cloud-based contract management system

The majority of business activities are controlled by contracts. Contracts play a vital role in the operation of any company. It doesn't matter if yours is a fledgling startup or a large corporation probably you'll be dealing with numerous contracts like partnership agreements, non-disclosure agreements or general employment agreements equipment and property agreements The list of contracts is endless. How well are you managing them? Do you use paper or spreadsheets as well as other traditional systems? Have you considered moving to contract management systems? If so, this article is for you.

contract management

Before investing in a contract management software, be sure to review the following seven questions to make sure you don't fall into traps.

software solutions contract management tools

Does the software contain AI capabilities?

contract life cycle management

The sheer volume of contractsand the need to maintain uniformity when managing contracts and getting essential information to be accessed is huge challenges. There may not be a standardized method of organizing contract databases. For instance, your company has several procurement contracts , each with different renewal dates and renegotiation terms. A team of representatives may be required to dedicate hours investigating, reviewing and documenting the data to make sure that every opportunity is not lost. If you opt for an AI-powered contract management system, the job will be done in mere minutes. With Doc.AI capabilities, information like names of contracts, renewal dates contract terms, and renewal dates are extracted. This facilitates to review, approve and sign off.

software contract management

And that's not even the best part of it. Advanced contract management systems with AI capabilities are able to help review the contract, assess clauses and also classify contracts according to the type of clauses. AI-powered CMS can also help in complying with changes in regulations. NLP analyzes every document, highlighting the risks and opportunities.

solution provider contract management software

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

best contract management software

Drafting contracts is one of the most frustrating tasks. How difficult would be to create documents with similar clauses such as terms and conditions technical terms, and almost the same content multiple times of times. This is why your CMS should provide easy-to-use templates and clause libraries across different fields. With these templates, which have been approved by your editorial and legal teams, you can swiftly draft contracts that do not have any mistakes in language. Additionally, a plan to standardize and centralize contracts will give you a 360 degree view of the contracts to trace their content using filters that you can customize and be able to collaborate with others to review or edit the contract and then save it.

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

Savings numbers are the most powerful argument to make the right decision whether to decide to invest in a contractual management method or no. A study by Goldman Sachs concluded that an automated contract management system could speed up negotiations by 50 percent, lower payment error by 75-90 percent, cut the cost involved in cloud-based contract management system managing contracts 10-30 percent , and reduce the amount of staff needed to manage contracts by 10-20. Indeed, contract administration does have the potential to be a value-for-money option, if chosen correctly.

Ideally, you should look at things like time spent on audits and tracking renewal dates, decrease in disputes over contracts or the creation of new opportunities or a shorter sales cycle.

Is the solution adaptable?

Virtually every vendor in marketplace claims that they provide an answer that is customized to meet the needs of every organization. But is it always true? Instead of spending hundreds of dollars for customization, consider a detailed breakdown of the process, critical steps enhancements that are required, take a look at options with more precise questions.

For instance, in a typical workflow for managing contracts when the writer drafts the documents The system automatically routes the document to the person who approves. While this is a basic attribute, a further customization might include an email including the document's hyperlink sent to the approver. The link should work or work with any device, including smartphones, tablets and computers.

While at the same time, highly customizable software can make it difficult and cumbersome to use, and simplicity can also mean too much. Hence, it's always a good idea to take a look at the benefits and capabilities of the staff that will be using the software , and determine the best approach to customization.

What are some of the exclusive features or points that can be used to reduce manual procedures?

As part of a contract administration system, agreements are saved in a secure, centrally located and searchable storage facility with user-based access. This allows for maximum compliance and large-scale reports. For instance, contracts can be traced easily and the review and signing process is streamlined with electronic signatures. Another example would be measures and data analytics. To pull out information on how long it took signing a contract. Users can quickly analyze problems, calculate the number that iterations were made and then prepare detailed reports. This will further help with the creation of clause libraries, gaining insights into the historical performance and making the process more efficient and reduce the cycle times of the contract.

Another key feature to look on is contract redlining, also known as editing. The redlining process highlights the text as a way to identify changes, additions of deletions, approvals, and rejections. This is a useful feature, especially when more than two people would like to work on the same document collaboratively. It will give you greater possibility of reviewing and discussing contracts.

What is the process to use and deploy?

A contract management application with a user-friendly interface, easy-to-use features will be highly regarded by your customers. To achieve maximum benefit, when deploying, you should integrate it with existing systems that can reduce the time required to switch from one platform to the next. As an example, integrating CRM with the latest contract software will enable sales people to input customer information, generate agreements and direct them to approval, while also having control over all the renewals, expirations and other important dates.

The next step is checking for the onboarding process. Ideal if you have an on-the-spot solution that you are able to start to go live and be operational within a couple of weeks' time. Do not forget that lengthy deployment cycles are no longer tenable.

7. Will the data and private information be secure?

The last but not least data security is of crucial importance. Since contracts are highly confidential and sensitive information the information must be secure from unauthorised access in order to earn the trust of those around you whether it's partners, vendors or clients. Plus, the increasing cyber attacks and harmful threats make companies more vulnerable to danger of legal and financial liabilities as well as brand liability. If you are about to protect the trust and confidence of your important business relationships you must ensure that the service provider hasn't been the victim of serious data violations.

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