cloud-based contract management system

The majority of business operations are governed by contracts. Contracts make up a significant part of any business. It doesn't matter if yours is a fledgling startup or a large corporation the chances are that you'll have to deal with a multitude of agreements like partnership agreements, non-disclosure agreements or general employment agreements equipment and property agreements there are many more. Are you able to effectively manage them? Do your operations rely on paper spreadsheets, spreadsheets, and other old systems? Have you considered moving to contracts management software? If so, this article can help.

contract management

Before you invest in a system for managing contracts, make sure you look over these seven questions to avoid any pitfalls.

software solutions contract management tools

Does your software have AI cloud-based contract management system capabilities?

contract life cycle management

With the abundance of contractsto manage, maintaining uniformity while managing contracts and extracting vital information can be the biggest challenge. Companies may not have a uniform method for organizing contract databases. Think about it, your business is home to many procurement contracts with varying renewal dates and terms for renegotiation. A team of representatives may have to spend hours investigating, reviewing and documenting the data to make sure that no opportunities are left unnoticed. If you opt on an AI powered contract management software, the job can be accomplished in a matter of minutes. Thanks to Doc.AI capabilities, information like names of contracts, renewal dates contract terms, and renewal dates are extracted. This makes it easier for review, approvals and signing offs.

software contract management

This isn't all of it. Additionally, advanced contract management systems that incorporate AI capabilities will help you review contracts, compare clauses, and organize contracts according the type of clauses. AI-powered CMS could also assist in staying in line with the evolving rules. NLP examines each document and points out the dangers and opportunities.

solution provider contract management software

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

best contract management software

Contracts are among the most difficult tasks. What a hassle it would be to draft documents that have similar clauses including terms and clauses, phrases, and the same content a number of times. This is why your CMS should have templates that are easy to use and clause libraries across different areas. With these templates, which have been approved by your legal and editorial teams, you are able to quickly write contracts without defects in language. Furthermore, a feature to standardize and centralize the contract means you will have 360-degree view of the contracts to trace them using custom filters and collaborate with peers to review as well as edit and archive.

What's your ROI potential? What can my company save?

The savings numbers are the largest factor in helping you make the right decision whether to invest in a contract-management solution or not. A study conducted by Goldman Sachs concluded that an automated system for managing contracts can speed up negotiations by fifty percent, reduce payments errors by 75 to 90% percent, reduce the cost management of contracts by 10 to 30 percent , and decrease the number of people needed for contract management of 10 to 20 percent. The fact is, contract management is indeed a cost-effective option, when it is used correctly.

Ideally, you need to take into account factors such that the time spent in audits and monitoring renewal dates, reduction in contract disputes creating new opportunities that reduce the cycle of sales.

Does the solution have the ability to be adapted?

Virtually every vendor in today's market boasts to provide an answer that is customized to the requirements of each organization. What if that isn't the case? Instead of spending huge sums to customize your experience, take the time to understand the process workflow, critical steps enhancements that are required, take a look at options with more precise questions.

As an example: In a typical workflow for managing contracts once the contract manager drafts the documents and the system processes it, it automatically sends it to the approver. While this is a basic attribute, a further customization could include an email including the document's hyperlink sent to the approver. The link should work or work on every device, including smartphones tablets as well as desktops.

But highly customizable software could be a hassle to use, and simplicity could end up being too little. Thus, it's always best practice to analyze what the options are and the expertise of the people who will be using the software and determine the best approach to customization.

What are some distinctive features or highlights that can streamline manual processes?

As part of a contract administration system, agreements are kept in a centralized, secure and searchable storage facility with user-based access. This ensures maximum compliance and extensive reporting. In particular, contracts could be easily traced, and the procedure of reviewing and signing is automated by e-signatures. Another example is metrics and analytics. To obtain information on how long it took concluding a contract, people can quickly look over bottlenecks, determine the number of iterations required and write comprehensive reports. This will aid in extending clause libraries, gaining insights on the performance history and decreasing the time to complete a contract.

Another crucial aspect to look upon is contract redlining or editing. Redlining highlights text in order to mark changes, additions to deletions, changes, approvals as well as rejections. This is a useful feature, especially when there are two or more persons who are working on the same document together. It provides a greater flexibility while reviewing and negotiating contracts.

What is the process to install and use?

A contract management tool with an intuitive user interface that is easy to use will get the attention of your customers. To gain maximum advantage, while you're deploying, be sure to connect it to current systems that cut down on the time spent on navigating between different platforms. In this case, integrating CRM into the new contract software could allow sales staff to automatically supply customer data, make contracts and have them routed for approval, while also being in control of all the renewals, expirations and other dates.

The next step is to search for the process of onboarding. Excellent if this is an in-box solution, so that you can go live and begin operating within a short time. Remember long deployment cycles are now unsustainable.

7. Will the data and private information be safe?

In the last, but not least important, data security is the utmost importance. Because contracts contain highly private and sensitive data, they must be restricted from unauthorized access , in order to earn the confidence of your family such as partners vendors , or even customers. In addition, the growing number of security threats and cyberattacks have made companies vulnerable to risk of potential legal branding, financial and legal liabilities. If you're looking to protect the trust and confidence of the most important business relationships you have ensure that the supplier hasn't had any serious data or security breaches.

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