The Butterfly Effect of Contracts Data Management
Posted on: 14/10/15
In chaos theory, the butterfly effect is the sensitive dependence on initial conditions in which a small change in one state of a deterministic nonlinear system can result in large differences in a later state.
Small actions and changes can have positive or negative effects in the management of contracts data, depending on the situation.
Poor contracts management can leave your procurement and purchasing departments in such a mess that it ends up costing the business valuable time and money. Imagine; you have all your contracts data in one spreadsheet and your co-workers also need to make changes to the spreadsheet, so you make a copy for them. Pretty soon, you have many different versions of the truth floating around… This scenario is all too common in businesses.
Risk of errors is all too high when working in spreadsheets, individuals inputting data into multiple spreadsheets lead to duplications, formulation errors and overall incorrect data that will build to larger difficulties in a later state. To improve contracts management and reduce the risk of errors, businesses need to look towards working with robust contract management systems that can be central for all users and can be instantly updated so everyone is working in real-time.
Central contract management systems enables businesses to keep on top of contracts, managing suppliers and make sure everything is compliant with standards. Improving information management and automating data and reporting will ensure you have one version of the truth and thanks to alert and notification functionality, nothing will ever get missed amongst your team.
Making a change in how you manage your contracts data can make large differences to the business in the long term. Through better contracts management you can manage your contracts and suppliers in the most efficient, cost effective and compliant way.
Contract management systems: when control and compliance has become business critical.
We’ve been creating contract management systems since 2010 for companies both in the private and public sector. Here at Target the team specialise in providing businesses with the tools to be more efficient, effective and lean with their data and assets by developing creative software solutions. Need a system? Talk to us: www.targetis.co.uk
By Olivia Davies