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cloud-based contract management system

Around 80% of all business operations are managed by contracts. Contracts play a vital role in the operation of every business. Whether yours is a budding start-up or a major corporation it is likely that you will encounter a myriad of contracts like partnership agreements, non-disclosure agreements, general employment contracts, property and equipment contracts there are many more. What are you doing to effectively manage these contracts? Do you depend on paper or spreadsheets, as well as other outdated systems? Are you thinking about changing to contracts management software? If so, this article will help you.

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Before you invest in a contract management software, ensure that you study the seven issues to make sure you don't fall into traps.

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Does the software have AI capabilities?

contract life cycle management

With the abundance of contractsand the need to maintain uniformity when managing contracts and pulling out essential information pose an enormous problem. The companies may not have uniform way to organize their contract databases. You may have an extensive number of procurement contracts with various renewal dates and renegotiation terms. A team of workers could be required to spend hours trying to track, review and analyze the information to ensure that no opportunities are left unnoticed. Instead, if you opt to use an automated contract system that is powered by AI, this job will be done in mere minutes. With Doc.AI capabilities, details such as the title of the contract, the date of renewal and negotiation terms can be extracted. This helps with review, approvals and signing offs.

software contract management

And that's not all about it. Furthermore, advanced contract management systems with AI capabilities could help review agreements, compare clauses as well as classify contracts by the type of clauses. AI-enabled CMS are also a great aid to maintaining compliance with ever-changing regulations. NLP examines each document and highlights threats and opportunities.

solution provider contract management software

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

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Writing contracts is among the most tedious things. How difficult would be to come up with documents with similar clauses or terms and conditions terminology, and the exact same content many of times. And this is why your CMS should support easy-to-use templates and clause libraries for different fields. With these templates, which have been approved by your editorial and legal teams, you can quickly write contracts without problems with the language. Also, a section to centralize and standardize contracts ensures that you have an overview of the contracts . You can trace their content using filters that you can customize and collaborate with other colleagues to review the documents, make edits and save them.

What's the chance of a return on investment? What is the amount my company can reduce costs?

Savings numbers are the most powerful argument to make the decision whether you should invest in a contract-management solution or not. A study conducted by Goldman Sachs concluded that an automated contract management system can help negotiate negotiations faster by 50 percent. It can also reduce payment errors by 75 to 90% percent, decrease the expense involved in managing contracts between 10 and 30 percent , and reduce the amount of staff required to manage contracts by between 10 and 20 percent. Also, it is true that managing contracts indeed can be a cost-effective alternative, provided it is selected correctly.

Ideally, you should look at elements such as time spent in audits and tracking renewal dates, decreased disputes regarding contracts or new opportunities and reduction of sales cycle.

Can the solution be customized?

Most of the companies in marketplace claims that they provide solutions that are custom designed to meet the needs of every organization. However, is this really the case? Instead of spending money for customization, consider a detailed breakdown of the process workflow, critical steps needs to be modified, investigate options by asking specific questions.

A good example is: in a typical contract management workflow where the writer writes the documents The system automatically routes the document to the person who approves. This is not the only element, an additional feature could include an email notification with the document's link to the approver. This link should be compatible or be compatible with the entire range of devices: smartphones, tablets, and desktops.

However highly customizable software can become complicated and time-consuming to use, and simplicity could also be too simple. Thus, it's always sensible idea to examine the benefits and capabilities of the person who will be using the software and after that, decide on how to modify it.

What are some specific features or highlights which can cut down on manual processes?

Within a Contract Management System, contract documents are saved in a centralized, secure and searchable repository that has user-based access. This allows maximum compliance and comprehensive reporting. For instance, contracts can be easily traceable , and the review and signing process can be automated with e-signatures. Another example would be measurement and analytics. To discover information about how long it took for concluding a contract, people are able to quickly identify the problems, calculate the number of iterations required and write comprehensive reports. This can also assist in incorporating clause libraries, as well as providing insight into past performance as well as improving the length of the contract cycle.

Another crucial aspect to look out for is contract redlining or editing. Redlining highlights the text for indicating changes, additions deletions, approvals and rejections. This feature is useful, especially when there are two or more persons who want to work on the same document together. It can be used to provide greater freedom when reviewing and negotiating contracts.

What is the process to deploy and use?

A contract management application that features an intuitive interface with simple-to-use features is sure to be appreciated by your customers. To obtain the maximum benefit while you're deploying, be sure to integrate it with existing systems that will cut down on duration of navigating from one platform to the next. As an example, integrating CRM with the new contract software could aid sales professionals to automate supply customer data, make contracts and send them out for approvals, in addition to keeping track of renewals, expirations, and other important dates.

Following that, you should look for the onboarding process. Ideal if you have something that is available out of the box so that you can launch and start operating within a short time. Remember that lengthy deployment cycles can not viable any longer.

7. Will the private and sensitive information be secure?

Last but certainly not least Security of data is of paramount importance. As contracts contain highly confidential and sensitive data need to be shielded from unauthorised access in order to earn the trust of your entire circle of friends whether they are partners, vendors or clients. Furthermore, the rising threat of cyberattacks and cyber threats put companies at risks of potential legal brands, financial, and other liabilities. If you're looking to preserve the trust you have built with your top business relationships verify that the company hasn't suffered any serious data attacks.

Get in touch with our experts by emailing to learn more about the Vuram Contract Management Solution.

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