As a business owner, you know that it is important to be able to reach customers all over the globe. The EU represents a significant part of global trade, in both goods and services.
In fact, it’s estimated that around 5-8% of all businesses worldwide export to customers based in the EU. That includes other companies, as well as individual buyers.
To support these buyers, it’s important to have contract management software in place.
Contract management software comes with many general benefits. These range in areas from operational performance improvements to regulatory compliance. Below, we’ll first quickly outline what exactly contract management solutions are.
Then, we’ll detail how they can benefit your EU contract management specifically.
What Is Contract Management Software?
Contract management software is a particular type of software or platform. It’s traditionally used to help business owners manage their contracts.
It can be used for creating and signing contracts, to tracking and renewing them. However, different solutions have differing capabilities. These usually come in the form of alternative lists of features.
It’s vital that you find the best contract management software ahead of time. Different businesses may need software that specialises in their certain sector. Or, you may need a solution that works for companies of a certain size.
You can learn about the benefits of contract management in our previous blog. But before we go into how they can help with EU contracts, it’s important to highlight the impact of Brexit on UK businesses.
How Has Brexit Affected EU Contract Management for UK Companies?
Dealing with EU suppliers or EU buyers as a UK company has completely changed. Following the Brexit vote, all UK companies must now follow new laws when buying or selling from the EU.
This has been a challenging alteration for some companies to grapple with. Before Brexit, UK businesses could export goods and services to EU countries freely. That meant doing so without meeting any tariffs or quotas in most cases.
Understanding these new tariffs has been particularly troubling. Tariffs apply to individual product categories which are often hard to keep track of. These tariffs can also change regularly, leaving businesses scrambling to keep up.
Contract management software can mitigate some of the problems UK companies currently face.
Adopting these solutions can streamline the procurement process for your business. But to ensure it works, you need to work with a company that factors Brexit into the equation.
At Delta e-sourcing, we curate an up-to-date page for Brexit information. We also ensure our platform remains compliant with all EU legislation.
That means that even if you’re a UK business, you can reliably trade with those in the EU.
Contract management software can also help you support EU buyers in further ways.
As mentioned above, the nature of EU legislation is complex. Keeping track of your own can be a near-impossible feat. That’s particularly true if you’re not using any software at all.
Contract management software can however ensure you remain compliant with current regulations. This makes it far easier to support your suppliers who are based in the EU.
The software can also help you to track any changes in EU regulations. That means you’re never worrying whether or not your business is up-to-date.
Better Manage Your Documentation for EU Contracts
Another benefit of contract management software is that it can help you to better manage your documents for EU contracts.
This includes keeping track of key information like product specifications. Or, it can include data like customer requirements and delivery schedules. All this information can be handled inside of a single platform.
That means you’ll be able to take a paperless approach to contracts and negotiations. Instead of sending many documents individually, you can handle everything through one system. These can be transferred to clients seamlessly, streamlining the process of trading contracts.
Enhanced Risk Protection
Doing business globally comes with a lot more risks. You need to ensure your contracts navigate language barriers, for starters.
But you also have to make sure financial details like payment times don’t get lost in translation. Contract management software can rectify a lot of these overseas risks.
This often includes providing a central repository for all contract-related information. If all your information is held in one secure location, there’s less risk of you losing any vital documentation.
The software can also help to automate key tasks like payments and renewals on time. This way, you can be sure that nothing falls through the cracks. Both validation and certification can also be improved by implementing software.
Improved Productivity and Increased Financial Performance
Finally, contract management software can improve the productivity of your relationships. That includes relationships with your global clients, such as EU buyers or suppliers. This can then in turn help improve the financial performance of your business.
You’ll spend less time worrying about contracts, as a lot of the tasks involved will be automated. This means you can focus more on networking, and building strong connections with the companies you’re working with.
A response manager tool means you’ll also be able to quickly react to any contract you’re dealing with. These reduce response times and keep your business and your agreements running smoothly.
Where Can I Find Out More About Contract Management Software?
You should now know how contract management software can help you work with EU suppliers. At Delta e-sourcing, our platform is designed to fully support EU contracts.
That includes both meeting legislations and improving your operations.
If you’re interested in learning more, make sure to contact our team directly.