Top 5 Issues of Contract Management

All organizations use some form of a contract management system. In most cases, employees print paper agreements and squeeze them into messy filing cabinets, then update them by hand and track them manually. Businesses can lose their competitive advantage by failing to upgrade these outdated systems and management processes.

5 Contract Management Issues Facing Businesses

These five issues are exacerbated through the use of antiquated contract management systems. If businesses do not streamline these systems, they can become exposed to crippling losses.

1. Revenue Leakage

The procedures and practices within a business should focus on maximizing revenue and preventing leaks. Revenue leakage occurs when employees overlook, incorrectly record, or ignored data. These leaks can cause devastating effects for a business:

  • Under-billed or unbilled services
  • Misapplied credits and adjustments
  • Incorrect pricing
  • Late or non-existent contract renewals
  • Contract renewals without price increases

Revenue assurance initiatives cannot be successfully implemented when a cumbersome contract management system makes it hard for employees to track important updates. Simple solutions, such as switching to an online database, can help employees search through data quickly using terms, quantities, or status updates. These systems enable employees to catch missed payments and prevent further leaks from occurring.

2. Risk Exposure

Risk management is an essential part of any business. Companies must create procedures and processes that help protect their intellectual property and minimize exposure to litigation and compliance issues.

The Gartner group points out that manually filed contracts may be located “in hundreds of different locations with no link between them to ensure that changes are reflected in every copy.” Failure to keep contracts up-to-date, easily accessible, and consistent can lead to violations in compliance laws and breaches in contractual obligations.

An automated system can help businesses generate consistent terms for each contract, use the most current data for each product or service, and ensure all parties sign, update, and approve each document. These measures help reduce risk and create air-tight agreements across all departments.

3. Organizational Inefficiency

Complex contractual procedures become harder to monitor, update, and complete when the system revolves around paper-based products, rooms filled with filing cabinets, and rudimentary numbering systems. Failing to find or update a contract quickly can lead to unnecessary costs and missed opportunities.

Efficiently designed systems help lower administrative duties, allowing employees to utilize contract data in day-to-day operations and promote more efficient use of their time.

4. Inefficient Cost Management

Procurement teams need access to contract data to track updates and renegotiate new agreements. Slow, manual systems and confusing protocols can prevent departments from effectively overseeing buy-side contracts and maximizing costs.

Automated systems help teams create reports for historical products, service prices and product volumes, expiring contracts and price revision rights, service level agreements (SLAs), and contract milestones.

5. Lack of Corporate Governance

Businesses must gain and keep the trust of investors, partners, and consumers to grow. Failure to report losses, compliance issues, or potential risks can deter investors from renewing their interest. Whether deliberate or not, violating corporate regulations, the Sarbanes-Oxley Act (SOX), and internal policies can lead to broken partnerships and lost revenue. Outdated contract management systems can exacerbate these issues and cause businesses to miss important renewals or report crucial updates to parties.

A more efficient, modern contract life-cycle system can help promote transparency and keep businesses one step ahead of ongoing compliance obligations.

Is your Contract Management Just “Good Enough”?

Contracts are a fundamental building block in any business. They constitute the binding relationship between a company and its customers and suppliers; defining the terms, conditions, and charges for the products and services provided.

However, managing contracts manually is inefficient and cumbersome. Contracts get lost, incorrect contract terms are used, and renewals do not happen when they should, resulting in wasted organizational time, lost revenue and increased costs.

Control over contractual agreements is essential to survive the scrutiny of a financial audit or to support litigation.  Download our free whitepaper so you can understand how to properly manage your contracts.

After downloading this white paper, you’ll learn:

  • What contract management issues do enterprises face?
  • Contract management and ERP/CRM Systems.
  • Who’s involved in contract management and who benefits.
  • Contract Management Best Practices.
  • And much, much more.

Grab your free copy of our white paper by filling out the form below and become an expert on contract management.

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Using Back-Office Services and Outsourcing to Accelerate Growth

Smart companies, firms and organizations have learned that using back office on-demand services is a quick and easy way to reduce and manage overhead costs.  Download our free white paper to learn why the practice of back office on-demand services is becoming an increasingly popular tool to accelerate growth.

