cloud-based contract management system
A majority of business activities are controlled by contracts. Contracts make up a significant part of every company. Whether yours is a budding startup or an enterprise with a significant size, chances are you will encounter a myriad of contracts such as partnership agreements non-disclosure agreements or general employment agreements equipment and property contracts The list of contracts is endless. What is your strategy for managing these contracts? Do you rely heavily on documents in spreadsheets, documents, or other systems? Have you thought about switching to contract management systems? If so, this article will help you.
Before you invest in a contract management software, ensure that you review the following seven questions to avoid any pitfalls.
software solutions contract management tools
Does the software have AI capabilities?
contract life cycle management
The sheer volume of contractsto manage, maintaining uniformity while managing contracts and retrieving important information is many challenges. Some organizations may not have a standardized method of organizing contracts databases. If your business is a good example, it has an abundance of procuring contracts that have various renewal dates , renegotiation and renewal terms. A group of employees could spend hours looking over, analyzing and tracking the data to make sure that the right opportunities are not missed. Instead, if you opt in an intelligent contract administration system powered by AI job can be accomplished in a matter of minutes. Thanks to Doc.AI capabilities, information like the title of the contract, the date of renewal and negotiation terms can be extracted. This makes it easier for reviews, approvals and sign-offs.
software contract management
It's not just about it. Further, advanced management of contracts systems equipped with AI capabilities are able to help review contracts, evaluate clauses, and classify contracts based on the type of clauses. AI-enabled CMS can also help in keeping up with changing regulations. NLP analyses every document and highlights the threats and opportunities.
solution provider contract management software
Are there standard templates for contract draft and editing?
best contract management software
Writing contracts is among the most tedious things. Just imagine how hard it could be to create documents with similar clauses including terms and clauses, vocabulary, and virtually identical content hundreds of times. This is the reason your CMS should support easy-to-use templates and clause libraries for various areas. Utilizing these templates, approved by your legal and editorial teams, you can swiftly create contracts that are free of problems with the language. Also, a section to centralize and standardize the contract means you will have 360-degree view on the contracts. You can track the contract's history using customizable filters. You can also be able to collaborate with others to review, edit and store.
What is the ROI potential? What can my company save?
Savings numbers are the biggest persuaders to help you make the right decision whether you should make the investment in a management device or not. A study by Goldman Sachs concluded that an automated system for managing contracts can accelerate negotiations by up to 50 percent, reduce the amount of payment errors by 75 to 90% percent, lower the cost that managing contracts is 10 to 30 percent , and cut down the staff needed for contract management by 10-20 percent. Indeed, contract administration does have the potential to be a value-for-money optionif used properly.
Ideally, you should look at factors like the time spent in audits and tracking renewal dates less contract disputes and the creation of new opportunities as well as reducing the time to sell.
Can the solution be made customizable?
Most of the companies in their market promises to offer an answer that is customized to meet the demands of each organization. However, does this guarantee that it will always be true? Instead of spending hundreds of dollars in customization, be specific about the process flow, key processes changes that must be made, investigate options by asking precise questions.
For example: in a typical contract management workflow once the contract manager drafts the documents the system is able to automatically route the document to the person who approves. In addition to this standard characteristic, a tweak might be an email message that contains the document's document URL, and sent to the approver. The link must be compatible or work on all devices, including smartphones, tablets and desktops.
Yet highly customizable software could create a complicated and cumbersome to operate, and its simplicity could also be too simple. Therefore, it's a wise idea to consider the pros and cons and the level of sophistication for the team that will be using the software and determine the best approach to customization.
What are some distinct features or highlights that could reduce manual software contract management work?
In a contract management system, contracts are kept in a centralized, secure and searchable repository with user-based access. This allows for maximum compliance and ample reporting. In particular, contracts could be easily traced, and the review and signing could be automated by electronic signatures. A further example would be the use of data and analytics. To collect data about how long it took the negotiation of a contract can quickly analyze bottlenecks, determine the number that iterations were made and then prepare detailed reports. This will further help in adding to clause libraries, in getting insight into past performance as well as making the process more efficient and reduce the cycle times of the contract.
Another feature worth looking to is redlining in contracts, also known as editing. Redlining is highlighting the text to signify changes, additions to deletions, changes, approvals as well as rejections. This feature can be useful, especially for situations where more than one person would like to work on the same document together. It allows for greater freedom when reviewing and negotiating contracts.
How simple is it to use and deploy?
A contract management software with an intuitive interface, easy-to-use features will delight your customers. To obtain the maximum benefit while you're deploying, be sure to connect it to existing systems which reduces the times spent moving between platforms. For instance, the integration of CRM with the new contract software could help salespeople automatically transfer customer information, build contracts and route them for approvals, in addition to being in control of the expirations, renewals and other dates.
Next would be to check for the process of onboarding. It is ideal if it's an open-source solution so that you can go live and begin operating within a couple of weeks' time. Be aware that long deployment cycles are no longer feasible.
7. How will your private information be secure?
Not to be left out, data security is of vital importance. Because contracts contain highly personal and sensitive information, they must be restricted from unauthorised access in order to earn the trust of your network which includes partners, vendors and customers. Also, the ever-growing cyber-attacks and threats make companies more vulnerable to danger of legal brands, financial, and other liabilities. If you are about to secure the trust of your important business relationships Make sure the service provider hasn't been the victim of serious security violations.
Talk to our experts on firstname.lastname@example.org to find out more about the Vuram Contract Management Solution.