cloud-based contract management system

Nearly 80percent of business activities are controlled by contracts. Contracts are a fundamental part of every business. Even if yours is a small start-up or a major corporation most likely, you'll be dealing with hundreds of contracts such as partnership agreements non-disclosure agreements general employment contracts property and equipment contracts and more. Are you able to effectively manage them? Do you have to rely on paperwork sheets, spreadsheets and other outdated systems? Have you thought about shifting to contracts management software? If so, this article is for.

contract management

Before investing in the contract management system ensure that you review these seven questions in order to avoid pitfalls.

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Does the program come with AI capabilities?

contract life cycle management

With the large number contract information, ensuring that there is a uniform approach in managing contracts and collecting essential data is an enormous challenge. The companies may not have uniform method for organizing contract databases. Consider, your enterprise has numerous contract types with different renewal dates as well as renegotiation clauses. The team of reps could be required to spend hours researching, reviewing and archiving the data to make sure that all opportunities are not missed. If you opt for an AI-powered contract management system, the job could be completed in less than a minute. Through Doc.AI capabilities, information such as names of contracts, renewal dates agreements, and other terms of negotiation can be extracted. This makes it simpler for reviews, approvals and sign-offs.

software contract management

That's not all there is to it. Further, advanced contract management systems equipped with AI capabilities can aid in the review of contracts, compare clauses, and categorize contracts based on the type of clauses. AI-powered CMS will assist with making sure that you are in compliance with current laws. NLP examines each document and highlights the threats and opportunities.

solution provider contract management software

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

best contract management software

The writing of contracts is among the most challenging tasks. Consider how challenging it would be to draft documents that have similar clauses or terms and conditions jargons, and almost exactly the same content several of times. This is the reason your CMS should have templates that are easy to use and clause libraries that cover several areas. Using these templates, pre-approved by your editorial and legal team, you can easily draft contracts without any errors in the language. Additionally, the option to standardize and centralize contracts means you get the full view of the contracts . You can trace the contracts with filters that can be customized and interact with peers to discuss and edit them and then store them.

What's the potential for ROI? How much money can my business reduce costs?

The savings figures are the biggest persuaders to help you make the best decision whether you should consider investing in a contract management best contract management software tool or not. A study by Goldman Sachs concluded that an automated system for managing contracts can make negotiations more efficient by fifty percent, reduce payments errors by 75-90 percent, cut the cost management of contracts by 10 to 30 percent and reduce the number of employees required to manage contracts by 10-20. In fact, contract management does have the potential to be a value-for-money alternative, provided it is selected correctly.

It is recommended to consider factors such as time spent on audits and monitoring renewal dates, decreasing disputes on contracts creating new opportunities reduced sales cycle.

Can you customize the solution?

Almost every provider in business claims to provide an approach that is designed to the specific requirements of every organization. However, is this really the case? Instead of spending hundreds of dollars for customizing, you should first understand your workflow, processes that are crucial to be improved, and consider options using more precise questions.

A good example is: in a typical contract management workflow in which the writer creates the documents the system is able to automatically route it to the approver. If you don't want to stop at this basic feature, a customization could be an email notification that contains the document's document URL, and sent to the person who approves. And the link should support or function on every device, including smartphones tablets and laptops.

In the same way highly customizable software can also be difficult and complicated in use. Its simplicity could end up being too little. Thus, it's always prudent idea to study the benefits and complexity for the team that will utilize the software and then choose the most appropriate customization.

What are some special features or highlights that can speed up manual processes?

In a contract management system, contracts are kept in a centralized, secure and searchable library with user-based access. This facilitates optimum compliance as well as large-scale reporting. For instance, contracts could be easily traced, and the procedure of reviewing and signing is streamlined with electronic signatures. Another example would be Analytics and metrics. To gather information about how long it took for concluding a contract, people will be able to analyze issues, figure out the amount that iterations were made and then prepare detailed reports. This will aid when adding clause libraries and gain insights into past performance as well as increasing the speed of contract negotiation.

Another important aspect to look for are contract redlining, also known as editing. Redlining refers to highlighting text in order to highlight changes, additions deleted, approvals and rejections. This feature can be useful particularly when two or more people want to work on the same document collaboratively. This feature gives more flexibility when reviewing and signing contracts.

What is the process to install and use?

A contract management tool that has an intuitive interface as well as user-friendly features will be highly regarded by your customers. To maximise the benefit when deploying, you should connect it to existing systems that can reduce the amount of time spent navigating between platforms. For instance, the integration of CRM with the latest contract software will aid sales personnel in automating feed information about customers, create contracts and forward them for approval, as well as having control over all renewals, expirations, and other important dates.

The next step is to search for the onboarding process. Great if it is an on-the-spot solution that you can start to go live and be operational within a short time. Remember long deployment cycles are no longer feasible.

7. Are the data and personal information be safe?

In the last, but not least, data security is of vital importance. Because contracts contain highly personal and sensitive information need to be shielded against unauthorized access to ensure the confidence of your friends whether it's partners, vendors or customers. Furthermore, the rising cyber-attacks and threats are making companies susceptible to risk of potential legal fiscal, brand, and financial obligations. If you're about to preserve the trust you have built with your important business relationships you must ensure that the provider hasn't suffered any significant data violations.

Get in touch with our experts by emailing [email protected] to find out more details regarding Vuram's Contract Management Solution.