Why Education Institutions Need Contract Management Solutions
Educational institutions manage large volumes of contracts across decentralized networks of structures, systems, and departments. These complex academic systems depend upon contracts with vendors, suppliers, service providers, legal advisors, and more. Today, educational institutions are simultaneously experiencing increasing financial pressure and decreasing budgets. Under this pressure and increasingly rigorous performance demands, it is paramount that these institutions increase operational efficiency, improve security, reduce risk, maintain compliance, and deftly manage the administrative workload. A sophisticated education contract management software can provide the ultimate solution.
Challenges of Contract Management in Education
Educational institutions can encounter significant and unique contract management challenges. A disorganized, antiquated education contract management system can open up an institution to risk, cause confusion, and decrease overall effectiveness. Any university, college, or school system is vulnerable to financial or legal mismanagement, contract lifecycle delays, vendor or supplier issues, and more. A lack of automation, or a faulty automation system, can lead to missed opportunities, legal vulnerabilities, delayed processes, failure to meet obligations, and additional troubling issues.
Why Choose Koho Software
Koho Software’s contract management offerings are the best because we offer multiple types of solutions that are robust enough to handle the most complex problems but also user-friendly, allowing schools of all shapes and sizes to maintain rigorous compliance standards, improve supplier and vendor performance, increase security, mitigate risks, effectively and efficiently manage the administrative workload, streamline the communication between divisions and departments, and more. Koho Software’s contract management solution is an institution-wide solution that ensures consistency throughout the entire organization.
When you are in charge of teaching the next generation of brilliant thinkers, you need a flawlessly organized system. Now is an excellent time for your educational institution to take control of the entire lifecycle of your important documents and operations. With Koho Software, you can eliminate the exhausting and error-prone tasks like contract renewals, contract generation, and approval tracking with a complete end-to-end contact automation solution. Koho Software’s contract management software is a comprehensive platform complete with all of the features your educational institution needs to succeed and prepare your students for success.
Koho Software’s contract repository enables immediate access and visibility to all of your institution’s contracts from any location, and allows you to easily search through the file types. The template and clause libraries allow you to create unlimited templates to generate contracts in seconds, not hours. The libraries also allow you to manage language across contracts, ensure timely execution of key processes, and initiate alert systems.
Koho Software’s contract management software for higher education includes smart automation and artificial intelligence features that improve all aspects of your operations. With sophisticated automation capabilities, even the most complex approval routing processes can be streamlined, and collaborative workflows with outside parties can be organized. With Koho Software’s redlining and version controls, the contract review process is simplified. Automated alerts, escalations, and assignments can ensure all deadlines are met. Graphical charts and custom reports can visualize data that measures KPIs and bottlenecks so adjustments can be made before large problems ensue. Pre-built AI functionality expedites document migrations and searches. The AI features are equipped to identify risky contracts and intuitively suggest replacement clauses.
In regards to security and compliance, Koho Software’s education contract management solution makes it easy for you to comply with best practices and regulations. The privacy standards and precise access controls keep data safe with an application and hosting infrastructure that is validated by third party security firm audits and government organizations. A doubly redundant infrastructure protects your data from disaster. Compliance adherence and risk management is possible through built-in monitoring capabilities and insightful custom reports.
On the buy and sell sides, Koho Software allows educational institutions to streamline communications and improve their bottom line. Contract obligations can be monitored, supplier performance can be measured against service level agreements, and pre-build API integration tools can seamlessly connect with your ERP solutions. CRM systems can easily be integrated so proposals and sales agreements can be instantaneously generated. Revenue leakage is minimized with deep management and monitoring solutions that cover the full range of deliverables, expirations, and compliance with licensing agreements.
With a user-friendly and quickly deployable interface, Koho Software automates complex workflows and consolidates all of your educational institution’s contracts in one place. As the most flexible contract management solution on the market, Koho Software focuses on providing software and services for organizations looking to execute on their Digital Transformation, Process Improvement, and Growth strategies through the use of our trusted partner’s legal-tech solutions. With a number of offerings, we have a solution to fit every organization’s needs when it comes to finding the perfect CLM tool. For best-in-class education contract management solutions, contact Koho Software.