In today’s hyper-connected, always-on business world, contract management is a critical yet often overlooked function. One of the biggest challenges organizations face is missed contract renewals, which can lead to financial losses, service disruptions, and legal liabilities.
The Impact of Missed Contract Renewals
According to the World Commerce and Contracting Association, poor contract management can cost businesses up to 9% of their annual revenue. A significant portion of this loss comes from missed renewals, which result in:
- Expired agreements causing service gaps
- Auto-renewals locking businesses into unfavorable terms
- Additional costs due to last-minute renegotiations
With multiple contracts in place, managing renewal dates manually becomes nearly impossible, especially for growing businesses. This is where the Sibasi Contract Management System (SCMS) comes in.
How SCMS Solves This Problem
The Sibasi Contract Management System revolutionizes contract tracking and renewal management, ensuring businesses never miss a critical deadline again. Key features include:
- Automated Alerts & Notifications – SCMS sends timely reminders before contracts expire, giving you ample time for review and renegotiation.
- Centralized Repository – All contracts are securely stored in one place, making it effortless to retrieve documents and track expiration dates.
- Customizable Renewal Workflows – The system initiates approval workflows, ensuring relevant stakeholders are notified and actively involved in renewal decisions.
- Seamless Microsoft 365 Integration – SCMS natively integrates with Microsoft 365, allowing organizations to leverage their existing ecosystem for document management, collaboration, and security. This means contract-related workflows can be automated using Power Automate, documents can be stored in SharePoint, and stakeholders can collaborate effortlessly through Teams.
Real-World Impact
Companies that implement SCMS see contract renewal compliance rates improve by 30-40%, leading to better financial forecasting and stronger supplier relationships. By leveraging automation, organizations reduce human error, mitigate risks, and optimize contract performance. For businesses already using Microsoft 365, SCMS enhances efficiency by seamlessly connecting with familiar tools and ensuring a streamlined user experience.
Final Thoughts
Let’s face it—managing contracts manually is a headache you don’t need. The Sibasi Contract Management System makes renewals effortless, saving you time, money, and stress. Why let missed deadlines cost your business when SCMS can keep you ahead of the game?
Ready to transform your contract management? Let’s talk! Reach out to us @ mailto:[email protected] or call +254 780742274
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