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cloud-based contract management system

About 80% of commercial operations are governed by contracts. Contracts are a fundamental part of every company. It doesn't matter if solution provider contract management software yours is a fledgling company or a huge corporation it is likely that you will be dealing with hundreds of contract agreements such as partnership agreements non-disclosure agreements and general employment contracts. property and equipment contracts, the list is endless. How effectively are you managing these contracts? Do you still rely on paper in spreadsheets, documents, or other systems? Have you ever thought of moving to contract management systems? If yes, then this article will help you.

contract management

Before you invest in a contract-management system, be sure to review the seven issues to make sure you don't fall into traps.

software solutions contract management tools

Does the program have AI capabilities?

contract life cycle management

Due to the huge volume of contracts, maintaining uniformity management of contracts, and pulling out essential information pose many challenges. Businesses may not have standardized method of organizing contracts databases. If your business is a good example, it has an abundance of procurement contracts with varying renewal dates , renegotiation and renewal terms. A team of staff members could be required to spend hours researching, reviewing and archiving the information to ensure that no opportunities are left unnoticed. Instead, if you go for an AI-powered solution for contract management, the task can be completed in minutes. With Doc.AI capabilities, information like the title of the contract, the date of renewal the negotiation term can be extracted. This allows for easier reviews, approvals , and sign-offs.

software contract management

And that's not even the best part of it. Additionally, advanced contract management systems that incorporate AI capabilities are able to help review contracts, evaluate clauses, and categorize contracts based on the type of clauses. AI-enabled CMS are also a great aid to maintaining compliance with evolving regulations. NLP analyses every document to highlight the threats and opportunities.

solution provider contract management software

Are there standard templates for contract draft and editing?

best contract management software

Contracts are among the most tedious things. It is difficult to imagine how complicated it could be to draft documents that have similar clauses, terms and conditions, phrases, and the same content a number of times. And this is why your CMS should have templates that are easy to use and clause libraries that cover many areas. Utilizing these templates which have been approved by your editorial and legal team, you will be able quickly create contracts with no errors in the language. Also, a section to centralize and standardize the contract means you will have the full view of the contracts . You can trace their content using filters that you can customize and be able to collaborate with others to review and edit them and then store them.

What's the potential ROI? How much could my company reduce costs?

Savings numbers are among the greatest motivators to make the ultimate decision whether to decide to invest in a contractual management solution or not. A study by Goldman Sachs concluded that an automated system for managing contracts can improve negotiations by 50 percent, cut down on payment errors by 75 to 90 percent, lower the cost of managing contracts by 10 to 30 percent and reduce the number of employees needed for contract management up to 20 percent. Indeed, managing contracts certainly can be a cost-effective option, when it is used correctly.

In the ideal scenario, you should consider factors like the time spent in audits and tracking renewal dates decreasing disputes on contracts and creation of new business opportunities, reduction in sales cycle.

Can the solution be made customizable?

Most of the companies in industry claims to offer a service that is specifically designed to the requirements of every organization. However, does this guarantee that it will always be true? Instead of spending thousands on customization, thoroughly describe the workflow, critical processes to be improved, and look into options by asking more specific questions.

For instance: in a typical contract management workflow, once the author drafts the documents and the system processes it, it automatically sends it to the approver. This is not the only feature, a customization could be an email notification with the link to the document sent to the approver. The link should work or work on any device, including smartphones, tablets and laptops.

However, highly customizable software can make it difficult and cumbersome to use, while simplicity can also mean too much. So, it's always a best practice to analyze the pros and cons and the level of sophistication of the individuals who will utilize the software and then choose the most appropriate customization.

What are some exclusive features or points that can cut down on manual processes?

Contracts are stored in a secure, centrally located and searchable repository with user-based access. This allows for maximum compliance and large-scale reports. In particular, contracts could be easily tracked, and the process of reviewing and signing is streamlined with electronic signatures. Another option is metrics and analytics. To obtain information on how long it took the negotiation of a contract are able to quickly identify the areas of contention, count the number of iterations and prepare comprehensive reports. This will aid in extending clause libraries, gaining insights on the performance history and making the process more efficient and reduce the cycle times of the contract.

Another important feature to look on is contract redlining or editing. Redlining highlights text to signify changes, additions deletions, approvals and rejections. This is a useful feature particularly when two or more users wish to work on the identical document in a collaborative manner. This allows more flexibility when reviewing and negotiating contracts.

It is easy to install and use?

A contract management software with an intuitive user interface with easy-to-use features will be appreciated by your users. To reap maximum benefits, during the time of deployment, try to integrate it with existing systems that will cut down on need to move from one platform to another. For instance, integrating CRM with the new contract software might aid sales personnel in automating provide customer data, design contracts and route them for approval, in addition to keeping track of renewals, expirations and other dates.

The next step is checking for the process of onboarding. Ideal if it's an existing solution, meaning that you can go live and become operational within a short time. Do not forget that lengthy deployment cycles are not viable anymore.

7. The data and personal information be safe?

Last but not the least, data security is of top priority. Because contracts contain highly personal and sensitive data and sensitive information, they should be protected from unauthorized access . This will help you earn the trust of your network such as partners vendors and customers. Plus, the increasing threat of cyberattacks and cyber threats have made companies vulnerable to risk of potential legal, financial and brand liabilities. If you're about to protect the trust and confidence of the most important business relationships you have be sure to confirm that the provider hasn't had any serious security hacks.

Talk to our experts on ask@vuram.com to learn more details regarding Vuram's Contract Management Solution.

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