For many small and midsize companies, managing contract administration efficiently can be a challenge. Growing businesses, preoccupied with building the business and supporting customers, do not necessarily develop contract management as a core competence.
Managing contracts is often a very disjointed process, managed by one or more parts of the business with no centralized organization, consistent use of terms, or cohesive process for efficiently reviewing, executing, and managing agreements. It many times becomes an added responsibility to an existing role such as the CFO, head of sales and marketing, or some other business manager.
In addition, there are multiple business partners that have differing priorities when it comes to contract administration. Sales personnel want quick contract turnaround times to shorten the sales cycle. Finance wants to eliminate revenue leakage and take advantage of pricing opportunities. Legal wants to mitigate risk and protect the business. Building and maintaining a contract administration process that manages the expectations and concerns of these business partners can be difficult.
By engaging an experienced contract administration partner, VPS clients have:
- Improved turnaround times from months and weeks to days
- Freed up existing resources to focus on their core responsibilities
- Eliminated the costs and need to hire additional full time employees or additional resources
- Mitigated risk through more consistent use of terms and conditions, especially non-negotiable terms
- Increased visibility and accessibility by organizing all contracts across the business
Advantages of VPS over just hiring a contract administrator
Employing a team of senior contract administrators and contract paralegals, VPS becomes an extension of your organization that specializes in building and maintaining effective contract management processes. In addition, VPS leverages contract management best practices from a range of industries and companies to deliver the most efficient means for managing contracts. Contract management services from VPS are provided for a flat, predictable, monthly fee that costs far less than a full or even part-time employee.