Calculated risk-taking is part of doing business. In fact, a healthy dose of guts is a requirement to really make the difference between mediocre and outstanding. Contracts are designed to mitigate, and ideally, eliminate risks. In this crucial aspect of business, it’s best to leave as little as possible to chance. M-Files’ contract management software meticulously tracks your contracts from start to finish, helping you navigate smoothly past potential threats and secure solid, profitable deals.
Inefficient contract management has a staggering price tag
Fear is never a good advisor, healthy realism and thoughtfulness are. This realism says that the success of your business is closely tied to your contract management processes. Your reputation, reliability, and even revenue depend on how well-structured and accurately followed your contracts are.
Let’s briefly back up this claim by exploring some common complications that arise from overly casual contract management:
- Missed deals due to delays in contract review and approval, especially during peak periods.
- Lack of clarity regarding rates, payments and contract renewals which can undermine hard-won favourable terms.
- Sales and support people being insufficiently informed about pricing and delivery times, leading to missed opportunities.
- Paying penalties for failing to meet targets.
- Breaches of trust between companies and customers due to unfulfilled agreements.
All these unfortunate issues stem from human error. This hardly has anything to do with ignorance; after all, to err is human. There is no malicious intent at all: It happens that overenthusiastic employees unknowingly damage the company’s reputation by unilaterally breaching the contract. Good intentions can still create a messy, even fragile impression… unless they are properly documented in a contract. M-Files is an automated solution that keeps you constantly informed of each contract’s status and the actions required.
With sound contract management software, your brand will be firmly etched into the minds of your partners and prospects as a reliable, established presence.
With M-Files contract management software, everyone breathes a sigh of relief!
Surprises are enjoyable in many areas – but not in contract management, where unforeseen circumstances rarely lead to happy outcomes. SoftAdvice’s ECM solutions take the burden off your shoulders, minimising risks and relegating them to the past. Our contract management software alerts managers when deadlines are approaching, critical points are reached, or obligations need to be fulfilled.
Want to steer your business safely, avoiding unexpected rapids? SoftAdvice keeps your head cool and your feet firmly on dry land.
