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Contract reminder software makes tracking upcoming contract milestones and deadlines quick and easy, even for scaling businesses.
The process of tracking contract deadlines has long been inefficient. With contracts typically scattered across shared drives as static files, key stakeholders are expected to search through stacks of legal agreements to find out when a contract’s up for renewal or nearing expiration.
In this guide, you'll discover how you can transform this painful and often manual process to automate contract tracking and reminders. But first, let's recap on why tracking contract deadlines matters at all, and why it's so difficult for teams without contract reminder software in place.
Why is tracking contract deadlines important?
Failing to manage contract deadlines effectively is an expensive mistake in 2024. In fact, WCC estimate that poor contract management costs businesses 9 per cent of their revenue each year.
It can keep you trapped in legal agreements with unfavorable terms or paying for goods and services that you no longer need. If the contract is on your terms, you may even miss opportunities to reverse churn risks and expand existing accounts.
So, why are we still struggling with tracking these key dates effectively?
Why is it challenging to manage contract deadlines?
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 the costs we just heard about.
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.
What is contract reminder software?
Contract reminder software is a solution that enables legal and business teams to stay on top of contract deadlines by automatically sending reminders when renewals, expirations, and important milestones are approaching.
How does contract reminder software work?
Also known as contract lifecycle management software, contract reminder software provides teams with greater visibility into contracts as they progress from execution to expiration.
This is achieved by setting up automated contract reminders for key contract dates, including expiration, auto-renewal, renegotiation, and delivery dates.
When you use a platform like Juro, these reminders are fully customizable, allowing you to choose:
- When you’ll be notified: certain contract milestones require more prep than others, so it’s important to choose how far in advance you want to be notified.
- Who receives the reminder: this feature is great for when you want to bring additional stakeholders from finance, sales, and legal into the loop.
Alongside this, contract reminder software typically offers secure storage, contract dashboards, reporting and analytics functionality. This makes tracking contracts quick and easy for busy legal teams, even with growing contract volumes.
If this sounds like something your team would benefit from, Juro's AI contract automation platform can help. Click the button below to see Juro's contract reminders and dashboards in action. Otherwise, read on to find out more about how contract reminder software benefits teams just like yours.
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