Software for contract management
Contracts have been agreed upon, but you still want to check whether a supplier is offering the best conditions after a while. Suddenly, it might be too late to terminate the contract.
Contracts might be spread across different locations and difficult to locate, making contract management complex. The Spend Cloud’s contract management software provides direct insight and overview of all contracts.
The advantages of contract management software
-
Never be too late to renegotiate contracts nearing expiry
The contract manager automatically receives notification when a contract is approaching expiry, which means you are never confronted with unnecessary costs due to undesirable contract extensions.
-
Direct insight and oversight of all contracts
By using the contract management software, it is no longer difficult to ascertain where a contract is located, as all contracts can now easily be found in the digital archive.
-
Fully automated purchase to pay process
Purchase to Pay consists of the procurement, invoice processing and contract management process in the Spend Cloud. With 3 way matching and artificial intelligence like Autosuggest, you’re able to process invoices ‘touchless’ based on procurement orders and contracts! Read more about this on the purchase to pay page.
More information
The digital archive, identification of contract data and matching with purchase invoices, view all the features of the Contract Management software on the fact sheet.
Contract management software, how does it work?
1. Uploading
Digital contracts can be uploaded by the administration straight away, paper contracts can be scanned. If a contract is scanned, the contract management software transfers the primary data via smart text recognition (OCR). All contracts are uniformly registered in this way.
2. Registration
During registration, the administration divides them into groups according to department, role, or location. This makes it very easy to give both existing and new employees access to multiple contracts at the same time.
3. Approval/Archiving
After a contract has been registered, it automatically goes to the contract manager who verifies the details entered by the administration. If the details are correct, the contract automatically goes into the digital archive. Employees that have access to the contract can search it in the digital archive by title, end date, or, more specifically, by creditor or contract manager.
4. Action
The contract management software automatically provides a summary of contracts that are nearing expiry. The software sends a notification to the contract manager at the predetermined time, so that it is never too late to amend a contract prior to the deadline. Any action taken is then documented.
1. Uploading
Digital contracts can be uploaded by the administration straight away, paper contracts can be scanned. If a contract is scanned, the contract management software transfers the primary data via smart text recognition (OCR). All contracts are uniformly registered in this way.
2. Registration
During registration, the administration divides them into groups according to department, role, or location. This makes it very easy to give both existing and new employees access to multiple contracts at the same time.
3. Approval/Archiving
After a contract has been registered, it automatically goes to the contract manager who verifies the details entered by the administration. If the details are correct, the contract automatically goes into the digital archive. Employees that have access to the contract can search it in the digital archive by title, end date, or, more specifically, by creditor or contract manager.
4. Action
The contract management software automatically provides a summary of contracts that are nearing expiry. The software sends a notification to the contract manager at the predetermined time, so that it is never too late to amend a contract prior to the deadline. Any action taken is then documented.
Contract management is part of Spend Cloud Purchase to Pay. The software integrates seamlessly with the Spend Cloud’s procurement and invoice processing software. Curious how this helps achieve ‘touchless’ invoice processing? Read more on the Purchase to Pay page.
More information about contract management software?
The digital archive, identification of contract data and matching with purchase invoices, view all the features of the Contract Management software on the fact sheet.
Do you want a price indication specifically for your organization?
One Spend Cloud
More information about contract management software?
View all the benefits of contract management software in the factsheet
