The Pitfalls Of Not Using Source-To-Pay Software For Contract Management


Contract management is arguably one of the most arduous activities for any business. It brings headaches to Finance Executives, from manually creating and tracking contracts, to getting multiple stakeholders in-line to sign them. Manual processes of pursuing contracts and managing them are time-consuming, highly inefficient and costly. Despite these risks, many organizations still opt to not use specialized software for contract management.

Having source-to-pay contract management platform for companies can drastically reduce complexity by automating the entire process. contract management software eliminates the need for traditional methods of document creation and negotiation. By relying on third-party software to streamline contract management, companies can automate and expedite the process, enabling Finance Executives to save time and make better use of resources.

Furthermore, such software can protect against regulatory non-compliance and mismanagement of contracts. Not adhering to legal requirements and associated pitfalls can be very costly and affect the trustworthiness of businesseshould they be exposed. All of the contractual data is secure and centralized, so that it can easily be retrieved whenever needed. Any updates to contracts will instantly be reflected in the software and made known to both contracting parties.

In terms of value for money, source-to-pay platforms are well-priced and tailored to businesses of different sizes and interests. Plus, many of them come with variety of additional tools such as analytics, workflow automation and electronic signature tools to help analyze various data points and track key performance metrics.

Using software for contract management is must for companies eager to keep their contract lifecycle organized. Not only does it enable organizations to remain compliant and secure, but it also helps them reduce the time and costs associated with the contract process. With electronic signatures, automated negotiations and wealth of analytics tools to leverage, it becomes abundantly clear why increasingly more and more companies are opting to embrace this technology.