We started on “Customer Contract Management”
Let us look at it in a little more detail.
Tracking renewals – Probably the first function in this you may outsource would be a track on the renewals. This might be on M S excel or through some ERP module. This unit will update the details and you could be asked to keep a track on them. Based on a pre-approved set of timelines, you can be asked to inform the contract management team at the client’s end of any renewal requirements. This might require dedicated resources for large clients.
Contract Abstraction – Contract abstraction would probably be the next back office candidate. You will be given scanned copies of the contract and expected to extract key contract details and input these in a pre-defined format / database / ERP. This extract will then form the basis of the renewal mechanism and also for being a reference point of key terms of the contract. Some inputs that may need to be captured could be:
- Contract date
- Contract start date
- Name and address of the customer
- Credit period / terms
- Credit value
- Approximate annual uplift / expected purchases by the customer
- Seasonal fluctuations
- Names of authorized signatories
- Levels of authority
There could be many more.
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