Most companies know that they need to keep track of contracts. The challenge is, they just do not know how. Usually someone is given the task of tracking contracts but they are not given direction or resources so they do the best that they can.Read More
Your Contract Management Knowledge Center
It is the purpose of many nonprofits and NGOs to take action in resolving global health issues and, to establish and provide resources to struggling people who have nowhere to turn. Their mission is to educate, inform, and strength healthcare workers and systems.
Providing these resources is the first step in their mission. Their challenge is to provide these resources in the most effective and efficient way possible.Read More
As a nonprofit product development partnership (PDP), TB Alliance collaborates with many external partners globally in their quest to discover and develop better, faster-acting, and affordable drugs to fight tuberculosis.
In support of their contractual collaborations, they originally used a SaaS NGO/NPO contract management system competitor, but glitches, more cumbersome system features than actual benefits, and poor customer service left them in need of a new document management platform. Since choosing DocuVantage one year ago, they haven’t looked back.
Click here to read the case study and learn how TB Alliance integrated document management for a reliable and customizable contracts administration process that saved over $22,000 annually, reduced document retrieval time by 50%, and reduced contract record setup time by 30%.Read More
Non-governmental organizations (NGOs) and nonprofit organizations (NPOs) are jumping on board with a very popular trend in process improvement; automated contract management. To be fair, though, contract automation is not so much a transitory “trend” as it is an essential, sustainable ingredient in NGO and nonprofit management.
THE WHYsStreamlining and automating contract lifecycle management and compliance with a cross-operational electronic document management system not only eliminates the worries of back-office operations, but also drives more efficient execution of mission goals.
So you want to become a successful and tech-savvy contract manager? That’s a respectable goal, and it’s also not as complex as you may think. Here are four down-to-earth tips to elevating your contract administration efficiency:Read More
You have a mission to fulfill, and limited resources to fulfill it in an efficient and cost-effective manner. It's easy to lose sight of your cause when your backend processes take up all of your time. What you need is a workflow to help your mission accomplish itself.
We've discussed the benefits of a document management system for business process improvement, and for the next few weeks we'll be posting real-world Nonprofit and NGO Success Stories.
A $70M+ international nonprofit organization educates and helps others to prevent and control disease abroad. However, expanding their services to 140 countries requires a sophisticated contract management system. Here's how they addressed that problem with DMS, and how the savings in time and money helped them focus on their mission to save lives.
Read their success story here.Read More
We'd reported on a study conducted by the National Contract Management Association (NCMA), which opened our eyes to the rampant inefficiency plaguing the contract lifecyle management (CLM) of countless organizations – companies and NGOs/nonprofits sweeping the gamut of industry type, geographic location and size.Read More
The National Contract Management Association (NCMA) conducted a study on contract management efficiency. The organization interviewed over 100 companies, from a wide range of industries headquartered in both the U.S. and Europe, on their contract management process – from contract creation and visibility/access to contract commitment control/tracking and risk management. Their findings were far from positive, but provided a crucial wake-up call for organizations of all sizes and industries: Companies aren’t coming close to achieving document control efficiency via contract management best practices.
A few of the study’s eye-opening findings:
Let’s just say that contract management isn’t your organization’s strong suit.
- You’re printing out copies upon copies of contracts.
- As you pass them around for review, some documents get lost in the shuffle. Some return to you with coffee-cup stains (and the apology note is appreciated, but there’s no magic eraser for this mark). And, where are the supporting documents?
- You’re not sure where some copies are – Abandoned on someone’s desk? Wasting away under a pile of paper? Floating around aimlessly from department to department?
- Above all, you’re worried approvals aren’t going to meet deadlines.
Yup, you fit the bill all right: You’re the perfect candidate for powerful contract management software. That’s right: There is a document management system out there that organizes and controls your records for you. No more paper pushing; no more coffee stains; no more approval ambiguities and deadline debacles.
How do you find the right contract management software for you?
First, know what you need:
The answer is simple:
Contracts are at the heart of every major business transaction. They are critical to your business, and there are several reasons why you should automate your contract management process.
1. Contract management is tedious, time consuming and an expensive process, often involving a variety of people that view it as extra work and not their primary job.
- An online contract management tool helps to make the process more efficient, saving both time and money for your organization.
2. Contracts often get lost, or continuously put to the bottom of the pile during the routing and approval process.
- An automated contract management process takes a paper process and makes it a streamlined electronic process preventing contracts from getting lost as they move from one person to another providing alert mechanisms that avoid delays or 'desk-time' associated with traditional 'walk-around' approvals.
- Multiple versions of a document are no longer a challenge using an automated contract management process. The contract is checked out/in each time it is edited, maintaining all versions in one controlled area. No confusion, no duplication of effort, and no more revision-tracking problems.
- Using an online contract management tool prevents lost or compromised versions of the contract, communications are managed and stored within the application, and deadlines can be met.
- Secure access is available via the Internet. Contracts are viewed, edited and approved online. No more contracts left in hotel rooms or coffee houses.
- An automated contract management process carefully tracks revisions, including the final executed version. No loss, damage or inadvertent changes after signatures are exchanged.
- All of your contracts reside in a central and secure repository with notes and related documents, revision dates, and the final, executed contract.
- Better yet, your team can create and store a library of favorite clauses and paragraphs that they can access for future contract reviews. Future contracts get done even faster.
The faster your team can get one deal and the contract completed and signed, the sooner they can get onto the next.
Give us a call at 866.367.3467 ext. 1 or sign up for a demo below to find out how other organizations like yours are seeing as much as a 400% increase in revenues after subscribing to DocuVantage's online contract management software.
Non-governmental organizations are accelerating contractual document review and approvals four-fold, increasing compliance and controls with DocuVantage’s cross-ops solutions.Read More