If your business is searching for a contract management company to monitor documents and agreements, you will find a very crowded market. It seems like almost daily, companies are rising up to fill this important business need. However, not all of these software systems are created to help you manage contracts effectively and efficiently. You must examine the features of your potential company in order to see if the software will work for your business. From unlimited users to e-signature capabilities, you can get bogged down in all of the features and see each of the companies as the same. Bear in mind, however, that you can’t ignore the email alert and notification features. If your software company does not offer such features, it might be best to move on to one that does. Here are just a few reasons why email alerts are a must-have feature in contract management software.
1. Businesses can stay on top of legalities.
What can truly put businesses under is if they violate the terms of a contract and do not even know it. This can lead to legal problems and court costs, both of which can eat away at a business. If you select a software company that emphasizes email alerts in their contract management system, you can avoid the legal problems that can come with contract management. With alerts in place to tell you the major life events of a contract, you are less likely to violate the terms of a contract or pass up a revenue opportunity when contracts are up for renegotiation.
2. Email alerts help a business stay organized.
One of the things that make a business successful is their level of organization innovation. The more organized a business is, the more accomplishments they will have. Email alerts from a contract management software system help you maintain that necessary organization. When you have thousands of contracts, you can’t just record milestones, renewals and expiration in a simple calendar. You need a whole system in place organizing this for you. Contracts lodged in a file cabinet won’t help a business succeed.
3. A software system that alerts the business about contract milestones means more time to carefully look at contract terms.
Most contract management software companies offer solutions with an emphasis on alert customization. You can set up your system to alert you as often as you like. Such customization can help you have time to go over the terms of contracts before they automatically renew or lapse. As a result, you spend more time carefully looking at contracts and less time neglecting them.
In a blog post for the International Association for Contract and Commercial Management, the author makes a compelling point about contract management. While the contracts lend a company the framework for their business, proper contract management makes certain that the framework is followed and maintained. One of the easiest ways to keep up with the framework of contracts is to have an email alert system in place from your software company.