What is Contract Monitoring?
Businesses nowadays have various complex operations and have diverse markets to cater to. Not only are their clients spread around the world but the number of clients they have is numerous. Under such circumstances, it becomes hectic for the sales rep to monitor manual sales contracts and track the order details of different clients. The remedy of this predicament is digitally automated contract monitoring software. A contract monitoring function of the CLM software enables sales reps to track the client’s order without any hassle. Here we have discussed in detail what contract monitoring is.
Retrieve Information and Track Order Instantly
A contract lifecycle management has various stages that need to be managed properly and efficiently in order to guarantee timely completion of the contract. Most of the orders and the contract need to be tracked at any given point in time. This is where the contract monitoring feature of a CLM software can come in handy. By using the contract monitoring feature of a CLM software, tracking down an order is a matter of seconds, versus manually tracking the order which can take days.
Contract Monitoring Helps the Businesses to Remain Regulation Compliant
The recent stringent regulations by regulators around the world require businesses to be able to track and trace the order directly in no time so that any fraud can be mitigated from the business processes. Even in the banking sector it is imperative for the banks to be able to track the activity of the account in order to avoid money laundering and terrorist financing. This is required by various local regulations as well as international regulations like the Basel III Risk Management Framework and COSO Operational Risk Management for Financial Institutions.
Shorten the Duration of Audit
Since the contract can be monitored quickly, this makes it easy for the company to present its business activities for auditing to auditors. This ability to monitor the order digitally allows the company to make the process of auditing quick and hassle free without interrupting the daily operations of the business.
Contract Monitoring for Strategic Decisions
There is always room for improvement in the business processes of the firm, its historical performance, and its delivery of services or products to its customers. Contract monitoring provides the business with the information hub required by the analysts to make future decisions.
Monitoring the contract throughout its lifecycle and stages is imperative for a business operating in any industry. Before you buy this software remember to ask the vendor whether he will be able to customize and integrate the CLM software with other business applications of the firm. CallidusCloud has been providing its customers with unique software for around two decades and also provides its customers with a free trial for the CLM software through which you can perform the function of contract monitoring. If you want to know more about CallidusCloud’s unique products dial +1-866-812-5244 or click here to visit their official website.
Download The Report
5 Ways Contract Lifecycle Management Improves Sales Results
to learn how CLM:
- Keeps negotiations on track
- Improves customer satisfaction
- Accelerates contract customizations
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