Contractual obligations are the legal duties of each party in a contract agreement. In a contract, each party offers a service of value. The exchange is defined in terms of the contract. Failure to comply with these terms called contractual obligations is a breach of contract.
A breach of contract in the contract management system results in losses of revenue, time, resources, reputation, trust, and business relationships. For all organizations, contracts are the core of every relationship with stakeholders like its vendors, partners, and customers.
Revenue losses due to Contractual Obligations:
Manually keeping track of contract obligations in the contract lifecycle management is time-consuming. Teams of lawyers or specialists spend hours searching, tracking, reviewing information, keeping track of deadlines. Higher the documentation higher is the possibility of contract failure.
Contractual Obligations cause revenue losses with pricing structures, the scope of work, rights and responsibilities, timelines for projects, warranty provisions, renewals, all being dependent on the contracts. Businesses pay more for services, end up with lost opportunities, lack of compliance, and revenue. Effective business decision making and negotiations are affected by the unavailability of reports and analysis.
Contract Management Automation:
For a company, the contracts are its primary financial resource. The contracts need to be managed to maximize business performance, utilize resources, conserve and expand financial gain, and minimize risk.
Efficient Contract Management System, #LetsContract aims at achieving the business goals of your business. #LetsContract is the Contract Management Automation tool that guides and drives the entire contract lifecycle management of your organization. Contract Management Automation is an efficient tool to streamline tasks, and provide a unified view of each contract.
With the #LetsContract contract management system, you can decrease the time and resources required to manage and administer all your contracts. Irrespective of your organizational size, you can use #LetsContract to manage, track, and automate the contract lifecycle. Increased transparency and operational functionality reduce risk and revenue losses. Fast and impactful decisions are the basis of confirmed business opportunities.
#LetsContract, our robust contract management system enables businesses in creating new contract requests, capturing contract data, document authoring, creating the contract and management of negotiations with ease.
The contract management system, ensures automation of the entire contract lifecycle through the review, changes, and approval phases. #LetsContract provides digital security with the ability to manage digital signatures, completing the contract lifecycle.
Advantages of the iauro Contract Management System, #LetsContract in eliminating revenue losses:
Our contract management system enables contract managers with tools to reduce revenue losses and improve decision making and profitability.
The #LetsContract Contract Management System features are:
- Enhances contract visibility, speed, and accuracy,
- Expedites review times thus increases efficiency,
- Real-time reporting, analytics, and monitoring,
- Easy smart authoring leading to saving of time,
- Exhaustive template marketplace
- Suggestive Clause Library
- Role-Based Access Control
- Real-time collaborations which assist in effective and informed decisions,
- Multilingual Context Support
- Integration with SAP, Salesforce and more business tool enhancing the capabilities of all the tools,
- Digital signatures assist in heightened security and faster approval in decisions
- End-to-end Contract Lifecycle Management
The many features of #LetsContract enable businesses to achieve:
- Increased Financial Profitability
- Reduction in Approval Times
- Improve Audit Preparation
- Never Miss a Renewal Date
- Ensure Contract Compliance
- Improve Document Management
- Heighten Security
- Reduction of Risk
- Highly Efficient, Streamlined, and Faster Business Decisions.
- Higher Percentage of Commitment to Completion
High-level analytics encourage a new level of understanding of the process, leading to higher performance and efficient business decision making. Optimal decision making is directly proportional to revenue profitability, better the performance, higher revenue generation.
The iauro #LetsContract, contract lifecycle management system is practical and easy to implement, delivering increased revenue profitability, and streamlined business processes.