9.9% of every $10 is wasted due to poor project performance. And how can performance be acceptable if the underlying processes are not efficient?
In the world of service management (especially in field services, maintenance, and project management) efficiency is the aim of the game. Projects can be complex, with multiple contracts, vendors, and tasks to juggle simultaneously, so any tool that helps streamline operations and save time is invaluable.
Contract management software has emerged as a game-changer in this area, offering numerous benefits that translate into time savings and improved project management. Let’s find out how.
How Software Reduces the Complexity of Project Management
Project management involves a multitude of tasks, from scheduling and resource allocation to cost tracking and compliance monitoring. These tasks can quickly become overwhelming without the right tools in place.
Some research shows that companies that use project management practises consistently have a 92% success rate in meeting project objectives. Contract management software optimises project management and ensures operational consistency.
In fact, the global contract management software is forecast to grow at a CAGR of 12.9% over the next 10 years. Among the reasons cited for this growth include the fact it improves compliance and streamlines the efforts of service providers, clients and other stakeholders. Let’s look at how it provides these benefits.
Centralised Contract Repository
One of the primary time-saving benefits of contract management software is the creation of a centralised contract repository.
All project-related contracts, agreements, and documents are stored in one easily accessible location, and this eliminates the need to search through stacks of paperwork or dig through emails to find the necessary documents. With a few clicks, project managers and team members can access critical contract information, making the entire process more efficient.
Thanks to the cloud, software can be deployed across multiple locations and devices, enabling staff to access it remotely.
Unrestricted Contract Types and Charging Flexibility
Software not only streamlines the process of creating contracts; it also provides flexibility around contract types and charging. For example, our contract and asset management software places no limits on the types of contracts supported.
As such, project managers can tailor contracts to specific project needs and client preferences. In addition, there are flexible charging options based on time, consumables, and parts, among other factors.
Enhanced Collaboration
Effective project management relies on collaboration among team members, vendors, and other stakeholders. Software often includes collaboration features like task assignment, the option to leave comments, and document sharing (letting users attach technical drawings, certificates, and so on).
This streamlines communication and collaboration, reducing the need for lengthy email exchanges and meetings. As a result, teams can make quicker decisions and take action promptly.
Integration with Service Management Software
Many field service providers rely on service management software to track work orders, schedule technicians, and manage customer interactions.
Contract management software can seamlessly integrate with service management systems, creating a unified ecosystem for project management. This eliminates the need for manual data entry and duplicate record-keeping, reducing the risk of errors and saving time for project teams.
Cost Control
Naturally, a critical determinant of a project’s success is that spending stays on track, and this requires comprehensive tracking and management of all the costs involved.
Software provides transparency around costs, ensuring budget adherence and the identification of areas of overspending. Information is presented in an easy-to-digest format, speeding up financial decision-making.
Asset Management
No project can stay on track without effective asset management. Our contract management software features robust asset management tools, including:
- Asset hierarchy: Users can maintain records for any type of asset with unlimited levels of detail and multiple sub-asset assemblies. This detailed oversight assists with planning and maintenance, ensuring maximum utility.
- Asset location tracking: This helps in efficient asset utilisation, quick retrieval, and deployment. It also aids in loss prevention and optimises the logistics associated with the movement of assets, which is crucial for timely project execution.
- Maintenance records: The system keeps complete records of asset maintenance, tracking all changes made over time, and information on scheduled future tasks. This helps ensure assets are always in optimal working condition, reducing downtime, thus ensuring projects progress on time.
- Stock management attached to asset: This feature links stock management directly to specific assets, ensuring that there is always an adequate supply of necessary parts and consumables for each asset. This connection minimises delays due to stock shortages and aids in maintaining an efficient inventory level, directly impacting project timelines.
- Lease management: The ability to manage and track information related to leased assets ensures the effective management of lease terms and payments, and helps avoid lease-related complications.
Reporting and Analytics
Contract management software often includes robust reporting and analytics capabilities. Project managers can generate customised reports on contract performance, vendor compliance, and financial metrics, and these insights enable data-driven decision-making and help identify areas for improvement.
With access to real-time data, project managers can respond to issues promptly and make informed choices, ultimately saving time and resources. The inclusion of dashboards also improves efficiency.
Scalability and Flexibility with the Cloud
Projects come in various sizes and complexities, and the demands on project management tools can vary accordingly.
Thankfully, cloud based software is highly scalable and can adapt to the needs of individual projects or an organisation’s growth. This ensures that the software remains a valuable asset as project requirements change over time.
Conclusion
The time-saving benefits of contact management software cannot be overstated. Thanks to centralised contract repositories, streamlined workflows, enhanced collaboration, and cost control tools, projects are completed on time and within budget. And analytics tools enable continuous improvement in many areas.
Of course, the cloud provides more flexibility than ever, enabling remote access and easy scalability.
Our award winning solutions reduce the time spent managing projects by 15% and increase workforce efficiency by 25%. To book a demo, contact us today.