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Globalization and the advent of online shopping have made the transportation and logistics industry a booming business worth trillions of dollars. Despite a hard-to-predict future with a looming recession, union-worker strikes, trade wars, and potential tariffs on imports shaking things up, service providers are still prioritizing the digitization of their contract management systems. Doing so will undoubtedly help remove bottlenecks, making it easier for supply to meet demand on time.
The industry is too vast and the scope of work too global to rely on outdated legacy systems to manage the volume of high-value buy-side and sell-side contracts that flow through most freight companies. When it comes to international transactions, the contract management work becomes even more complicated because transactions are subject to multiple heavy regulations by local, state, federal, and international laws.
That is why more global businesses are moving toward the digital transformation of all their systems to be better able to compete in the marketplace and meet customer’s high demands for hassle-free supply and on-time deliveries. Extending these digital upgrades to contract compliance is a natural step.
When it comes to managing transportation and logistics contracts, things are infinitely more complicated because the process must take into account vendor to supplier to customer contract relationships. It’s important to have a clear line of sight to the challenges involved before investigating contract lifecycle management (CLM) solutions:
With industry growth on an upward trend, the time is now to find and implement a contract management solution that will enable smooth daily transactions that keep the supply intake and export moving along.
In the fast-paced transportation and logistics industry, there’s no time to waste on inefficient and outdated legacy contract management processes. There are also many opportunities to lose money if companies aren’t hypervigilant about pricing clauses, automatic renewals, and other risk factors such as lax security and the potential for subsequent data breaches.
Companies looking to improve their supply chain operations and speed up their time to market should be on the lookout for a CLM solution that can address the major challenges and risks they’ve had to face with legacy technology.
Start with a discussion with IT and find out what system parameters to work within. Then, start researching CLM solutions and watching demonstrations of technology that appears to be a potential fit. It’s important to find a CLM solution that will offer:
More companies are adopting Microsoft Office 365 and SharePoint for their document-management and collaboration needs. ConvergePoint’s Contract Management software integrates seamlessly with Microsoft technology and is easy to use because more people are familiar with Office functionality. Schedule a demo today.
After investing time and resources creating these policies, make sure employees read, understand and apply them to their daily job responsibilities! How? Read the Guide on How to Ensure Employee Accountability & Compliance through Effective Policy Management.
Manage employee and teacher contracts, sponsorship deals, city and state regulations, and partnerships.
Manage supplier and vendor contracts, employee and staff contracts, distribution contracts, and facility leasing and ownership contracts.
Comply with HIPAA, HITECH, ICD 9, ICD 10, and FDR CFR regulations for contract management, and handle active directory contracts for your organization.
Comply with SEC, FDIC, FINRA, OCC, CFTC, and Federal Reserve regulations on contracts, handle employee contracts, and partnership deals.
Create and manage employee contracts, improve organizational transparency, reduce risk factors, and mitigate lawsuits.
Abide by local, regional, state and federal regulations, manage contractor information, develop third-party outsourced contracts, and handle facility agreements.
Comply with FAA, DOT, FMCSA, FRA and FTA regulations for contracts, outline contracts for drivers and vendors, and reduce potential risks.
Visit our resource library for industry best practice tips and for case studies on how our software has helped clients in your industry.