Of all the various agreements in your contract portfolio, leases may possibly be one of the toughest to manage. Between the lack of uniform standardization of clauses and terms, a number of key dates to track, automatic provisions and numerous documents to organize, lease administration process in India can occupy a massive amount of time, particularly if the company belongs to a sector that heavily depends on leases, logistics, real estate or construction.
Every other business including legal departments in firms faces these issues as well. Legal departments that come up with solutions to their lease management challenges can help save their company a significant amount of money and add to a competitive advantage at the same time.
Let’s look at the reasons why the legal team in a company can benefit from lease management:
Centralized System
The most significant tool for a legal department to leverage when managing its lease portfolio is a centralized system. Some firms are still depending on spreadsheets to centralize their leasing agreements. Without a centralized repository, any kind of search, analysis or reporting on the leasing portfolio will be impossible. This is where CRE Lease Matrix platform enters the picture. It can streamline all the vital lease documents under one roof thanks to its centralized system.
Authenticity
It is crucial for legal teams to ensure that the data from the lease portfolio are authentic and transparent. Incorrect data can result in severely impact the bottom line and have financial consequences. Thanks to CRE Lease Matrix, the legal team can vouch for accuracy as the lease management system uses the maker checker approach to make sure that the data is authentic.
Digital Documentation Library
The legal team in a company is inundated with many tasks. They would appreciate the ease of having all lease documents available with just a single click. CRE Lease Matrix can help make the data available in a digitized manner in the same place thanks to digital documentation from CRE Lease Matrix. Now, you don’t have to spend time looking for scanned copies in network drives or common folders.
Reminders for Critical Dates
Sometimes, companies tend to forget about leasing deadlines that are often embedded under the many clauses in lease agreements. The legal team would benefit from CRE Lease Matrix providing reminders and notifications for crucial lease-related deadlines. If you miss them, it could impact the company financially.
To sum up, these are some of the many reasons why the legal department of companies will benefit from a lease management software.
So what are you waiting for? Book a demo now!
