Contract Management System For Operational Efficiency & Transparency


Table of Contents: 

  1. What are the actual operational risks of Contract Mismanagement? 
  2. The benefits of integration and operations workflow automation
  3. What are the key Contract Management best practices?
  4. The easiest way to build a Contract Management System for Operational Efficiency and Transparency

There’s not a single business that couldn’t use a boost in efficiency, productivity and transparency. Little did you know that all three can be achieved in one stroke. The answer is to implement a contract management system for operational efficiency and transparency. Are you wondering how such a system could achieve so much? Let’s start by explaining the risks of not having one.

What are the actual operational risks of contract mismanagement?

When you leave it to chance, your contract management system soon becomes a liability. After all, there’s no business you can do without signing a contract with someone. If just one of those contracts is not dealt with properly, your company is at risk of financial loss. This loss isn’t always direct, of course, but chances are you’ll feel it somewhere down the line. 

Here are just some of the potential operational risks of a poor contract management system:

  • Missed deadlines
  • Damaged customer relationships
  • Damaged reputation
  • Unexpected costs
  • Legal consequences

The only way to avoid such risks is to improve the operational efficiency and transparency of your contract management system. These days, this is something a lot of businesses are coming to realize. According to World Commerce & Contracting:

  • 84 percent of subjects are experiencing pressure to simplify contract management
  • 65 percent of subjects are focusing on improved communication
  • 81 percent of subjects are planning to implement some form of contract automation

Trends like these rarely take off for no reason. When you’re looking to develop a contract management system for operational efficiency and transparency, automation and integration are key. 

The benefits of integration and operations workflow automation

It’s not just the reduction of risk that you can accomplish by avoiding contract mismanagement. Contractbook’s contract management system is developed with two things in mind: integration and operations workflow automation. That’s why it achieves the following three goals as well:  

  • Increases efficiency and reduces costs
  • Boosts productivity and grows sales
  • Improves transparency and aids system refinement

You might be wondering how a single system can bring about so many positive changes. The truth is, this makes a lot of sense. You only need to learn about the features of a contract management system built for operational efficiency and transparency.

Increasing efficiency and reducing costs

When your employees spend less time on tasks that have to do with contracts, your business gets more room to grow. This is the main purpose of Contractbook’s operations workflow automation. What exactly does it entail?

  • Switching from paper-based filing systems to digital storage
  • Allowing for secure centralized access to all relevant documents and templates
  • Introduction of rule-based logic to substitute manual handling and organization 

Thanks to these features, you can forget about costs dictated by paper-based systems. You can also minimize the time spent on locating paperwork, creating contracts, missing deadlines etc. As a result, your company has fewer costs and your employees complete tasks more efficiently.

Boosting productivity and growing sales

When your company has all the tools needed to speed up its contract management processes, things get done a lot faster. Here are only a few features of Contractbook’s software that allow this to happen:

  • Switching to secure browser-based access to all relevant documents and templates
  • Allowing for closer contract lifecycle and milestone monitoring
  • Using the system to monitor the business’ contact base

Once you introduce features like this, your employees can identify new sales opportunities more quickly and efficiently. They can create and sign contracts on the go, while the lifecycle of each of them can be shortened. This, in turn, creates room for new clients to be onboarded in the same amount of time. 

Improving transparency and aiding system refinement

When there’s transparency within your company, the chances of your business growing improves significantly. A contract management system built for operational efficiency and transparency achieves exactly this. Here are the features of Contractbook’s software that make this possible: 

  • Switching from multiple filing locations to a single digital repository
  • Creation of customized reports

When everything is closely monitored and reported on, you get the opportunity to improve both your system and bottom line.


What are the key Contract Management best practices?

As you can see, there are many benefits to using a contract management system built for operational efficiency and transparency. The only question left to answer is how exactly you should go about building it. A quality contract management system implies the following:

  • Centralized repository
  • Standardized language and templates
  • Detailed processes
  • Compliance checks
  • Team collaboration throughout contract lifecycle
  • Integration with other business systems
  • Customizable reporting

Centralized repository

There are many contract management best practices. Number one would be to make sure all your contracts and other relevant documents are stored in a single location. Ideally, this would be a digital repository. A centralized repository has many benefits, including improved transparency and less time wasted tracking and organizing files. 

Standardized language and templates

If you want to reduce operational costs, make it easier for your employees to do paperwork and draft contracts. The simplest solution is to introduce standardized language and templates. All of a sudden, there’s no need to rethink this paragraph or draft each contract from scratch. In one stroke, this solution frees up countless hours that are being spent working on contracts.   

Detailed processes

When you give them no clear guidelines, you run the risk of your employees mismanaging your contracts. Important milestones never get actioned and, ultimately, new business never gets acquired. That’s why you should develop and implement clear and detailed processes for everything that needs to get done.

Team collaboration throughout contract lifecycle

When there’s no communication between team members, the productivity of the team itself suffers. The lack of communication can even lead to more serious problems, such as missed deadlines. Luckily, you can easily avoid this by dedicating one of your communication channels to team collaboration.

Integration with the organizational structure

It’s not enough to have a centralized repository and give all your employees access to it. To really follow contract management best practices, there’s one more thing you can do. You need to make sure it’s part of your organizational structure in general.

Customizable reporting

Last but not least, if you want the option to improve your system, you’ll need to collect and analyze data. Customizable reporting is the only way to gain valuable business insights on both your own processes and your potential partners.

The easiest way to build a Contract Management System for operational efficiency and transparency


Of course, the easiest way is not to build a system yourself. It’s to take advantage of contract management software. 

After all, this kind of software is the best example of a contract management system built for operational efficiency and transparency. Let’s take a look at some of the features of Contractbook’s software aimed at achieving these goals:

  • Centralized digital repository helps you increase transparency and waste less time working with contracts
  • Standardized template library allows you to achieve greater consistency and cut down your business costs
  • Integration with your collaboration tools helps your team manage their obligations much more efficiently
  • Integration with your organizational structure makes it possible for you to gain a much higher level of control and transparency within the company
  • Data syncing and contract tracking functions help you gain insights into your processes and improve your overall business strategy

So, if you want to increase efficiency, productivity, and transparency, you only need one thing. Get in touch and we’ll provide you with the most sophisticated contract management software.


Ruzica Mastelic
How to Increase Your Average Contract Value

How to Increase Your Average Contract Value

How to Increase Your Average Contract Value

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June 7, 2022
June 7, 2022
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