5 tips for automating contract renewals
Learn 5 essential tips to automate your contract renewals and optimize your contract management.
Automating contract renewals is a process that can bring numerous benefits to companies of all sizes. By automating this process, it is possible to reduce errors, save time, and increase efficiency in contract management. Contract management systems like Contract Go offer features that facilitate the visualization and management of renewals, allowing managers to have a clear view of which contracts are close to expiration and which require attention.
One way to automate contract renewals is to use the advanced functions of a contract management system. Many of these platforms, such as the Professional version of Contract Go, allow you to activate the adjustment of values within the term, which is especially useful for long-term contracts that require periodic adjustments.
These systems generally allow you to register the time period for the adjustment, select the unit (days, months, or years), and define the adjustment index to be applied. In addition, they can offer visual resources, such as icons or notifications, to alert managers about contracts that have scheduled adjustments, facilitating the monitoring and execution of these adjustments.
Based on this information, we can present 5 tips for automating contract renewals:
- Invest in a contract management system: A robust system like Contract Go can offer the necessary tools to automate and manage your contract renewals efficiently.
- Use the advanced value adjustment functions: For long-term contracts, configure automatic adjustments to ensure that values are updated periodically.
- Define clear parameters for adjustments: Establish the time, unit, and adjustment index to be applied to each contract.
- Monitor system alerts and notifications: Stay alert to notifications about contracts with scheduled renewals or adjustments.
- Keep contract data up to date: Ensure that all relevant information, such as expiration dates and adjustment indices, is always correct in the system.