When people talk about contract management, most think about contracts with their suppliers, but what about the suppliers’ contracts – their selling contracts? Many proactive suppliers are using contract lifecycle management systems to better customer relationships.

Read on to learn of some reasons why that is the case.

Demonstrate Compliance
Supplier contract lifecycle management is one key way that you can demonstrate your compliance to your customer’s industry regulations. Whether the customers you supply to need proof of police checks, insurance certificates or annual certifications, all of these things can be documented and stored in an easy to find spot online. You can offer complete transparency to your customers when you use supplier contract lifecycle management. What that does is lower the business risk associated with doing business with you as a supplier, which means they’re more likely to continue to work with you.

Open the Channels of Communication
The best software for supplier contract lifecycle management allows personnel from both the supplier and their customer to view the contracts in place at any stage of the contract lifecycle. The ease with which contracts are accessed (anytime, anywhere) and the alert system that clearly indicates when action is necessary from either party means that communications are simple and clear between you and your customers. The software for supplier contract lifecycle management can be easily tailored to suit any business, so you won’t have to reinvent the wheel for different customers.

Get the Edge Over the Competition
When you use software for supplier contract lifecycle management, you’re not just putting your own business first – you’ll also be putting your customer’s needs first, as such software allows you to serve with greater precision. Many options for contract management software have handy features such as performance management, workflows and automatic reporting, so you always know where you stand in your supplier contract lifecycle management process. Never let a contract expire with a customer through sheer forgetfulness – that’s a lost opportunity sinking through the cracks. In a competitive marketplace, you need to make the most of every existing customer relationship, and in doing so, get the edge over your competition.

Continuous Improvement
Good software for supplier contract lifecycle management tracks everything that occurs during a contract’s lifecycle. This means that everything is recorded, and when something is recorded, it can be improved upon. So when you implement supplier contract lifecycle management, you get a continuous improvement loop that gradually saves you time and money as you pinpoint inefficient actions in your pipeline and replace them with expedited processes.

Unlimited Access
When you implement a digital solution for supplier contract lifecycle management, you allow easy yet secure access to a contract which previously may have been forgotten about in a filing cabinet somewhere, or even lost completely. Having your contracts front and centre in your business means that all relevant people can have access to them when and where necessary, and nothing gets lost between the cracks.

Source: https://contract-management-aus..com/2020/12/how-you-can-improve-customer.html

I personally think that relations can be improved also by special software that helps you communicate with all your suppliers and save their (and your) data/changes/and all the info in a database that is available for all the suppliers you work with. I heard from my friends who have businesses (big ones like clothing shops, toys shops, and so on) that they use a software called hicx for supplier management. They told me it works perfectly if you're new in all this business stuff and you need a lot of help and guidance to make it all work.

You're right, in fact, every industry now has a similar solution for automating workflows. My company uses solutions from axdraft.com for contract management software for banks. This helps us improve customer interactions and work efficiency.