software solutions contract management tools

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cloud-based contract management system

More than 80% of businesses operations are governed by contracts. Contracts are an integral component of any company. When you are a enterprise or a big corporation You're likely to be managing hundreds of contracts like partnership agreements, non-disclosure agreements or general employment agreements equipment and property contracts The list is endless. What are you doing to effectively manage these contracts? Do your operations rely on paper sheets, spreadsheets and other outdated systems? Have you thought about switching to contracts management software? If so, this article can help.

contract management

Before investing in a contract management software, be sure to review these seven questions to make sure you don't fall into traps.

software solutions contract management tools

Does the program have AI capabilities?

contract life cycle management

With the sheer amount of contracts, ensuring uniformity, managing contracts and retrieving essential information poses many challenges. There may not be a uniform method for organizing contract databases. For example, you have a large number of procurement contracts with differing renewal dates as well as renegotiation clauses. A team of personnel could be required to spend hours searching, reviewing and tracking the information to ensure that you don't miss any opportunities. Instead, if you opt to use an automated contract system that is powered by AI, this task can be completed in minutes. By using Doc.AI capabilities, information like contracts' titles, renewal dates the negotiation term can be extracted. This helps with reviews, approvals and sign-offs.

software contract management

But that's not the only thing about it. In addition, advanced contract management systems that incorporate AI capabilities can help review contracts, review clauses, and categorize contracts based on the type of clauses. AI-powered CMS are also a great aid to maintaining compliance with ever-changing rules. NLP analyses every document and will highlight threats and opportunities.

solution provider contract management software

Are there standard templates for contract for editing and drafting?

best contract management software

The process of drafting contracts is among the most laborious tasks. Imagine how difficult it would make it to prepare documents with similar clauses such as terms and conditions terminologies, and even the exact same information a couple of times. That's why your CMS should be able to provide templates and clause libraries across a variety of areas. These templates, when approved by your editorial and legal teams, you can swiftly make contracts with no errors in the language. Plus, a provision to centralize and standardize the contract means you will have 360-degree view of the contracts , allowing you to follow them with customizable filters and collaborate with your peers to look over and edit them and then store them.

What's the potential ROI? How much money can my business save?

The savings numbers are one of the greatest motivators to make the right decision whether to spend money on a contract administration system or not. A study by Goldman Sachs concluded that an automated contract management system can increase the speed of negotiations by 50 percent, lower payment errors by between 75 and 90 percent, cut the cost management of contracts by between 10 and 30 per cent and cut the total number of people needed for contract management by 10-20 percent. Yes, contract management certainly can be a cost-effective alternative, provided it is selected correctly.

Ideally, you should think about factors like the time spent on audits and monitoring renewal dates, reduction in contract disputes and creation of new business opportunities, reduction in sales cycle.

Is the solution customizable?

Every provider on business claims to provide an option that is custom-made to meet the needs of each organization. However, does this guarantee that it will always be true? Instead, instead of spending a lot on customizing, go over the workflowprocess, essential processes needing improvement, investigate options by asking precise questions.

For instance: in a typical contract management workflow once the contract manager drafts the documents it is routed by the system it to the approver. If you don't want to stop at this basic characteristic, a tweak could include an email notification that contains the document's document URL, and sent to the person who approves. The link must be compatible or work on all devices- smartphone, tablets and laptops.

Yet highly customizable software could become complicated and time-consuming to use, and the simplicity may also prove too little. Thus, it's always good idea to look at how the software works and the capabilities of the staff that will be using the software , and then choose the most appropriate customization.

What are some of the distinctive features or highlights that can reduce manual processes?

Contracts are kept in a central, secure and searchable database that allows users to have access. This ensures optimal compliance and large-scale reports. In particular, contracts could be easily traceable , and the process of reviewing and signing can be automated through electronic signatures. Another example would be metrics software solutions contract management tools and analytics. To extract information on the time it took concluding a contract, people are able to quickly identify the bottlenecks, identify the number of iterations and prepare comprehensive reports. This can further assist in adding to clause libraries, providing insights on the performance history and making the process more efficient and reduce the cycle times of the contract.

Another key feature to look on is contract redlining or editing. Redlining refers to highlighting text in order to highlight changes, additions deletions, approvals or rejections. This feature can be helpful, especially when there are two or more persons who need to work on same document collaboratively. It allows for greater flexibility when reviewing and negotiating contracts.

How easy is it to set up and use?

A contract management software that offers a simple interface and simple to use features will be loved by your end customers. To maximise the benefit while deploying, try to connect it to existing systems , which will reduce the amount of time spent navigating from one platform to another. By integrating CRM, the new contract software could aid sales professionals to automate transfer customer information, build contracts and route them for approval, in addition to having control over all renewals, expirations and other important dates.

The next step is to look for the process of onboarding. This is especially helpful if it's an off-the-shelf solution that you can begin to live and operational within a few weeks' time. Remember that lengthy deployment cycles can not sustainable anymore.

7. Will the private and sensitive information be secure?

The last but not least the security of data is of crucial importance. Because contracts contain highly personal and sensitive data it is essential to protect them from unauthorised access in order to earn the trust of the people you trust whether it's partners, vendors or customers. Furthermore, the rise of hacker attacks and malicious threats are making companies susceptible to the possibility of legal insolvencies, financial and brand risks. If you're planning to protect the trust and confidence of the key business relationships with your company verify that the service provider hasn't been the victim of serious data hacks.

Connect with our experts at [e-mail] to learn how Vuram can help you with your Contract Management Solution.