cloud-based contract management system

Around 80% or more of the business activities are controlled by contracts. Contracts form an integral part of every company. Even if yours is a small enterprise or a big corporation there is a good chance that you will be managing hundreds of contracts . For example, partnership agreements non-disclosure agreements, general employment contracts, property and equipment contracts, the list is endless. What do you do to manage them? Do you still rely on paper and spreadsheets or other obsolete systems? Have you ever thought of moving to contracts management software? If yes, then this article is for you.

contract management

Before investing in a contract management solution, be sure to study the seven issues to avoid the pitfalls.

software solutions contract management tools

Does the program have AI capabilities?

contract life cycle management

Due to the huge volume of contracts, ensuring uniformity when managing contracts and collecting essential data is major challenges. It is possible that organizations do not have a uniform method for organizing contract databases. For example, you have many contract types with different renewal dates and terms for renegotiation. A team of personnel could be required to spend hours studying, reviewing, and tracking the data to ensure there aren't any opportunities left unnoticed. If you opt for an AI-powered contract management system, the task can be completed in only a few minutes. By using Doc.AI capabilities, the information like the title of the contract, the date of renewal, negotiation terms can be extracted. This helps with reviews, approvals and sign-offs.

software contract management

However, that's just the beginning of it. Additionally, advanced contract management systems that incorporate AI capabilities can help review agreements, compare clauses and categorize contracts based on the type of clauses. AI-enabled CMS can assist in staying compliant with the changing regulations. NLP analyzes every document and highlights threats and opportunities.

solution provider contract management software

Are there standard templates for contract edits and drafting?

best contract management software

The writing of contracts is among the most difficult tasks. What a hassle it would be to draft documents that have similar clauses or terms and conditions terminologies, and even exactly the same content numerous of times. This is the reason your CMS should have templates that are easy to use and clause libraries that cover a variety of areas. Utilizing these templates, approved by your editorial and legal teams, you will be able to quickly make contracts with no problems with the language. Additionally, the option to centralize and standardize contracts means you get a 360 degree view of the contracts . You can trace the contract's history using customizable filters. You can also collaborate with other colleagues to review, edit and store.

What is the potential ROI? What's the cost my organization can save?

The savings numbers are the most persuasive factors to make the decision whether you should invest in a contract-management system or not. A study conducted by Goldman Sachs concluded that an automated contract management system could make negotiations more efficient by 50 %, cut payment errors by 75-90 percent, cut the cost for managing contract by 10 to 30 percent , and reduce the amount of staff needed to manage contracts by 10-20. And yes, contract management is a viable cost-effective option, when it is used correctly.

Ideally, you should look at factors such as time spent in audits and tracking renewal dates, reduced disputes with contracts, creation of new opportunities that reduce the cycle of sales.

Can you customize the solution?

Nearly every service provider in marketplace claims that they offer solutions that are custom designed to the requirements of every business. However, does this guarantee that it will always be true? Instead of spending thousands for customization, consider a detailed breakdown of your workflow, processes that are crucial changes that must be made, look into options by asking more precise questions.

As an example: In a typical workflow for managing contracts that is completed by the author, when the author writes the documents the system is able to automatically route the document to the person who approves. But, without limiting this basic element, an additional feature could include an email notification that includes the document's link to the approver. And the link should support or work on every device - smartphones, tablets, and desktops.

Yet highly customizable software could be a hassle to use, and the simplicity can be too little. Therefore, it's a best practice to analyze how the software works and the capabilities of the person who will use the software and then make a decision on how to tailor it.

What are some of the particular features or features that can cut down on manual processes?

In a contract management system, contracts are saved in a secure, centrally located and searchable repository that has user-based access. This allows the best compliance and ample reporting. For instance, contracts can be easily tracked down and the process of reviewing and signing is streamlined with electronic signatures. Another example would be metrics and analytics. To find out data on the time it took signing a contract. Users can easily look at gaps, analyze the number of iterations , and create comprehensive reports. This will assist in adding to clause libraries, as well as providing insight about the previous performance as well as decreasing the duration of contract cycles.

Another feature worth looking upon is contract redlining, also known as editing. The redlining process highlights the text in order to highlight changes, cesarlihu998.lowescouponn.com/software-solutions-contract-management-tools additions deletions, approvals or rejections. This feature is very useful particularly when two or more individuals want to work on the same document collaboratively. It offers greater ability to review and negotiate contracts.

It is easy to deploy and use?

A contract management program which has a simple interface and user-friendly features will delight your users. To maximize your benefits when you are deploying it, try to integrate it with existing systems to reduce the time it takes to navigate between different platforms. By integrating CRM, the latest contract software could help sales personnel to automatically feed customer information, create contracts , and distribute them to approval, as well as being in control of all renewals, expirations, and other dates.

The next step is to look for the process of onboarding. The best option is if it's an out-of-the-box solution so that you can launch and start operating within a short time. Remember that long deployment periods are no longer feasible.

7. Will the data and private information be secure?

In the last, but not least Security of data is of essential importance. Because contracts contain highly confidential and sensitive information It is imperative to secure them from unauthorized access to earn the trust of the people you trust which includes partners, vendors and customers. Furthermore, the rising threat of cyberattacks and cyber threats have made companies vulnerable to danger of legal insolvencies, financial and brand risks. If you're about keeping the trust of your business partners you must ensure that the provider has not suffered any serious data compromises.

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