Accurate energy contract management is one of the most important tasks for an energy broker. The appropriate execution and management of these contracts, whether it’s with customers or between suppliers and customers, is essential to managing a successful energy brokerage.
Why Brokers Need To Automate Contract Management
Since energy contract management is one of the most critical aspects of running an energy brokerage, it must be carried out in an effective and efficient manner. It must be effective to ensure the right steps are being taken at the right time to support the customer but also, to grow the business. Effectively managing contracts means being able to track leads, convert leads, execute contracts, payout commissions, and track all aspects of the process accurately so that the business is able to deliver excellent customer service to new and existing customers and agents.
But a broker of any size, especially businesses which operate in multiple deregulated markets also need to do this efficiently. If they can’t, they will not be able to scale their business. To manage contracts efficiently, spreadsheets and other off the shelf solutions are not sufficient. Spreadsheets are cumbersome, and using standard CRM software that is not focused on energy may get the organization part of the way there, but it will never be able to automate the workflow and provide the kind of reporting needed to run a top-tier energy brokerage.
At UM Tech, we are very aware of this given our extensive experience in energy, which is why we designed state-of-the-art contract management software that was specifically built for energy brokers.
Introducing the Contract Management Portal (CMP)
The Contract Management Portal (CMP) is a web-based application to help energy brokers track contracts with customers and suppliers, thereby allowing energy brokers to easily centralize all energy contract data. However, the CMP is also much more than that. The CMP can help to monitor bidding and contract expirations, track commissions, create payouts and various other functions.
Some of CMP’s features include:
- Commissions – sales reps can track their energy commissions
- Contracts – sales reps can track their energy contracts
- CRM Leads – sales reps can track their energy leads
- Customer Administration – sales rep can manage their energy customers
- Portfolio Maintenance – sales reps can manage their energy portfolio
For more information about the CMP and what it can do for your energy brokerage, contact us today!