Murphy’s Law of Contract Management
Murphy's law broadly states that, given a chance, anything that can go wrong will go wrong. When it comes to managing contracts, it is vital that companies have effective procedures to ensure they are not exposed to Murphy’s law of contract management.

1. If a contract can be lost, it will be lost
2. What you don’t know, will cost your company a lot of money
3. Unfavourable contracts surface the day after they auto renew
4. Favourable contracts surface the day after they auto cancel
5. Accurate supplier invoices will be reconciled against contracts, inaccurate ones won’t

These points highlight examples of the risks and pitfalls of trying to manage contracts manually. 

framework will minimise these risks and deliver significant benefits and savings to your company:

Central Repository - framework provides a single repository and managed, secure access to all contract and supplier information. Scanned and electronic documents can be centrally stored and a quick search facility means that information can be easily located.

Track Performance & Risks - Contract and supplier performance and risk information can be easily tracked in framework, improving the value for money from your contracts and suppliers whilst ensuring compliance and mitigating risks.

Effective Contract Renewals - framework sends email notification of important milestone dates such as contract review or cancellation dates, ensuring sufficient time to review and potentially cancel the contract avoiding unnecessary payments. Notes can be stored on contract reviews and negotiations, significantly reducing the time spent managing contract renewals.

Reduce Spend - framework will forecast contract costs based on terms agreed so received invoices can be easily reconciled online against contracts and over charges are easily identified. Flexible and intuitive reporting also provides accurate and up-to-date spend reporting.

P.S – Ever wondered how Mr. Murphy died?
One dark evening (in the US), Mr. Murphy's car ran out of gas. As he hitchhiked to a gas station, while facing traffic and wearing white, a British tourist who was driving on the wrong side of the road struck him from behind...

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IFDS reveal how they use framework

Rob Holmes, Head of Property and Commercial at IFDS comments:

 “IFDS needed a solution to watch over our contractual commitments, something that was easy to use, was rich in functionality, and yet flexible enough to meet our changing requirements”.

After searching through the market for available solutions, it soon became clear to IFDS that framework, developed by Software Europe, was the best fit.

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

Click here to read the full story >>

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Maximise the value of your contracts management solution 

State of Flux works with leading companies and organisations during implementation and beyond to ensure they realise the cost saving and risk minimising potential of their contract management solutions.

For more information on this service contact us here.