Put Away Your Spreadsheets with Contract Management Software
Your company is growing at an advanced pace and you are still stuck in the 90’s running your entire contract processes through a spreadsheet. Not only you have a single person responsible for updating it but also you have shared this spreadsheet through email, Google Docs, and Dropbox so many times that you are not really sure who had or, even worse, still has access to it. It is time that you actualize your contract management methodology with a modern contract management software. Here are 3 important reasons why you need to stop using spreadsheets and start using a contract management software to streamline your business.
Reason 1: Backup of Data
The main problem with storing all your data in a single Microsoft Excel spreadsheet is that your data is not secure. Just think about the last time that you created a backup for that single spreadsheet that holds all your contract data. What if that file was to become suddenly corrupted?
Even if you are faithfully creating backups either on flash drives or CDs, are you making sure that those physical backups are stored properly? Several studies, including one from The Gartner Group, indicate that close to 35 per cent of organizations do not test their backups, and that from those that do, close to 78 per cent have found faulty backups. This shouldn’t be a surprise. For example, if you’re in the business of wedding planning, your core specialty is event logistics, not data management. Leave the security and integrity of your data to a professional contract management company that will have enough redundancies to guarantee the security of your data.
Reason 2: Control Access to Data
Let’s go back to the introductory paragraph. While you most up-to-date master contract spreadsheet sits in your PC at your office, this file has made its way around the web through many ways. Remember that time that you had a last minute trip for a conference and you emailed yourself a copy of this file to access on site at the complimentary computer stations offered at the conference’s site? What about that time that you thought Dropbox was the greatest invention and uploaded your whole non-protected file to the public folder, only to forget that for the last 5 months it has been there for the world to download? These are just some sample scenarios, but I’m sure that you can come up with plenty more.
With contract management software you can always keep track of who has access to your data, and when and where they are accessing it from. Not only is this a great feature because it allows you to control the integrity of your data, but also because it empowers your staff to access the data from other places than the office. Contract management systems that are deployed through the cloud allow users to access the systems through encrypted browser sessions. A great feature for travelling sales personnel that require secure access to your contract management system to make better business decisions.
Reason 3: Reporting Tools
While spreadsheets have several tools available for reporting, the reality is that not everybody has the required training or time to develop a solid reporting system. Most business owners need a turnkey solution that just works so they can focus on their core, value-adding activities. For example, a private clinic would be interested in implementing a predesigned healthcare contract management system that meets its needs, rather than develop one on its own. Therefore, it is important that when you’re evaluating contract management providers, you find out about their consulting capabilities to adapt the solution to your specific business needs.
Takeaway
Take your contract management processes to the next level by upgrading from your old spreadsheet to a professional grade contract management software. By using a contract management system you will guarantee the integrity of your data, control the access to your data, and make better use of your data through personalized reporting tools.
