deals to maximize your company’s benefits, improving your overall performance.