Why Should Operators Automate Contract Management?
Many foodservice operators can end up managing multiple contracts at one time. These documents are important and need to be monitored throughout their lifecycle to ensure terms are being honored and renewal dates are being tracked. But anyone who relies on a manual contract management process knows the challenges and frustrations that come along with it.
Most of the time operators with large businesses or multiple locations can count on a dedicated team of legal experts to ensure every agreement is followed precisely from beginning to end. But what happens when you don’t have the time or the team to audit every line item in a contract, ensure over pricing isn’t occurring and make sure renewal dates aren’t being missed?
Technology has become a convenient way to automate contract management and streamline processes to ensure price corrections can quickly be resolved.
Increase efficiency, eliminate errors, and gain better insights into your business by automating contract management. Consider these benefits worth going from manual to automated.
Procure Better Contract Insights
When managing contracts manually, contract reporting can take a serious amount of an operator’s time to sort through, audit, and present the information. With the help of contract management technology such as InsideTrack, you get access to key contract insights that you can use to improve business decisions and ensure you are maximizing the value of your contracts.
Even better? Custom reports can be created for you and the key stakeholders in your business that are regularly updated with information about high priority contracts they want to closely monitor. The decision makers of your business need as much information to determine whether each contract is performing as expected and if it’s worth renewing when the time approaches.
Easy Access to Contracts
Sometimes it’s a challenge for companies to locate where their contracts are. Are they on a computer, in an email, on someone’s desktop or even in a file somewhere in a cabinet? When contracts are kept in multiple locations, of course it’s frustrating when you can’t find the information you are looking for.
Having the ability to house all your contracts in one safe and secure location creates a streamlined way for operators to organize and access important information about their partnerships. This is vital for an operator on the go or an operator with multiple locations.
What happens when unexpected events occur, and you can’t get to your contracts to make crucial business decisions? Take the pandemic for example – operators were unable to access their businesses for a period of time.
So, having the ability to store contracts in contract management tools like InsideTrack, allows an operator to automate the contract management process and access these important documents remotely.
Easily Identify Areas of Opportunity for Savings
When you aren’t aware of when your contracts are automatically set to renew, you could be missing opportunities to end the partnership if it’s no longer needed or performing. It could be time to renegotiate terms or make updates to comply with changes in the industry or to your business.
When you’re managing contracts manually, you are more at risk to missing important dates which in return could cost your business both time and money when the issue needs to be fixed.
InsideTrack Technology Can Help
Purchasing executives are required to do more with less these days, leaving them with more responsibilities and certainly less time. InsideTrack offers automated contract management services that save our clients time, including researching and executing RFPs, negotiating direct contracts, implementing contracts into distribution, conducting purchase order vs usage analysis, monitoring contract compliance, consulting on SKU rationalization, and reviewing contract impact analyses.
Our latest technology release gives clients access to a contract workflow module as well as a custom RFP builder.
Contact us today and set up a consultation! We’d love to work with you to develop a purchasing and spend intelligence solution that provides savings and insights for your operation.