We know many relationships have commitment issues. Yeah, there is the honeymoon period where both sides see a bright future and everything is perfect. As time passes, the commitments are not honored, and the road gets bumpy in the relationship. No, I am not talking about personal relationships. I am talking about your organizational contract relationships with your vendors, partners, customers and distributors. No need to hide from this fact. It’s the ugly truth, and you are not alone in this situation.
Organizations that rely on manual contracting processes and have no effective solution in place, are at high risk of having contractual commitments lapse and increase their risk of failure to comply with contractual terms, resulting in loss of revenues. Signing a contract with your vendor or customer is not the end of the contracting process. It’s just the beginning. There are numerous obligations, milestones and commitments embedded in most commercial contracts. How do you track those manually, when you have hundreds or thousands of such agreements to manage in your organization? It cannot be on a whiteboard or Outlook calendars. That just doesn’t scale and is not effective.
If you have a document repository or a basic content management tool, that is not sufficient. You need a comprehensive contract lifecycle management solution, such as Malbek ContraxTM, that helps you manage your active agreements and lets you sleep better at night knowing that your commitments are well under control. It actively tracks your contractual commitments to measure the effectiveness of the contract terms against actual transactions and alerts you proactively to take appropriate action.
Do you want to avoid having relationship issues? Contact us for a lunch date with Malbek and see how we can help you maintain the honeymoon period with your contracted parties.