cloud-based contract management system

A majority of business operations are governed by contracts. Contracts are an integral part of any business. In the case of a startup or a large corporation it is likely that you will be working with hundreds of contracts . For example, partnership agreements non-disclosure agreements General Employment Contracts, equipment and property contracts The list is innumerable. How effective are you managing them? Do you rely on paper or spreadsheets as well as other traditional systems? Have you considered moving to contract management systems? If yes, then this article can help.

contract management

Before you invest in a contract-management system, ensure that you study the following seven questions to avoid any pitfalls.

software solutions contract management tools

Does the software include AI capabilities?

contract life cycle management

With the sheer amount of contracts, keeping a consistent system, managing contracts and getting the necessary information out is many challenges. The companies may not have standardized method of organizing contracts databases. You may have numerous contract types with different renewal dates and renegotiation terms. A team of workers could be required to spend hours studying, reviewing, and tracking the data to ensure the opportunity isn't missed. If you opt using an artificial intelligence-powered system to manage contracts, your job will be done in mere minutes. Thanks to Doc.AI capabilities, data like contract titles, renewal dates negotiations terms, and renewal dates can be extracted. This facilitates reviews, approvals and sign-offs.

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It's not just about it. Further, advanced contract management systems equipped with AI capabilities can help review contracts, compare clauses, as well as classify contracts by the kind of clauses. AI-powered CMS can assist in staying compliant with the changing rules. NLP examines each document and provides a list of threats and opportunities.

solution provider contract management software

Are there templates that are standard for contract writing and editing?

best contract management software

The writing of contracts is among the most frustrating tasks. Just imagine how hard it would be to create documents with similar clauses or terms and conditions phrases, and identical content hundreds of times. This is why your CMS must have easy-to-use templates and clause libraries in several areas. Utilizing these templates which have been approved by your legal and editorial team, you will be able quickly draft contracts without any mistakes in language. Plus, a provision to centralize and standardize contracts will give you an overview of the contract documents to look over their content using filters that you can customize and cooperate with colleagues to read and edit them and then store them.

What's your ROI potential? What amount can my company save?

The savings numbers are the most persuasive factors to make the best decision whether to decide to invest in a contractual management solution or not. A study by Goldman Sachs concluded that an automated contract management system can reduce the time for negotiations by fifty percent, reduce payments error by 75-90 percent, cut the cost to manage contracts by 10 to 30 percent and cut the headcount required to manage contracts by 10-20. And yes, contract management is a viable cost-effective choice, if it is chosen properly.

Ideally, you must take into account factors such that best contract management software the time spent in audits and tracking renewal dates decreased disputes regarding contracts or the creation of new opportunities as well as reducing the time to sell.

Can the solution be customized?

Virtually every vendor in marketplace claims that they offer the best solution to meet the demands of every business. But is it always true? Instead of spending huge sums to customize your experience, take the time to understand the process flow, key processes changes that must be made, consider options using more precise questions.

For example, in a typical workflow for managing contracts once the contract manager drafts the documents, the system automatically routes it to the approver. But, without limiting this basic function, a modification can be a notification via email with the document's link to the person who approves. The link must be compatible or work with all devices- smartphones, tablets and laptops.

However extremely customizable software may also mean cumbersome and complex for users, and ease of use can also mean too much. Hence, it's always a great idea to think about how the software works and the capabilities of the people who will utilize the software and determine the best approach to customization.

What are some notable features that can speed up manual processes?

The contracts in a system for contract management are stored in a centralized, secure and searchable repository that has user-based access. This allows the best compliance and large-scale reporting. For instance, contracts could be easily traced, and the procedure of reviewing and signing is streamlined with electronic signatures. Another example could be metrics and analytics. To gather information about how long it took to negotiate a contract, the users will be able to analyze areas of contention, count the number of iterations and then create detailed reports. This will further help in incorporating clause libraries, getting insights into the historical performance and increasing the speed of contract negotiation.

Another crucial aspect to look at is the redlining of contracts or editing. Redlining highlights text to signal changes, additions or deletions, as well as approvals and rejections. This function is beneficial, especially when two or more people wish to work on the same document together. It will give you greater range of flexibility in reviewing and negotiating contracts.

What is the process to install and use?

A contract management system with a user-friendly interface, easy-to-use features will enjoy the admiration of your users. To gain maximum advantage, when deploying the software, make sure to connect it to current systems that cut down on the time spent on navigating from one platform to another. By integrating CRM, the new contract software might help salespeople automatically feed information about customers, create contracts , and distribute them to approval, as well as being in charge of the expirations, renewals and other important dates.

The next step is checking for the process of onboarding. The best option is if it's an out-of-the-box solution so that you are able to go live and become operational within a couple of weeks' time. Keep in mind that lengthy deployment cycles are not viable anymore.

7. Will the data and private information be secure?

Not to be left out important, data security is crucial importance. Because contracts contain highly personal and sensitive information and sensitive information, they should be protected from unauthorised access in order to earn the trust of your circle whether that be your partners, vendors and customers. Additionally, the increase in cybersecurity threats and cyber attacks have made companies vulnerable to risk of potential legal or financial liability as well as brand and brand. If you're looking keeping the trust of your business partners Check to make sure that your provider hasn't had any serious data breaches.

Get in touch with our experts by emailing ask@vuram.com to learn what Vuram has to offer in its Contract Management Solution.