THE IMPORTANCE OF LEASE CONTRACT MANAGEMENT SOLUTIONS
Mar 15, 2022
With a contract management system, it’s significantly possible to decrease the amount of time and resources required to manage and administer all your contracts. Whether you are a small, medium, or large organisation and any industry, we can use contract management software to manage, track, and automate every single step within your contract lifecycle.
1. Approval time is very short
Lease management software can assist you in simplifying the process of managing your real estate leases. Keeping track of every lease arrangement in an extensive portfolio might be difficult. Also, companies must follow any new lease requirements regulated by government agencies regularly. In addition, the impact of existing and prospective lease agreements is required to be disclosed in most real estate businesses' financial statements.
2. Efficiency in Contract Visibility
Unlike paper-based contract management systems, storing all contract files in one centralised digital repository allows us to ensure the contract process has a viewable option for everyone. If necessary we provide the editable rights to those that are all in high positions. By centralising the digital contract repository, we can make sure our staff is working from the most up-to-date contract templates and using the latest updated information. In addition to it, we can empower our mobile workforce by granting them access to the digital contract repository platform through password-protected authentication. In that way, all the latest contract templates and clauses are available to all authorised staff members and they may be able to view and work accordingly at any time from anywhere.
3. Enhancement in Audit Preparation
Contract management system/software may offer a centralised digital contract portal with features such as audit trails that provide access to our entire contract agreement history within a very short span of time. Our business can maintain accurate contract history for auditing and keep a full audit trail for internal policy compliance and other important policy details in the company.
4. Reminder for Renewal Date
By archiving contracts documents automatically upon expiring date and using alert notifications based on the rules which we specify, we can also increase renewal awareness. Contract renewal is the lowest hanging fruit for an organisation to enhance the company licence, but often the most missed opportunity as well. With a contract management system/software, we can configure alarms for contract renewal dates using default settings or custom settings such as recurrence. These alarms will not reset until the next renewal date has been reached by the assigned team member so that we can be sure that action is being taken towards the renewal date and renewal process for the contract or agreement.
5. Make aware of Contract Compliance
A streamlined business process provides contract /agreement accountability for the smooth process. From request to approval, every contract is held to compliance standards for the improvement of the process. Contract management systems/software such as our Express and Premium products work with Microsoft Word, which is used to track the changes by user and version control is done for us. This may purely ensure that no critical terms are deleted and that the right people have edited the document according to the workflow, which may give you the control you need over your contracts/agreements.
6. How does software help renters?
The technology world can benefit residents as well as the owners. Just as travellers can lower the airline fare by flying at off times, occupiers can often lock in lower monthly rents by agreeing to lease terms and conditions that help occupiers to avoid downtime. Lease management software can generate options for renters by varying rental rates, start dates, end dates, the due date for paying lease amount, verification for payment sent and received, approval and numbers of months on the lease — and still hit a revenue target.
7. Geo Coding offers a better reach on renters:
Despite being such a busy time of year, exacerbated by the pandemic and looming, retailers need to take a look forward towards geocoding to help give them the edge at such a challenging time and to know more about the sites. It offers much, from improving logistics and construction sites to standout customer service to analytics for improvement of retail space. Just ensure that the procedures are in place to ensure the customer address data is clean and up to date prior to using it to inform the geocoding process.
8. Improve Commitment to Completion
Using authoring, review and approval phases with the systematic approach from our contract management system/software, we will increase the contract lifecycle completion rate as well as the contract system process. Also offered is the ability to capture signatures using e-signatures. Now, there is no time complexity on getting that final sign-off – just sign the agreement/contract electronically and you’re done, no paper involved as well.
A Contract Management software provides necessary insight into contract data, facilitates collaboration between industries, and saves time, cost with negligible risks, time complexity, performance improvement etc.