Contract Reminder Software Guide: Never Miss Another Contract Deadline

Managing contract deadlines manually is a risky and time-consuming task that costs businesses millions each year in missed renewals and overlooked obligations. In 2024, automated contract reminder software has become essential for businesses looking to take control of their contract lifecycle. This quick guide explores how modern contract reminder software and systems can help companies of all sizes track important dates and never miss another deadline.

Why Do Businesses Need Contract Reminder Software?

Research shows that poor contract management costs businesses up to 9% of their revenue annually. Without a proper system to track contract dates, companies face several risks:

Missed contract renewal deadlines leading to automatic renewals of unfavourable terms. expired contracts causing business disruption and compliance issues, overlooked milestone dates impacting delivery schedules and payments, time wasted manually tracking dates across spreadsheets and calendars, and increased legal and financial risk from missed contractual obligations.

How Does Contract Reminder Software Work?

Using modern contract reminder software like eSourcing.app and the automated systems, enables businesses to track and notify relevant stakeholders about upcoming contract dates automatically through setup contract reminders based on the contract templates fields. The system works through custom contract templates with specific date fields to capture important milestones, daily automated checks to identify contracts with upcoming deadlines, customised notifications to alert designated team members at set intervals, a central contract repository to ensure all agreements are tracked in one place, and automated email reminders to keep all stakeholders informed of important dates.

Key Features of Effective Contract Reminder Systems

When choosing contract reminder software, look for these essential features that help businesses stay on top of their contract obligations.

1. Automated Daily Checks

The system should automatically scan your contract database daily, identifying any upcoming renewal dates, expiry dates, or custom milestones that require attention.

2. Custom Notification Timing

Choose when notifications are sent - 1, 2, 7, 14, 30, 60, or 90 days before key dates, or ideally allow you to set your own custom notification timing like eSourcing.app provides - giving teams enough time to review and act on upcoming deadlines.

3. Flexible Team Notifications

Allow custom notification bodies and subject lines to send automated alerts to specific team members, departments, or stakeholders based on contract template fields and milestone.

4. Custom Contract Templates

Create templates with specific date fields that match your business needs, ensuring all important milestones are captured and tracked.

Implementing Contract Reminder Software Successfully

Follow these steps to ensure successful implementation of contract reminder software: First, audit existing contracts and identify key dates and milestones. Then create standardised templates that capture all necessary date fields. Next, set up notification rules that match your business processes. Make sure to train team members on using the system effectively. Finally, regularly review and adjust notification settings based on feedback.

Conclusion

Contract reminder software has become essential for businesses wanting to manage their contracts effectively. With automated notifications, custom templates, and daily checks, solutions like eSourcing.app help companies of all sizes take control of their contract deadlines and reduce risk. Book a demo today to see how our contract reminder software can transform your contract management process.