Digital contract management has been around for a while now, and we have seen great and less great implementations. But there is a world beyond just a digital version of the contract. In this blog, we discuss how to put your digital contracts to work.
A truly versatile contract management system doesn’t just capture the contract data digitally, it acts as a digital twin. What use is a centralized contract if it is just a digital repository? Customer contracts should be closely connected to billing systems so that all events triggered by the contract are centrally coordinated and fully automated.
From a functional IT perspective, the contract management solution should have a central place, and work seamlessly with the related systems. Once well documented and configured, the contract is the reference source for all activities. It triggers product and service events, which can then be scheduled, executed, and eventually billed to the client.
If you want to make contract management work for you, you will have to have strong integrations with billing capabilities. That way you can capture billing events and automatically match them to the contracts and up-to-date prices. You can capture billing events and seamlessly tie them to the contract status.
Therefore, it makes sense to look for an agile billing system. At the core of these solutions, you will find rules-based contract management functionality that sets you up perfectly for an actionable digital twin. Integrating a contract management solution that is not intended to act as a digital twin, will never give you the results you are looking for.
A hidden gem, often overlooked, is that a good contract system can also function as a source of cost information. With all information in place, you can calculate costs on the fly as all service assets are readily set up. You will have a better insight into not just the contract profitability over its lifecycle, but you will also have better insight into the cost.
If you feel your billing needs will outgrow your current recurring revenue billing solution, or if you are just curious to learn how Good Sign does things differently, feel free to take us to the test! We will gladly take on your challenge and prove to you it can be done, and that the new world lies beyond just subscriptions.
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