Why change management is important for today's businesses
The current business landscape is in a constant state of flux due to evolving new technologies and highly uncertain geopolitical environments. The pandemic has further aggravated the situation as businesses around the globe are trying to grapple with unprecedented disruptions in supply chains caused by it. In addition, regulations are cropping up more often than ever across all industries. These factors have put the emphasis on effective change management at an all-time high. Given these circumstances, optimizing for flexibility with an effective change management strategy is the most critical investment any business can make.
It is not the strongest or the most intelligent who survive but those who can best manage change.- Charles Darwin
Keep up with regulatory changes using clause-based reports
Regulatory changes, or even an internal policy change, will demand alterations to some clause language that would affect multiple contracts in an organization. Traditional systems make the process of changing contracts with these clauses challenging. Using clause-based reports in Zoho Contracts means you can effectively assess the impact of these changes across all your business deals.
For example, if a regulatory change impacts the Liability for Damages clause, the Clause vs No. of contracts report will display the number of contracts that have that clause. The admin can click on the entry, and the report lists all the contracts having the Liability for Damages clause.
Faster and accurate change management using our smart letter templates
Since clauses are the building blocks of contracts in Zoho Contracts, the tool will be able to capture changes made to any part of the contract document. The contract owner can directly start editing the document during amendments, and Zoho Contracts will automatically generate an amendment letter based on the letter template, capturing all the changes. In this amendment letter, the Whereas clause captures the contract history with all the past amendments, renewals, and extensions in chronological order. The Now Therefore clause shows the changes made to the agreement in the current amendment.
Zoho Contracts ensures that the amendment letter goes through the approval, negotiation, and signature cycles before the amendment becomes active. This process will ensure that the internal stakeholders and the counterparty are aware of the changes made to the contract. The auto-generated letter templates and the workflow are also available for renewals, extension, and termination.
Never miss out on a renewal opportunity
Renewals are the lowest-hanging fruit from the standpoints of revenue expansion and strengthening business relationships. Fortunately, Zoho Contracts makes renewing and extending contracts effortless.
The in-app and email alerts in Zoho Contracts notify users of upcoming renewals so they don't miss out on any renewal opportunities.
In Zoho Contracts, the contract owner can renew the contract in two different ways:
In an evergreen renewal, towards the end of the contract term, the contract will be automatically renewed for the duration that the contract owner had entered in the Renewal Term field in the New Contract form at the time of contract creation.
In a manual renewal, the contract owner must manually renew the contract before the contract expires. The contract owner can set an expiration reminder in the New Contract form when creating the contract to receive a notification.
Make the termination process hassle-free
Zoho Contracts makes the termination process more transparent by effectively communicating the reasons for termination to the counterparty.
Even after termination, contracts are stored in the centralized contract repository. This allows contract managers to keep track of the terminated contracts and derive insights from them when required.
Zoho Contracts also tracks the gain or loss from all your contracts based on the financial details in them. Admins can see the overall gain or loss incurred from all of their contracts on their personalized dashboard.
Achieve compliance and mitigate risks with activity tracking
Keeping track of incorporated changes in your contracts helps you measure the overall success of your organization's contract management process. All activities performed in Zoho Contracts are stored in a central audit system that is easily accessible. Every change can be traced back to the individual who performed the activity. This feature ensures better security, accountability, and compliance.