Many learning institutions are working round the clock to reduce and minimize the operational and additional costs that arise from various processes. A manual contract management system has a lot of challenges arising from confusion, inaccuracy, and inconsistency. The newly introduced automated technology of managing contracts in schools has proven to be more efficient. The management system has helped most schools to improve the contract management process. Any higher learning institution can benefit from the software technology to achieve more efficiency, accuracy and save on expenses.
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Positive contract management results can be realized when an institution employs the right and functional management system. This, therefore, needs planning, strategizing, and selection of a workable software and plan. Additionally, an institution is required to come up with specific requirements and issues that need to solve before choosing a suitable contract management software. Furthermore, the institutional heads and departments need to know what features and components are a must-have in the installed software. Proper selection of a functional system helps to ensure that an organization achieves all its goals.
Below are some of the must-have components of the education contract management software
- Contract financials and budget reports
A good education contract management system provides a school with an efficient way of managing and tracking all the contract’s financial data. the software should be able to its users with a simple method of analysing the financial information and making summaries and reports on the financial data. the financial department and institutional heads and shareholders should be able to access and navigate the financial reports as well as obtain a detailed and comprehensive report on the transactions made. Examples of the crucial transactions that should be saved include refunds, expenses, and rebates. The reports provided by the software should include the following summaries.
- Total expenses
- Income transaction amounts
- Percentage of used budget
- Percentage of remaining budget amount.
- Total budgeted amount
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Additionally, ensure that the education contract management software your school purchases is capable of providing, sorting, and availing all contract information and financial reports of each contract. The software should also have the ability to categorize the contract financial information in terms of type, campus, and department when required. Finally, the software should have a section that shows graphical analysis of the financial reports and show important financial analysis data in an organized way.
- Integrated management options
A good contract management software for schools has various add and integrations for various categories such as procurement management and vendor management. The contract management team professionals should be able to place new bids, advertise bids, approve bids, compare bids, chat with vendors, access the bid ratings, and manage the bids on an online platform. When such operations are enabled by the software, an institution is given the opportunity of finding and creating contracts easily and signing them without any complications. Furthermore, the software should have vendor registrations capabilities. Through the system, a vendor should be able to share contract documents to the school online, change and alter contracts, interact with other vendors, and access any agreements, reviews, advertisements, contracts, and reports. Finally, the system should have a purchase and order management feature to help in tracking any expenses, orders, and inventories. Some software developers also provide the institution with contract templates.
- Contract Repository
Education contract management software should provide users with secure and central storage for all the contract documents and data. the software should be able to organize and sort all the documents used throughout the contract management process and categorise them into various types. The location of storage should also be very secure since such documents are very confidential and need to be restricted by unauthorized persons. The users should be aware of the access rules and should be accessed for log-in details to avoid any issues where the documents fall into the wrong hands are used by malicious people too hard the institution.
- Electronic signatures
Proper contract management software has an e-signature feature that allows users to approve and sign contracts and other documents on the platform. This minimizes the need for manual signatures and moving from one location or office to another to complete the approval and signing of documents during the contract management process. Movement wastes more time and is very hectic especially in institutions where there are several processes ongoing at the same time as well as a variety of activities and contracts being handled. The software system allows electronic attainment of signatures since it is compatible with other software types such as adobe sign.
- Automatic Reminders and alerts
Manual contract management systems have many drawbacks especially when it comes to deadlines being met. The manual system often leads to forgotten deadlines which lead to penalties, fines, and additional unplanned costs. Once an institution installs the software system, it will always receive alerts and reminders on deadlines that should be met and renewals of contracts that have to be made. Such reminders help to ensure that staff members and users can execute the required tasks within the scheduled time. Some of the tasks that schools need to perform within the recommended timeline include payments and contract renewal. An automatic system is ideal for schools to ensure efficiency, workflow, and on-time task management, therefore, promoting transparency in the learning institution.
Technological advancement has helped many businesses improve their management systems. An automatic system however only meets an organization’s goals when installed properly and with the right features. There are essential features that should be included in an education contract management software for an institution to reap its benefits.