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Why A Lack Of Formal Processes Could Be Holding Your Business Back

31/05/2017

There are so many things that can be a problem when you are starting a new business. Those things - whatever they may be - can still be a problem even when your business has grown and is established. They may not prevent you from trading, they may not even prevent you from making a profit, but they may very well be preventing you from being as big and as bold as you could be.

So how can you fix that? How can your business live up to its huge and exciting potential?

One way is to ensure that your formal processes are in order. Your procurement department could be the reason that your business isn't thriving in the way that you hoped and planned that it would. And it might be the simple fact that those working within the procurement department haven't been fully trained (it is often the case that people fall into this kind of role, and formal training never takes place) - it might be that a lack of useful contract database resources truly is holding them, you, and the business back.

What Does That Mean?

Not having a user friendly contract database can lead to a number of problems. For one thing, your business might be absorbing the cost of all your supplier contracts rolling over. In other words, you're paying too much for services you might not even need because you've not got any contract databases that will tell you otherwise. If you did have these databases within your resources, you could challenge the cost of your contracts - and save money.

It also means that no one is able to really gauge exactly how much wastage is going on within the company. Proper contract database management is all about ensuring that outdated company processes are no longer dragging your business down when it could be soaring.

How Can That Be Solved?

Solving the problem is the easy part. By signing up to intelligentcontract your organisation will have access to a central contract database, you can have complete control over every single aspect of your company's spending (and everything else, come to that). A central database allows you to keep all your records - contracts and otherwise - in one location that is easily accessible by all those who need to get to the information within the company. That means that everyone is able to do their job and keep an eye on what is happening within the company with a few simple clicks of a mouse.

A central contract database will stop those irritating - and costly - contract rollovers; you can just set an alert and then forget all about it until you need to deal with it. You can make sure that your financials such as supplier records, contract values, and any other notes are all there at your fingertips (particularly useful if you have multiple offices).

The same is true for any number of important checks and reports. And if they are dealt with and you can't forget to re-organise them when the time comes, you - and the rest of your team - can concentrate on pushing your business to the next level.

intelligentcontract is a highly customisable solution that provides a hub to store all your important contract paperwork plus you get loads of useful tools that make your contract management process a breeze. We don't have a limit to either the size of documents of the total amount of storage - so you don't have to worry about extra bills if your central store of documents gets big.

Pricing starts at £9 per user, per month. For more information, to get a free trial or to organise a demo give us a call on 0333 344 3905 or visit www.intelligentcontract.com

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