4 contract management challenges & how Automation Hero overcomes them

The world runs on agreements between businesses, service providers, and other organizations. Every agreement outlines how goods and services will be exchanged for money. Buyers maximize the value of the agreement by getting the highest quality of product for the lowest price, while sellers maximize value by fulfilling their part as efficiently and cost-effectively as possible.

But it’s not enough to just service contracts efficiently.

Ensuring the quality of a single agreement is relatively straightforward. But when it comes to the hundreds or even thousands of contracts many organizations take on each year, there’s room for vendors to under-deliver, to overlook negotiation opportunities, and to have long processing times that zap productivity, as well as profit.

As organizations scale, it’s just as important to effectively manage contract lifecycles as it is to secure agreements in the first place. Because of fragmented workflows and the high number of contracts, working to streamline everything from contract initiation to renewal can generate incredible cost savings.

These contract management challenges are substantial, and it takes significant efforts and investment to overcome them. Fortunately, automation platforms like Automation Hero can ease a lot of the burden.

Automation Hero to the rescue: How to solve four contract management challenges

Though the market for contract management solutions is becoming quite large, most of these feature basic capabilities that keep your operations from expanding. Many focus only on contract lifecycle management and lack artificial intelligence that can truly benefit your entire organization. End-to-end platforms like Automation Hero can provide immediate value by scaling to automate any business process, while offering more intelligent automation for contracts than point solutions.

Here are four contract management challenges and how Automation Hero helps solve them: 

1. Maintaining compliance

From the multi-agency, wide array of data protection regulations across the United States to Europe’s GDPR, privacy laws are changing constantly and need to be added in even long-standing contracts. Automation Hero’s AI makes it easy to pull up all active contracts and insert updated language into the documents in bulk. Users can also search for contracts that are missing key compliance features and quickly update documents to more precisely follow regulations and ensure the contract’s success.

2. Improving contract visibility

One of the biggest problems large organizations struggle with is simply making contracts available to everyone who needs to read them. Some employees may not even know where they’re stored. Automation Hero users can request contracts with specific characteristics for easy and immediate access, without the need to comb through databases or folders for exactly what they’re looking for or read individual documents.

3. Preventing unwanted expirations

Every contract for goods and services has an end date. For business relationships to continue, both parties need to renegotiate terms and execute new agreements. Automation Hero captures these expiration dates so users can set alerts for them. This prevents unwanted contract endings and allows ample time to prepare for negotiations.

4. Eliminating contract data silos

A report by McKinsey details a surprising statistic: 80% of procurement functions aren’t aware of their company’s contract structures or terms. The traditional way for companies to combat this is for each department to maintain their own databases, but duplicating so much data entry requires staggering resources. Automation Hero pushes information where it’s most useful without the need for duplicate data entry.

Contract management has grown complex enough to warrant investing in solutions that can grow with your organization and provide as much value as possible. Automation Hero doesn’t just offer more benefits for overburdened contract managers than many point solutions — it can provide immediate value to every team member across your organization.