Why Contract Management Software is Great for Workflows

Why Contract Management Software is Great for Workflows

The idea of ‘workflow’ is something that features in a lot of business-based discussions. It is a vital part of our day-to-day activities, and can ultimately mean the difference between profit and loss. This is because the efficiency of workflow lies at the heart of the productivity of a business, and productivity means greater financial success.

What is a workflow?

In simple terms, a workflow is the process of getting things done. Whether it occurs within an Accounts Department, or a within a particular business project, a workflow follows the same process in order to achieve the overall goal:

  • Input – The basic information or materials are entered into the process.
  • Transformation – The basic information or materials are changed as multiple process tasks are performed.
  • Output – The result of the process.

Everything we do involves a workflow of some kind, regardless of whether we are working in a team, or working alone. The ‘transformation’ part of the workflow can involve any number of steps or tasks, depending on the nature of the job, goal, or industry. For example, a blogger will write a post (input), edit the post (transformation), and publish the post (output). Similarly, a car manufacturing production line will accept the design and specific parts of a car model (input), construct the car through multiple stages (transformation), and send it for testing and quality control (output).

The importance of effective workflow management

The more complex the workflow, the more important it is to have close management of that process. Using the same examples, the blogger working alone to publish a blog post has the simplest type of workflow to manage. The car manufacturing production line, however, needs to ensure that the right parts get to the right place on the line at the right time, in order to maximise efficiency of the line. A delay in one section sends the whole enterprise into disarray, and leads to increased costs.

To make that line efficient, more information is needed. We need to know where each car part is coming from, who is responsible for its timely supply, and how much it costs. Relevant invoicing needs to be completed. We need to know how many personnel are working on each section of the line, and what their shift patterns are. We also need to know the overall cost of the line, including salaries and energy bills. Finally, we need an ongoing measurement of the overall efficiency of the line – how it is performing in terms of cost-effectiveness and quality.

The software solution

Managing all of that information in such a way as to gain actionable data about every aspect of the process is key to maintaining and improving efficiency, and is almost impossible to achieve with manual systems of organisation. Each part of that production line example involves documentation and contracting – from employees and accounting, to parts suppliers and equipment maintenance. To create an efficient workflow, an efficient documentation system is required. Such systems are provided by software that incorporates a high degree of automation, such as Contract Management Software.

As a solution for workflow management, Contract Management Software covers all bases by acting as a customisable hub, potentially connecting to all departments and projects. Using a browser-based platform, with permission-based access and encrypted data transfer, Contract Management Software is able to streamline entire workflows while increasing speed and clarity. With its centralised repository for documentation, and customisable reporting, Contract Management Software helps bring your workflows under control in four main ways.

  • Overall efficiency

Automated workflows reduce the amount of time your personnel spend moving contracts and documents around your organisation. In doing so, it speeds up the process. Your workflow can be customised to ensure that a contract is flagged to a particular department or employee in accordance with milestone notifications and task assignments. With each party having browser-based access to the central repository, a document that has been dealt with by one business area will automatically be tasked to the next, until the process is complete.

 

  • Transparency and accountability

Browser-based access to a central repository in Contract Management Software means that all actions, amendments, and version changes are recorded and visible. This means the most up-to-date information is always available, and all personnel are accountable for their work. This accountability is mirrored by the notifications and alerts system, which automatically flags up any missed dates, deadlines or milestones, to keep everybody on track.

 

  • Governance and compliance

Workflows are not organic situations that naturally arise from personnel carrying out business tasks. They are well-crafted and planned processes that have been specifically designed to meet the need of the project, department, or organisation. For this reason, they are an important part of the policies, procedures, and governance of your business, and compliance is required. An automated workflow removes the potential for human error, and ensures that the correct procedures are followed.

 

  • Auditing

While transparency and accountability are a significant part of the creation of audit trails, the auditing process itself has a number of uses in business. It does help to ensure that personnel remain on task, and are complying with the policies and procedures of the organisation, as well as helping to ensure that external regulatory requirements are consistently met. But auditing is also a tool to help your internal review process, and can generate targeted assessments of specific business areas with regard to efficiency and productivity. When the customised reporting feature of Contract Management Software is utilised as an integral part of your workflow management process, it can provide this actionable data so your enterprise can strive for an even healthier bottom line.

 

 Workflow efficiency with Contract Management Software

When the overall goal of your business is increased productivity, Contract Management Software can help you achieve it by making your workflows more efficient. Savings are made in terms of personnel time, which equates to increased profit elsewhere as their skills are better deployed on other tasks. Moreover, with staff re-deployed and workflows automated, project timescales are reduced and resources are made available for additional projects and sales.

Integrating Contract Management Software, such as Symfact, is simple and effective. Call today to book your software demonstration.