What is SaaS contract management?
Organizations need robust SaaS contract management to keep track of subscription software and cloud environments. In today’s tech-driven world, that could potentially include hundreds of contracts and agreements. As a result, inefficient invoice and contract processing workflows can create confusion and increase costs.
SaaS contract management modules manage processes such as negotiating, tracking, and renewing contracts. Automation performs these essential tasks faster and more efficiently with little or no human effort. As a result, contract management is seamless to avoid costly interruptions or overcharges.
There are additional benefits of adopting a contract management module, such as creating contracts from templates to avoid writing a new one from scratch each time. In addition, with a stand-alone module, there is no need to link to the ERP of every customer. Learn more about SaaS contract management and how automation makes a measurable difference.
What is SaaS contract management?
Manually processing contract management is a time-consuming, tedious process subject to inevitable human error. Conversely, it is easy to purchase and run SaaS contract management in just minutes without reading the detailed contractual terms, creating a touchless process.
Plus, with the need for human intervention, valuable information is overlooked, such as data storage and automatic renewal dates. Keeping track of these dates is crucial to productivity and cost reduction. With hundreds or thousands of contracts to track and no automation, issues may include security problems, missed renewal dates, duplicate applications, and wasted spend.
Adopting SaaS contract management ensures the timely processing of contracts and agreements to avoid interruptions and fees. In addition, contract management modules can identify, curate, and store all the agreements to free up office space and human resources - both reducing an organization’s overhead.
Why is SaaS contract management critical?
SaaS contract management ensures accessibility and savings for necessary software an organization’s team relies on to complete its work. Manual processing included confusing spreadsheets that required continued human intervention to determine the status of hundreds, or thousands, of contracts and agreements.
Automated SaaS contract management eliminates the tedious and time-consuming manual processes leading to delays. Benefits of automated SaaS contract management include:
- Save time and human resources
- Eliminate potentially costly or unwanted surprise renewals
- Reduce expensive duplications
- Accessibility to contract and agreement information to leverage negotiations at renewal time for more significant savings
Plus, consider the ROI for SaaS contract management that also helps eliminate expensive oversights, missed opportunities, and unwanted automation renewals. Implementing automation helps the team stay ahead of contract management updates and trends.
What are the steps to SaaS contract management?
Fortunately, adopting SaaS contract management is a simple, step-by-step process to success. First, identify all applications and contractual agreements maintained by the organization. The next step is inputting all contract details into the system, which are automatically stored, maintained, and updated to establish best practices.
Finally, users search for opportunities to save and renegotiate contracts to ensure the best possible terms. Plus, custom tags and reports help users gain insights into contracts to find ways to minimize expenses and maximize revenue. Consider questions such as whether click-through agreements over any benefits other than being easy to execute at the moment.
With that in mind, automation reminds users of renewals to support early contract negotiations to improve user terms such as:
- Fees, such as a singular fee charged for the organization as opposed to separate costs for individual users
- Net price, such as possible bulk discounts or future discounts for similar purchases
- Term length, such as lengthening the term for the same price for additional savings
- Support costs to include help and assistance for free rather than fee-based
- Renewals terms that may consist of an annual increase that can be negotiated down or away
- Security terms to improve data breaches and cybersecurity for the same cost
Organizations rely on software and contracts to continue production in a tech-driven marketplace. Investing in SaaS contract management is necessary for a business environment fueled by hundreds or thousands of agreements. In addition, negotiating the best terms and maintaining control over agreements helps save time and reduce expenses.
