Contract Management Benefits

Given the legally binding status of contracts and the serious repercussions for mismanagement or breach, adequate contract management controls are essential for your business. A contract management process also drives value across your entire organisation, helps to establish stakeholder relationships and reduces operational and financial risk.

Contract management is the process of managing the contracts you have with your suppliers and ensuring you meet your contractual obligations to each other. It includes:

·       Creating and amending contracts

·       Negotiating contract terms

·       Abiding by contract terms

·       Setting Service Level Agreements (SLAs) and Key Performance Indicators (KPIs)

·       Managing relationships

·       Documenting communications and agreed changes

·       Analysing contract performance

The most efficient way to manage your contracts is using a digital solution which automates the process.

contract management- Contract Savings chart

The benefits of contract management

Greater visibility of supplier performance

Using a contract management solution gives you greater insight into contract performance, compliance, costs and savings. The system will generate automated reports which your team can use to manage your suppliers. You can measure your suppliers' performance against KPIs and efficiently track the costs associated with each contract. For contract renewals, you can then use these insights to decide whether to continue with the same supplier. Alternatively, you can terminate the relationship and procure another supplier.

Better collaboration and communication

Contract management encourages collaboration and communication, both internally and externally. Internally, you will have business units which might not deal with each other regularly, such as finance and business development. Through the procurement cycle, they will have to collaborate on contract management. Externally, your contract management system will act as a communication portal where all communication is stored, creating an audit trail. You can set up automatic reminders to prompt regular reviews with suppliers to measure contract performance .

Meets compliance and security requirements

Contract management makes it easier to meet your compliance requirements . All aspects of contract management, from documents to details of meetings and communications, to relevant transactional data, are stored centrally. This gives you a complete audit trail of the contract history. Automatic reports can be generated whenever you need them.

We store your documents in a secure environment, only accessible when you grant permission. You can also enhance security by restricting access to sensitive or confidential contracts and implementing different sign off levels for each contract.

Risk mitigation and management

You need visibility of your contracts and how they are performing to manage risks such as increased costs, loss of revenue and non-performance. A contract management system allows you to incorporate standard clauses into your contracts, ensuring you include appropriate warranties and risk protection clauses. You can also manage risk by scheduling regular review reminders for contracts and associated risks. Automating workflow approval will make sure people with the requisite authority level are approving the contracts. 

Enhances operational efficiency

Automating your contract management cycle will improve your overall operational efficiency. The system carries out routine tasks such as diary input, reducing errors and improving accuracy. Automatic reminders will ensure you never miss a renewal date. You’ll save time on report generation and reviewing documents to locate information. Also, standard templates can be set up for common contracts, saving your legal team resources for final review rather than contract creation.

contract management- savings achieved by month graph

Why use the Atamis Contract Management procurement solution?

Atamis Contract Management is an user-friendly, cloud-based system which provides a central repository for your procurement contracts and related documents. With tools to track benefits and savings, it will help you improve contract performance and ensures procedural compliance.

Secure: your documents are protected in the cloud, protected by advanced encryption, routine vulnerability testing, real-time data backups and disaster recovery facilities.

Adaptable: we can adapt the Atamis Contract Management module to meet your requirements, including template documents, custom fields, individual workflows and validation rules.

Integrated: you can integrate the module with your other procurement software such as e-tendering and spend analysis. You can also connect it to your other business systems.

Supported: the experts who man our helpdesk can answer your queries over the phone. We’ll also provide you with bulk data maintenance and minor configuration change support.

Affordable: Atamis Contract Management is one of the most competitively priced products on the market.

Includes Social Value and Corporate Social Responsibility option: public sector clients can meet their SV and CSR requirements, including the financial equivalent of benefits calculations.

“We appointed Atamis in 2016 to provide the Home Office with a Contract Management and Procurement Planning tool. The system has been a great success. There are many features and benefits which resulted in significant gains for the organisation, saving both time and money. Atamis can integrate with and speak to existing systems so that information can be securely transferred back and forth. It removes the need for manual input into different systems and reduces the chance of errors being made.”

  David Taylor, UK Government Home Office

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