Comtracts’ Modern Contract Management System is Exactly Why Excel Spreadsheets Are Dead.
Contracts generate over 80% of business to business revenue. For instance, poor management of the contract process can result in tremendous expense and serious potential exposure to litigation. The International Association of Contract and Commercial Management reports that 92% of the time spent on contracts is spent on the management process. This highlights the major inefficiencies of traditional contracting and contract management.
The most common way businesses manage contracts remains Microsoft Excel. For example, below is a list of the different ways all businesses manage their contracts:
- only 27% of businesses use a purpose-built contract life cycle management tool
- 22% of businesses use a combination of spreadsheets and contract life cycle management tools
- 13% of respondents rely on shared drives
- 7% simply use email
Issues with Excel
While popular, Excel spreadsheets present a multitude of issues and leave the door open for human error and inefficiency. First, Excel is not designed to keep up with contracts and does not have features to make it an efficient tool for doing so. Second, collaboration on Excel spreadsheets is difficult leading to problems when the person tracking the contracts in Excel is unavailable or no longer with the company. Third, and most importantly, you cannot link the document to its entry in the Excel spreadsheet. Similarly, Excel cannot track and store contracts in the same space. Finally, spreadsheets become cumbersome and unmanageable for contracts as your business grows.
Comtracts Solutions
Comtracts’ contract life cycle management tools allow you to track and organize your contracts in a dynamic and effective way. Our system keeps you up to date with automatic life cycle notifications and empowers better negotiations.With Comtracts’ platform, contracts and associated documents are easily searchable and allow you to make notes about performance and other important events. Above all, Comtracts’ platform is shareable and creates easy collaboration opportunities. Your documents are secure and backed up on Comtracts’ PCI and HIPAA certified portal. Our contracts management system is scalable, growing with your business and making contract management easy whether you have 5 or 5000 contracts.
Track and access your documents from anywhere! Please contact us at (859) 285-6775 or info@comtracts.net.
