Negotiating contracts is an arduous and expensive task that involves a number of third parties and stakeholders. Most large companies have 20,000 - 40,000 contracts and Gartner estimates that 60-80% of business transactions are governed by contracts or compliance failure. Yet only 1 % of companies have implemented contract management software to centralise, automate and control the process.

According to Faulker Information Services, over 10% of contracts executed by large organizations are lost after being archived on paper or in electronic systems. In fact, any amount of lost information is enough to cause alarm, especially when it has to do with business transactions.

What’s even more alarming? Only a reported 1% of companies have chosen to take preventative measures.

SharePoint is an excellent platform for Contract Management solutions on both the buy and sell side. SharePoint can serve as a rich Contract Repository for pre and post executed contracts. SharePoint’s collaboration and content management features are fully leveraged along with work flow to create this high value solution. It allows you to take control of your contracts through a secure, searchable and interactive SharePoint-based contract management solution.

Once in the system, contracts can be automatically routed for approval based upon a collection of business rules. SharePoint can then be used to report upon key compliance and obligation metrics.

Through a dashboard interface you will be able to visually track each contract’s key dates and progress while being alerted to important contract milestones. Your sales and procurement contracts will be securely archived in SharePoint allowing your company to meet regulatory requirements and reduce your contract storage costs.