Before making a decision to purchase software whether you plan to own it or use it as an on demand service have a plan in mind as to where you will generate your ROI.
Often times, companies go into projects like new contract management solutions without any idea as to where they will derive there return on investment when launching a new solution. For the retail marketplace, contract management is a new endeavor for most of the market. The good news here is that the ultimate cost of ownership is probably much less today based on newer technologies and development tools if you want to own the software and install it behind your own firewall. The cost is even less if you plan to use a Software as a Service model where you pay for what you use.
The following are a few of the areas in which you may well save a significant amount of time and money with your new contract management solutions when it comes to delivering a cost/benefit analysis to your management.
1. Operational Improvement
2. Improved collaboration with a trading partners
3. Risk Mitigation from Evergreen contracts
4. Improvement in Financial Management
5. Quality improvement in contract performance
In all companies large and small these benefits may in fact lead to cost reductions in the form of better utilization of human assets whether that means headcount reductions or reallocation of resources to more important tasks.
Ask your solutions provider to help you identify the best quick hit savings opportunities with their proposed solution
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