A large number of B2B/B2C companies, public/private, and government organizations have to deal with hundreds (if not thousands) of contracts every month. To get by the complexities of manual processing and extensive paperwork, several organizations have digitized their contract management processes. However, doing that lets you win only half the battle as it leads to other challenges like secure data handling and digital licensing. Above all, the sheer volume and frequency of digital contracts pose an even greater challenge, making it difficult to manage them in the absence of a dedicated software system.
ERP application development for contract management provides a proactive approach to create custom contracts and manage thousands of contracts with sheer accuracy. Developing a custom ERP module for contract management gives you access to dozens of customizable contract templates. Besides, you can create custom templates of your own to quickly generate digital contracts for different business verticals.
In this blog post, we’ll discuss the significance of ERP application development for contract management. Subsequently, we’ll delve into the main benefits of developing an ERP-based contract management system.
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An ERP-based contract management system enables organizations to create and manage their legal contracts and enforce negotiation between two or more parties. It lets you choose from dozens of built-in templates or create your own templates for various contracts. With an ERP system at your disposal, it becomes increasingly simple to generate contracts with the given terms and conditions for diverse industrial purposes. Besides, it lets you proactively manage thousands of contracts simultaneously to ensure that contracting parties adhere to specified terms.
More importantly, an ERP-based contract management system eliminates the possibility of communication failures and reduces the scope of human errors. Let’s move ahead and discuss the main benefits of custom ERP application development for contract management.
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Poor management of business contracts may land a company into serious trouble, not to mention the legal repercussions and penalties. It is, therefore, advisable to have a dedicated ERP module in place to swiftly run routine business operations without getting bogged down with contract management complexities. Below are the key benefits of ERP application development for contract management.
An ERP-based system lets you establish agile contract workflows, enabling legal teams to quickly retrieve the required contracts. At the same time, it accelerates the contract review process and facilitates faster approval rates. With ERP systems at their disposal, the legal teams can scan the contracts digitally to retrieve valuable business information. In doing so, they can have a better understanding of a company’s policies and its current state of affairs.
Unlike traditional paper-based methods, an ERP software stores all contracts in a centralized digital repository with optimum compliance. Besides, the modern-day ERP systems are SaaS-based and store data on secure cloud servers for easy access round-the-clock. In addition to storing existing contracts, it also aids in generating new ones, providing you access to up-to-date contract templates. Above all, a SaaS-based contract management system provides secure access to the contract database through multilayer user authentication/authorization mechanisms.
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Improved contract compliance and accountability is one of the core features of an ERP-based contract management module. In doing so, it enforces adherence to compliance standards throughout the contract completion lifecycle. Besides, it renders easy accountability at every stage, from request to approval and the execution of legal terms of the agreement.
As already mentioned above, ERP application development for contract management renders top-tier security to contract data and legal information. The contracts are digitally signed and stored on secure cloud servers with robust security features for data loss prevention and disaster recovery. Also, since the ERP systems incorporate e-Signatures, the contracts become immutable and tamper-proof. Above all, the contract database is protected via end-to-end encryption which significantly reduces fraud instances.
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Contract management modules could be increasingly beneficial for medium to large-scale organizations having hundreds of clients, partners, and business associates. However, it is advisable to adopt ERP systems at an early stage as it would be relatively easier to scale. Most companies invest in developing ERP-based contract software systems when there’s a sharp increase in their contract volumes. It’s an ideal way to sail through the complexities of contract creation, management, disaster recovery, and gain better control over the client agreements.
We are a 360-degree ERP development company that specializes in providing custom enterprise solutions to overcome complex business challenges. Our seasoned developers have years of experience in building performance-driven contract management solutions for cross-industry business use cases. We use open-source tools and software platforms like Odoo, OFBiz, Opentaps, and ERPNext to develop enterprise-grade business solutions. Our end-to-end ERP application development services enable organizations to reduce their operational costs, boost productivity, and drive profitable returns. For more information, drop us an email at [email protected].
He is a technology enthusiast with 3+ years of experience in producing insightful content on projects related to next-gen technologies like AI, Blockchain, ERP, OTT, Cloud, Big Data, AR/VR, IoT, and more.
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Anirudh Bhardwaj | Jul 30, 2021
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