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Contract management

Your situation

Managing contracts and changes to them is extremely time-consuming and you’ve decided not to let inexperienced staff work on them. All too often, that’s where things went wrong and the ensuing technical errors in your products cost you quite a lot of money. Contracts are always complicated and include plenty of agreements and stipulations. Amend them all accurately is drudge work because every change generates another. And there’s the rub. People were changing things without being properly aware of the consequences. Remember that time that the credit insurance wasn’t adjusted? You still lie awake at night thinking about it... Now you have it all under control, but contract management still consumes a great deal of time and money. If only there was some way to deal with this….

The solution

Sofon makes automated contract (life-cycle) management much easier. Contracts are not obscure documents, but rather contain clear and practical information that you can analyze according to any selection criterion you want: customer categories such as what products you sell to which markets and so on. You will be extremely capable of managing and supervising your contracts proactively, changing them, and utilizing them to guide your buying and production.

Because you have an overview of the expiry dates of your contracts, you can take the initiative to renew them in due time. You have full control of contract changes, which is an extremely valuable asset when you are handling large volumes of contracts and (complicated) contract combinations containing numerous changes. This cuts back on the time spent checking the contracts and prevents many mistakes from being made. After all, what changes are not permissible and what changes are, and under what conditions? What affect will the changes have on other agreements? What will the financial consequences be? Tackling it all manually is a risky business. Sofon generates the answers based on the details in the registered contracts so that changes are always correct. The same applies to how you deal with maintenance and service contracts. Sofon ensures that you always have the right details on hand so that you can meet your obligations exactly the way you are expected to.

If you want to introduce changes to your products or services, simply select the customers you have a contract with for those products and services and discuss the alternatives and corresponding prices with them.

Because you always have an overview of your contracts, you will know where you are with regard to buying materials and planning your production capacity. You can anticipate impending problems concerning stocks and staffing.

The advantages for you

  • Contract management will be considerably less labor-intensive and also less error-prone.
  • You can manage and alter your contracts with fewer staff.
  • Because you can see the contents of the contracts, you can deal with the replacement of products and services more efficiently.
  • Having a constant overview of what’s expected of you on the basis of your contracts means that you can plan your buying and production capacity effectively.

This may also interest you

As an addition to your contract (life-cycle) management, you can improve other aspects of quoting and contracting by introducing smart processes: quote creation, quote management, cost of goods sold, sales negotiation management, discount/rebate management, contract creation, authorization and approval, revision and version management and revenue recognition.