Contract renewal management software enables enterprises to automate the renewal process to expedite the contract lifecycle and healthy business partnerships.
Contract renewal is the stage in the contract lifecycle when an agreement comes to an end and parties may decide to continue or terminate the business relationship. It presents organizations with an opportunity to reflect on the changes in their goals and values in terms of the contractual agreement. With contract management software, businesses get a cooling-off period to decide the fate of the contract and continue only if it proves profitable.
Contract renewal has a significant impact on any business, which is why automated processes are the way forward. The contract management system provides unlimited visibility into the contract lifecycle, making renewal easy.
Notifications can save you from committing all kinds of errors that can occur in contract management. Missing a renewal date or not knowing expiry dates can mean revenue loss and legal repercussions. Dock 365’s contract renewal management software ensures that the right people will get notified at regular intervals regarding expiry dates and renewals.
Contract renewal management software with OCR and AI functions automatically kick-starts the contract renewal or termination process at the appropriate time. Organizations have the flexibility to decide when they should be reminded. It enables scaling businesses to easily deal with complex and high-volume contracts.