The process of tracking contract deadlines has long been inefficient. With contracts typically scattered across shared drives as static files, tracking key dates within them can be a tedious task.
Key stakeholders are expected to search through stacks of legal agreements to find out when a contract’s up for renewal. This data is then recorded in an excel spreadsheet where they may sit unused, gathering dust. Even with this information recorded there’s no guarantee that the business will be able to keep up with key deadlines.
Fortunately, contract reminder software makes it easy for businesses to remain on top of their contract obligations and upcoming renewals. That means no more tracking spreadsheets religiously or expecting finance to trawl through pages of legal jargon to find key dates.
But what actually is contract reminder software, and how can it save your business time and money? Let’s find out in this Juro explainer.
Why is tracking contract deadlines important?
Failing to manage contracts effectively can come at a significant cost. According to World Commerce and Contracting, poor contract management processes could cost businesses up to 9 per cent of their company’s revenue each year. Similarly, KPMG estimates that slow and inefficient contract workflows can result in up to 40 per cent of a contract’s value leaking.
If legal and business teams don’t capture and track their upcoming contract deadlines, like contract renewal deadlines, they can end up trapped in legal agreements with unfavorable terms or even paying for goods and services that they no longer need.
If the business tracked contract expiration dates effectively, commercial teams might have an opportunity to renegotiate contracts or stop them from being renewed altogether.
Why is it challenging to manage contract deadlines?
Scaling businesses with a lean legal team will be familiar with the challenges of tracking contract renewal deadlines and other important milestones.
Often, there’s no system of record for contract data, meaning that important details like renewal dates, expiration dates, or contract durations often go untracked. Without this visibility into contracts, the business can miss important deadlines and incur a cost.
It’s also common for legal teams to be buried in low-value administrative work, meaning that manually searching for and tracking contract deadlines can prevent them from working on high-value projects.
Without a robust contract reminder system in place, managing upcoming contract events efficiently can be near impossible. Contract reminder software can automate the process and make managing these dates simple. To try it for yourself, hit the button below. But if you want to find out more first, read on.
Juro is a great example of this, as it enables legal and business teams to have visibility over upcoming contract milestones and set up auto-alerts for contract deadlines ahead of time.
How does contract reminder software work?
Different contract reminder software works in different ways. However, most platforms will provide contract owners with the opportunity to set up contract reminders when they draft their contracts and get them signed.
Contracting parties will then receive a contract expiration reminder email, or some other form of notification to flag the upcoming deadline as it nears. When businesses use a platform like Juro, these contract reminders are also customizable.
Contract stakeholders can set up reminders for specific dates and times, and automate multiple reminders for business contracts where necessary. They can even decide exactly who receives these reminders, allowing them to include or exclude specific individuals from notifications. This customization is great for when you want to bring additional stakeholders from finance, sales, and legal into the loop.
Juro also captures key contract dates automatically by creating them as contract smart fields. This data is then stored in a contract repository where contracts can be filtered and organized using these dates.
Benefits of implementing contract reminder software
There are several benefits of implementing contract reminder software. It can improve the efficiency of your contract workflow, enhance your existing business relationships and increase profitability.
🔄 No more missed contract renewals
Contract reminder software prevents legal and business teams from missing contract renewal deadlines by notifying parties well in advance. This gives the business a chance to stay ahead of auto-renewals by notifying legal in advance.
Legal then has the opportunity to assess the performance of a contract, and alternatives, before becoming locked into it for another term.
With Juro’s customizable contract reminders, businesses can prepare for renewal deadlines and make an informed decision about whether they wish to continue a working relationship with the counterparty.
Since many all-in-one contract tools like Juro will offer a data-rich contract repository, users will have access to detailed contract data that can help them renegotiate existing contract terms for future agreements.
Not only is this data readily available to the relevant departments, but teams also have ample opportunity to review and analyse this data before the contract renews, as they’ve been reminded about the upcoming deadline.
🗂️ Cross-department visibility into contracts
Another benefit of implementing contract reminder software is that it’ll make contracts visible to the wider business. Contract owners can automate contract reminders and ensure they’re sent to all of the relevant stakeholders for further action.
Without a contract reminder platform in place, different departments would need to forage through static documents to find the relevant information.
Implementing contract automation software like Juro also means that teams can find information about upcoming renewals by filtering contracts by their renewal dates. This is perfect for finance and sales teams that need to track revenue and expenditure in a fast and scalable way, and removes the time-consuming contract admin for legal teams.
When deciding which contract reminder software to invest in, you’ll want to consider more than just whether you can send contract reminders. You’ll also want to consider other factors, such as:
Additional features included within the software
Whether the contract tool will scale with your business
How easy the software is to use (for all departments)
Whether the software is suitable for your specific use case
How much the solution costs, and how this compares to your budget
If you’re looking for an all-in-one contract solution that offers intuitive contract reminders, is easy to use and scales with your company, Juro is a great choice. Juro is one of the top-rated contract reminder platforms on the market and is trusted by over 6,000 companies.
Juro is also the top-rated software for ease of use, and is rated 4.9 out of 5 on GetApp, making it one of the best reviewed contract tools for businesses in 2022.
Never miss a contract deadline again with Juro
Are you ready to stop tracking contracts manually? With Juro’s automated contract reminders, legal and business teams can monitor contract deadlines and expiration dates with ease. In fact, Juro users typically win back 70% of time spent on contract admin.
Sound like something you’re interested in? Fill out the form below.