The Common Misconception:
“Nomos One Is Only for IFRS 16 / AASB 16”
Nomos One is widely known as a powerful solution for compliance with IFRS 16 and AASB 16 lease accounting standards. However, limiting its use to lease reporting alone means missing out on significant strategic value.
The reality is:
If a contract has key dates, payments, obligations, or renewal terms, Nomos One can manage it.
This includes:
- Service agreements
- Software licences (SaaS, enterprise agreements)
- Maintenance contracts
- Outsourcing agreements
- Equipment hire (non-lease scoped or exempt items)
- Supplier or vendor agreements
The contract's been signed. Now what?
A signed contract is just the beginning. Contract Management doesn't end at the signature. Most CLM's focus on contract creation and execution, but Nomos One focuses on what happens next.
What happens when contract obligations are missed?
Missed deadlines, automatic contract rollovers, unplanned costs, compliance failures and lost renegotiation opportunties are just the beginning.
The reputational fallout of consistently failing to meet contractual obligations can damage supplier relationships, reduce negotiating leverage, increase compliance scrutiny, and create costly operational inefficiencies.
The Real Cost of Inaction
The cost of doing nothing isn't just a static risk; it is an active, daily revenue leak. To plug these holes, businesses are increasingly moving away from spreadsheets and manual processes in favour of centralised contract management systems like Nomos One.
The Spreadsheet Inefficiency Tax:
Relying on decentralized spreadsheets forces teams to waste hours manually validating dates and hunting down documents. Data siloed across different departments inevitably breeds human error - even with the best of intentions - resulting in missed market-testing opportunities.
Automatic Renewal Trap:
Many commercial, tech, and equipment contracts roll over automatically if not cancelled within a specific window. Without automated alerts, businesses remain locked into unfavorable multi-year commitments or outdated pricing models. A single missed notice period can lock a business into another 12, 24 or even 36 months of service, often at pricing that no longer reflects market rates.
Missed Financial Entitlements:
Businesses routinely overpay or miss critical milestones like scheduled rent reviews and landlord incentives. Without a single source of truth, there is zero visibility into upcoming contract variances.
This is where effective post-signature contract management becomes critical. Rather than relying on spreadsheets, shared inboxes, or individual employees to track obligations, organisations need a central source of truth for managing contractual commitments.
