Most contracts have some sort of expiration date, rollover date, or other important event date. How do you keep track of them all? Or do you? Many companies have a person dedicated to tracking such events. Some rely on memory to handle it. Some just deal with it when it happens.
Of course, there are a few issues with managing contracts these various ways.
What happens when:
Usually, bad things. Leases expire or roll over with unfavorable terms. One company had to pay for a year’s lease on office space that they had already moved out of. Another had to pay 3 times the current rate on their cell phone bills. They have over 200 phones. Missed deadlines can be very costly.
Spreadsheets don’t have reminders so they usually end up being a bad place to store contract information. Outlook reminders have to be set up for each contract. Who is responsible for that?
Having an automated contract management solution with rule-based reminders will save you time and money. Never miss a renewal or termination again.