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Contract management software integration – The Future of Business

on January 12, 2021

Photo by Bill Oxford on Unsplash

Most modern vendor and contract management software solutions support workflow management. That’s nothing new. However, it’s time to start thinking beyond just data integration. What if we could find a way to implement contract management into the already integrated software? Giving vendors, customers and businesses the data at the point in time they need to actually make a decision by integrating it directly into the workflow.

As the business landscape becomes increasingly digitalized, it’s important to upgrade your technology and modernize your third-party risk management. Trakti can help you assess your current technology and workflow, and implement modern processes and software to support your vendor and contract management activities.

Successful Contract Management  Software Integration

Many business owners are reluctant to purchase new platforms or invest in new software as they have concerns regarding the:

  • Compatibility and expansion of existing systems,
  • On-going costs of technology,
  • Maintenance and licensing,
  • Updates.

While some of these are valid concerns about new software integration, the cost of keeping your contract management process separated from the rest of your company’s processes ends up costing you more in the long run.

Contracts aren’t static documents. They’re leverageable assets your organization uses to minimize risk, maximize opportunities, achieve compliance and generate revenue. A platform that offers collaborative features that simplify day-to-day searching, authoring and contract administration can help increase the visibility and insights to turn every contract into a powerful decision-making tool.

The first step of contract management is finding and reviewing contracts. Leverage a responsive cloud-based centralized contract repository for easy access in discovering contracts, importing contracts and managing expiry and renewals.

With a well-planned integration process, you can ensure that you’re opening new channels for collaboration inside the organization and within your business ecosystem. Technology has come a long way in a short time, becoming more and more available, affordable, and attractive. Even the smallest practices now have more opportunity than before to go high-tech. Choosing the right contract management software integration solution and planning for success is important to smooth transitions into high-tech practice enhancements.

Embedding easily New Technology into Your Processes

Seamless integration of contract management simplifies sales and legal collaboration. Solutions that offer complete end-to-end functionality deliver multiple benefits, including: improvement in revenue, reduction in contract cycle times, boost in contract renewal rates and increase in contract compliance.

Trakti is an integrated modular solution leveraging smart contract technology. It enables full data integration into everyday workflow, making the data ubiquitous in the tools you already use, allowing you to make smart, timely decisions that impact risk and cost and compliance – all in one place.

By adding more as your needs and company grow, you’ll achieve exponential capabilities all with a seamless experience.

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