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cloud-based contract management system

Nearly 80% of business operations are managed by contracts. Contracts are an integral part of every company. When you are a startup or an established company There is a high likelihood that you'll encounter a myriad of contract agreements such as partnership agreements non-disclosure agreements and general employment contracts. equipment and property agreements, the list is endless. What do you do to manage them? Do you use paper or spreadsheets, as well as other outdated systems? Have you thought about moving to contract management systems? If yes, then this article is for you.

contract management

Before investing in a system for managing contracts, make sure you analyze these seven points to avoid common pitfalls.

software solutions contract management tools

Does your software have AI capabilities?

contract life cycle management

With the abundance of contracts, keeping a consistent system when managing contracts and collecting essential data is an enormous challenge. Many organizations don't have a standardized way of organizing contract databases. You may have many procurement contracts with varying expiration dates and renegotiation provisions. A group of people might need to work for hours trying to track, review and analyze the data to ensure every opportunity is not lost. Instead, if you go using an artificial intelligence-powered system to manage contracts, your task can be accomplished in a matter of minutes. By using Doc.AI capabilities, information like contract titles, renewal dates and negotiation terms can be extracted. This makes it much easier to do reviews, approvals and sign-offs.

software contract management

And that's not all about it. Further, advanced contract management systems that incorporate AI capabilities are able to help review contracts, compare clauses, and also classify contracts according to the kind of clauses. AI-powered CMS can also help in maintaining compliance with ever-changing regulations. NLP examines each document and points out the dangers and opportunities.

solution provider contract management software

Are there standard templates for contract for editing and drafting?

best contract management software

Drafting contracts is one of the most difficult things to do. Consider how challenging it would be to write contracts with similar clauses such as terms and conditions vocabulary, and virtually exactly the same content numerous of times. This is why your CMS should be able to provide templates contract management and clause libraries for many areas. Utilizing these templates which have been approved by your legal and editorial teams, you are able to quickly create contracts that are free of errors in the language. Additionally, a plan to standardize and centralize contracts provides you with a 360 degree view on the contracts. You can track your contracts using flexible filters. Furthermore, you are able to collaborate with peers to review and edit them and then store them.

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

The savings figures are the largest factor in helping you take the final decision whether you should consider investing in a contract management program or not. A study by Goldman Sachs concluded that an automated contract management system could accelerate negotiations by up to fifty percent, reduce payments errors by 75-90 percent, cut the cost management of contracts by 10 to 30 percent and cut the number of employees required for contract management by between 10 and 20 percent. Also, it is true that managing contracts is indeed a cost-effective option, when it is used correctly.

It is recommended to consider factors such as the time spent in audits and tracking renewal dates, decrease in disputes over contracts as well as the creation of new possibilities which will reduce sales cycle.

Can the solution be customized?

Nearly every service provider in marketplace claims that they provide a service that is specifically designed to meet the demands of every company. But is it always true? Instead of spending lots of money for customization, take a look at the process workflow, critical steps needing improvement, investigate options by asking precise questions.

For example: In a typical contract management workflow in which the writer creates the documents the system then automatically forwards the document to the person who approves. But, without limiting this basic feature, a customization could include an email notification including the document's hyperlink sent to the person who approves. This link must support or work on any device, including smartphones, tablets and desktops.

In the same way highly customizable software could also make the software difficult and difficult to use. Moreover, the ease of use can also mean too much. Therefore, it's a wise idea to consider the pros and cons and the level of sophistication of the staff that will utilize the software and determine the best approach to customization.

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

Contracts are stored in a centralized, secure and searchable repository , with user-based access. This ensures maximum compliance and ample reporting. For instance, contracts could be easily tracked and the procedure of reviewing and signing can be automated through electronic signatures. Another possible example is measurement and analytics. To discover information about the time it took negotiations, contract participants can easily assess areas of contention, count the number of iterations required and write comprehensive reports. This is also helpful in extending clause libraries, getting insights into past performance, and cutting down on the time it takes to negotiate contracts.

A different important thing to look for is contract redlining, also known as editing. Redlining refers to highlighting text in order to highlight changes, additions of deletions, approvals, and rejections. This feature can be helpful particularly when there are two or more persons who wish to work on the same document collaboratively. It allows for greater possibility of reviewing and discussing contracts.

What is the process to install and use?

A contract management program that has an intuitive interface with simple-to-use features is sure to be adored by your customers. To obtain the maximum benefit in the process of deploying, it is best to connect it to existing systems to reduce the amount of time spent navigating between platforms. In this case, integrating CRM into the new contract software might allow sales staff to automatically provide customer data, design agreements and direct them to approvals, in addition to being in charge of renewals, expirations and other dates.

Next would be to check for the process of onboarding. Ideal if you have an easy-to-use solution, so you are able to get up and running within a short time. Remember that long deployment periods are no longer sustainable.

7. How will your private information be secure?

And lastly, but certainly not last secure data storage is of crucial importance. Contracts contain extremely confidential and sensitive data the information must be secure from unauthorized access . This is to earn the respect of your group including partners, vendors and customers. Also, the ever-growing security threats and cyberattacks are putting companies at danger of legal or financial liability as well as brand and brand. If you're trying to maintain the trust of your key business relationships Make sure the provider hasn't been hit by any serious security violations.

Reach out to our experts at [email protected] to find out more about Vuram's Contract Management Solution.