Here’s a fun fact: according to Faulker Information Services, over 10% of contracts executed by large organizations are lost after being archived on paper or in electronic systems. That’s a frightening number. In fact, any amount of lost information is enough to cause alarm, especially when it has to do with business transactions.
What’s even more alarming? Only a reported 1% of companies have chosen to take preventative measures. Here to encourage action is Dolphin Software and their Contract Manager for SharePoint.
Why Contract Management?
If the thought of your important information being eaten by archives like a dryer eats socks isn’t horrifying enough to immediately convince you that new-ish solution is worthwhile, consider some other arguments:
If no one is monitoring and managing contracts, then an organization is leaving itself exposed to wasted money, missed opportunities to save costs, and a ton of risk in general. Dolphin gives the following scenarios as examples:
- Miss an opportunity to renegotiate the terms of an on-going contract
- Incur penalties by missing deadlines to comply with terms and conditions
- Fail to secure the on-going contract from an existing customer, instead allowing a competitor to win the business (typical examples include office equipment renewals)
- Legal action taken by ex-employees or other parties
“Using technology to automate and control the contract lifecycle management process is relatively new, but has huge benefits for organizations, says Ronan Lavelle, Dolphon Software CEO. “Contract management software creates a single repository where everything associated with contracts, from cradle to grave, can be tracked. Companies that have standardized on the Microsoft SharePoint platform can improve their return on investment, and for partners, contract management software is a rich new seam of revenue.”
Swim with the Dolphins
Dolphin Software’s solution Dolphin Contract Manager reportedly provides a single, centralized repository and, by automating the process, frees employees’ time while giving them the assurance that vital details are not being overlooked.
Designed to manage and automate what Dolphin considers key stages of the contract lifecycle process, the solution is capable of managing supplier contracts, commercial contracts, HR contracts and Property and Real Estate contracts.
Features include fancy things like a contract clause tracker, automated alerts, contract negotiation workspaces, workflow and reporting tools, and contract drafting and storage. Additionally, for partners, Dolphin Software has developed the Dolphin Alliance Programme to provide a fast-track to adding contract management to their service portfolios.
Forrester Research claims that the contract lifecycle management market is growing at a rate of 23% per year—a pretty substantial amount, if you ask us. But you don't have to take our word for it.
Dolphin Software recently announced the signing of their first customer, a Canadian company called Ontario Northland, plus five partners across the US, UK and Ireland (Gimmal group, Mindlance, ICS Solutions, Triad Group and Spanish Pointe Technologioes. There appears to be enough solid proof that this trend is catching on quick.
If you’re interested on jumping on the bandwagon or learning more about the tool, check out Dolphin Software’s website here.