Our white paper will explain the many benefits of Back Office On-Demand Services, including:

  • Immediate upfront savings
  • Access to instant expertise
  • Greater focus on core strengths and strategy
  • Streamlined resources and processes

We also provide examples of how back office on-demand services can be utilized in a variety of areas including:

  • Accounting, bookkeeping and accounts payable/receivable processing
  • HR management services
  • Document management
  • On-site and remote scanning
  • And much, much more

Download our free white paper by filling out the form below and learn if back office on-demand services are right for you and your organization. What you learn may surprise you.

 

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What Healthcare Execs Need to Know about ICD-9 to 10 Conversion

Like any systematic alteration or conversion, the full transition from ICD-9 to ICD-10 in 2015 brings with it many questions and concerns for healthcare professionals. With increased data security measurements, HIPAA regulations, and the ongoing digitization of health records, healthcare organizations must know the impact that the conversion will have on their staff and patients. When you download our free white paper, you will understand what you need to know about the ICD-9 to 10 conversions, but may have been afraid to ask.

In this white paper, you will learn more about the ICD-9 to 10 conversions including:

  • How cash management and healthcare security will be impacted
  • The common frustrations associated with ICD-9 and 10
  • The security issues associated with ICD-9 and 10, including email, encryption of data, and the many different points of entry to gain access to data.
  • Form processing solutions
  • And much, much more.

While the transition from ICD-9 to ICD-10 was delayed back in April, health organizations that were already prepared for the conversion should continue to conduct training and practice to mitigate productivity loss, and those that weren’t equipped for the transition now have ample time to prepare for the new coding standard.

Download our free white paper by filling out the form below and you and your organization will be ahead of the game when the transition is completely implemented.

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7 Things About Medical Identity Theft Healthcare Executives Need to Know

When thinking about identity theft, the picture that most often comes to mind is credit card fraud or unauthorized access to the victim’s bank account. However, medical identity theft – the act of stealing someone’s health records or other medical information – is quickly climbing the ranks as a threat against the public that may be even more serious…and one that’s spreading all too rapidly.

Medical identity theft represents a systemic flaw that could drive healthcare costs up even further and at worst a tragic situation that could cause sickness or death due to inaccurate health records. Download our free white paper so you can learn seven things about medical ID theft you need to know.

After downloading this white paper, you’ll learn that:

  • Medical ID theft is on the rise
  • Medical ID theft represents nearly half of all identity thefts in the United States
  • Victims of medical ID theft often have little to no recourse after the fact
  • Medical theft is under-researched and under-reported
  • And much more.

Grab your free copy of our white paper by filling out the form below and become an expert on medical ID theft.

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3 Steps to Successful Information Governance

Lately, the phrase “information governance” has become one of those buzzwords that people toss around an awful lot without knowing exactly what it entails.

Why does IG matter? Irrelevant and outdated data archives can increase discovery costs exponentially. Discovery costs are an out-of-pocket expenditure that not every company can afford up front.

Download our free white paper, 3 Steps to Successful Information Governance, and learn:

  • The role of industry-relevant regulatory restrictions
  • The importance of internal data management
  • Why your corporate communications structure matters
  • How your business can develop a comprehensive information governance strategy that will help protect you now and into the future
  • And much, much more.

More enterprises must transform information governance from a vague, conceptual piece of business jargon to hard reality. Are you ready to take that step?

Download our free white paper by filling out the form below and ensure you’re on the right path to information governance.

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Social Media Investigations – Why You Need More Than Just a Screenshot

There are more places than ever for data relevant to your case to be hiding. When you download our free white paper you will see why there is a growing number of civil  and criminal court cases that involve social media investigations.

In Part 1 of this white paper, you will learn about:

  • Following the digital trail
  • Emerging Networks
  • Courtroom applications

In Part 2, we’ll look more closely at:

  • Lessons from recent cases to learn how to use some best practices for collecting, authenticating, and preserving social media evidence in civil and criminal cases.
  • Important details to remember when conducting thorough social media investigations
  • What social media to search for as possible evidence in a case

Metadata matters . Traditional capture techniques are no longer cutting it. Is your company ready to produce circumstantial evidence that is properly and comprehensively collected?

Download our free white paper by filling out the form below and learn how to navigate the new social media landscape and get the hidden information you need.

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