There are lots of reasons to use a contract risk management software over manual processes:

• Reduces chance of mistakes occurring through better procedures and methods
• Establishes better understanding of contractual obligations for both parties
• Helps save money lost through overpayment, delayed payment, litigation and labour
• Can save time rather than a manual process not using software
• ‘Parallel process’ allows legal risk linked to certain exemptions to be reviewed
• Enables parties to make decisions about preventable risks relating to finance
• Ensures contracts have sufficient scrutiny and approval before being signed
• Flags up risks before contracts are signed
• Vulnerabilities in a contract can be checked over other contracts, allowing suitable action

Contract lifecycle is the entire end-to-end process of a contract. E.g. when a contract end date has passed for a good or service a supplier offers then the contract will usually no longer be valid and has reached the end of its lifecycle. Cloud based contract management systems will take this into account and offer users alerts or notifications and live updates to help users manage current obligations and upcoming renewals

As well as having all of your contract information at your fingertips, visual analysis is also just as helpful. Companies can utilise oboloo’s user-friendly contract management software dashboards to make smarter decisions about when to renew, what to negotiate on and what key information is missing that a supplier is obligated to provide. 

One of the biggest troubles with the traditional management of contracts is that it’s heavily reliant on a paper system. While having physical documents is the best for assuring legitimacy, the trouble with these is that it’s incredibly prone to damage and loss. No matter how well kept a physical document is, its ink is prone to fading over time—which can be potentially problematic if a lawsuit is asking for your company’s documentation!

Through digital contract management, you can assure that all documents have back-ups upon back-ups—and there’s very little chance of them getting lost! Damage to a digital document, while probable, is highly unlikely to happen, meaning your files will stay safe and intact for years to come.

oboloo Contract management software is accessible anywhere and, on any device, for as long as you have a smartphone, tablet, or laptop. Simply log-in with your credentials, and you can pull up a contract or document from anywhere in the world!