There have been numerous studies showing that many organisations of all sizes have widespread problems with how they manage their service contracts.
The good news is that ContractsWise can provide a solution to all the main issues identified:
Issue 1. Lack of visibility of contract management at board level and lack senior level involvement.
ContractWise’s solution: Our ECMS (Effective Contract Management Software) provides a clear contract performance and risk dashboard accessible via any internet browser enabled device. ECMS includes a contract ranking decision tool which enables an organisation to objectively identify which contracts require the most management resource and scrutiny allocated to them.
Issue 2. Gaps between the number and capability of staff allocated to contract management and the level actually required.
ContractsWise’s solution: Our contract management e-learning module is available for just £30 per learner with bulk purchase discounts available. Having all your contract information in one place and accessible by smartphone, tablet, laptop or pc massively increases efficiency.
Issue 3. Contract management not operating as a multi-disciplinary function.
ContractWise’s solution: Our ECMS software enables automated stakeholder engagement to review contract performance and contract risk and to identify potential contract improvements and risk mitigations.
Issue 4. Contractual performance indicators are often weak and too reliant on data supplied by contractors.
ContractWise’s solution: The ECMS dashboard measures and displays Key Performance Indicators and also displays performance measured from stakeholder feedback.
Issue 5. Insufficient understanding of the risks retained on contracted-out services.
ContractWise’s solution: ECMS enables a risk register to be held against any contract and also enables this information to be shared with key internal and external stakeholders.
Issue 6. Systems for managing up to date versions of contracts remain weak.
ContractWise’s solution: Our ECMS and ECAS software allow documents to be stored against each contract. As these are Cloud-based systems then all users will be accessing the same and latest information. Both systems have a Corporate Document Store where the users can access the latest versions of document templates.
Issue 7. Not all organisations have had a strategic approach to managing supplier relationships.
ContractWise’s solution: ECMS provides the means to quickly, easily and clearly report supplier current and past performance to senior managers. Senior managers can be given contract ownership status and actions taken recorded within the system. Our e-learning module includes advice on supplier relationship management.