The big contract challenge
When the volume of contracts in your business is high, your biggest challenge is to ensure the terms you’ve fought so hard for are applied throughout the life of the contract.
But when your contracts are scattered across different computers or cabinets, how can you be sure that you’re effectively managing the risks to your company’s health? Or the opportunities to increase revenue?
If you’re relying on spreadsheets to keep track of it all, how confident can you be that none of your contracts is hiding an uncapped liability? Will you miss a notice period? And how sure can you be that the teams on the ground are remembering their obligations, months after the contract was signed and put away in the bottom drawer?
The small but powerful effacts solution
effacts stores all your existing contracts and associated emails in one central location. New agreements can be signed digitally, following an online workflow process. Smart tools enable you to search, analyze and report on all your critical contract data quickly, easily and with certainty. Alerts mean you never miss an important contract milestone.
Five ways you can put effacts to good use in managing your contracts
1. Intelligently manage requests from the business
If you need to manage the influx of requests from your colleagues, effacts can make standard contracts like Non Disclosure Agreements available as templates.
2. Easily find documents related to a contract
If you need to find all the emails or Statements of Work related to a contract, effacts keeps them all together for you and allows you to freely search all the text.
3. Summarise key information that’s often hidden and forgotten
If you need to ensure your colleagues in other departments act on the obligations that are buried in the small print, effacts provides them with a jargon-free summary of the key terms.
4. Set alerts and reminders for key dates
If you need to keep on top of key obligations such as notice periods or automatic increases, effacts will ensure the right people are alerted in plenty of time.
5. Create custom reports
Whatever information you need, effacts has a report for it: expiring contracts, contracts awaiting signature, contract owners, contract values and more – all at the touch of a button.
The transformative effect of effacts
With effacts, not only will you be a more effective risk manager for your business, but you’ll also be able to unlock value previously hidden in contracts.
Download the complete use case