Generally contract management is a mammoth, time consuming task that requires fundamental knowledge of each clause and attribute of each contract, as well as access to any relating documentation and information.

To effectively administer and manage your contracts, efficient time management is key but before you create your plan of action you need to know and review all the facts.

A few simple actions will help you maximise the time you spend on each contract, giving you clear visibility of contracts and goals you can achieve:

Identify which contracts:

1. Pose the most risk
2. Take the most time to manage
3. Are the most valuable
4. Are the most costly
5. Are being overlooked

Prioritise
After you have identified which contracts fall under what category (some contracts may fall under multiple scenario’s) you then have to prioritise according to your business needs which contracts necessitate the most attention.

Formulate
Through the analysis of these results you will be able to formulate a strategy to effectively manage each aspect of the contract management process of all your contracts.

Contingency
There will always be events arising that could shatter even the best laid plans. Make sure you have a contingency plan set in place for each contract to reduce the risk.

How will automating help?

Taking the time to comb through each contract to identify which contracts fall under which scenario and then rating them is a time consuming task requiring multiple spreadsheets and criteria to rate them

With an automated solution the key information you require to identify, prioritise and formulate can be found by running a few simple reports on collated data.

framework allows you to configure a system to capture the data your unique business requires. This ensures that whatever type of contracts you have from Facilities, to IT, to Legal they can be effectively managed.

IFDS  implemented framework in June 2007, Rob Holmes reports:

“We feel that we have more control now for all of our supplier contracts & agreements and we can instantly look at contract data (and the information/notes against each one) when we approach renewals to review costs, SLA’s and terms & conditions.”

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Software Europe have a long standing relationship with many government, financial and commercial industries, with many of these businesses choosing to purchase framework because it provides a knowledge base in which to store, review and report on their contract and supplier information.

framework gives you the time to review your contracts.
Contact us today to discuss how framework can help your business improve value

CALL: 01522 881300
EMAIL: framework@software-europe.co.uk