Top 5 Hidden Contract Management Automation Features
The benefits of contract management automation are well known, yet many software programs out there only touch the tip of the iceberg in terms of automation features. Here we compiled a list of the top 5 hidden benefits of contract management automation software. Is your team missing out on any of these?
1. Vacation Rule
Should you take a holiday or need to go on leave, the vacation rule allows you to choose one or more delegates to take care of your approvals and reminders while you’re away. You can assign all of your tasks to one person or split them among team members. If you’re not in the office, the system administrator can delegate your tasks for you – ensuring minimal disruption when a team member has to be away from the office.
2. Permanent delegation
Should a team member leave the company or move into another role, you can create a permanent delegation of their approval rights, so that new employees are assigned all of the role functions from the previous team member. This function can literally save hours of time when replacing staff.
3. Universal delegation of authority
This function is often under utilised and can save you hours when it comes to managing your contracts. A universal delegation of authority allows system administrators to set all of the approval lines against a business level. This means that certain roles will be assigned the rights to approve adjustments, payments and processes up to a certain monetary level. It can be applied automatically against all contracts, which means you no longer need to manually change approval lists and settings – saving you hours and reducing the chance of mistakes occurring.
4. Using the e-tender module
Many clients use our software solely for contract management but our system offers so much more when it comes to automating the tender process. Our sourcing module allows you to track tenders electronically, from the beginning; while our e-tender module streamlines the documentation process and links it to an online evaluation function – so evaluation groups can score and report on submissions without having to navigate a messy paper trail.
5. Supplier Relationship Management (SRM) portal
The SRM Portal allows suppliers to update their details through a portal, where they can access information about a contract, update insurance details, make and update payment and adjustment claims. An inbuilt email system tracks your correspondence with suppliers in the portal, so new team members can catch up quickly when required. The SRM Portal puts the onus on suppliers to stay up to date – creating a seamless record in one place.
We want you to take advantage of these time savers. How can you apply these today, talk to an Open Windows expert about our contract management automation software solution on 03 9819 5088 or email firstname.lastname@example.org
Jane Adams, Software Support Coordinator