Have you ever thought about what makes contract management so serious? Every business’s success is based on strong contrasts. Whatever industry you are in, it is essential to ensure that your contract management procedures are solid to guarantee smooth organization success.
Before we go into the subject of contract management, it is essential to know exactly what the term “contract management ” is. The term”contract management” refers to an approach to managing deadlines, contracts, deliverables, contract terms, and conditions that guarantee customer satisfaction. It’s when someone is responsible for managing contracts for companies and vendors as well as multiple companies.
However, one should know that managing contracts are not easy. It can be a difficult and exhausting task. The most frequent issues encountered when managing contracts are poor communication and lack of clear communication between teams, insufficient participation of suppliers, not performing their duties, poorly managed contracts, and many more. The good thing is that the processes can be improved with the help of technology.
Technology can make things easier for you by providing Contract management tools. ContractSafe provides secured online contract management software to keep and manage legal contracts with vendors. Find out how it can help you simplify managing your contracts.
Ways Technology Can Improve the Management of Contracts
Easy Workflow Templates
Contract Management software allows you to speed up the management process by using simple workflow templates. Instead of making templates from scratch each time a new contract comes up, make workflow templates that can be used for approval within a couple of minutes.
The contract management software best suited for the contracts themselves are quite difficult to design. The workflow template provides a one-page setup screen to set up complicated workflows swiftly. You can easily define defaults for workflow elements for assigning users and select the type of workflow or due date.
Real-time data gathering by robots
If ContractLifecycle Management (CLM) software is connected to Robotic process automation (RPA), it can be automated for repetitive tasks such as notifications and approvals. This will result in quicker periods and increased productivity. Gartner conducted a study in this area and found that over 85% of businesses don’t have a functioning CLM, resulting in longer time frames, stakeholder disappointment, and lost business.
Role-Based Security
A central contract repository is a must. Even though all your contracts reside in the same storage facility, it’s not enough to justify that all users get access to all contracts. Also, access to perform the same function shouldn’t be shared with others. For any customer service tool, you should be able to define your security roles.
CLM offers a flexible and advanced system that lets you set permissions and access in various ways. In particular, users could create an unlimited number of roles that you can define with CLM software. Each role comprises the different types of contracts and features that users have access to. This feature will simplify assigning tasks and guarantee security since each contract will only have access to a specific role. Users are limited contracts that subordinate organizations own.
Repository of Contract Documents
An agreement repository can be a different term used to describe a large amount of data. To reduce the complexity and efficiency of contract procedures, your business requires a reporting dashboard. CLM provides a dashboard that lets you earn a profit by utilizing the data and collecting actionable information. CLM offers an enterprise for contract management that has many useful options.
The contract management software does not just allow users to create basic dashboards and reports and lets users create their custom reports. The dashboard provides relevant columns of data that can be used for sorting, filtering, and grouping. Reports can be generated live, and share the results as quickly as you can. The reports can be stored so that you can go through them anytime you need to. The parties or vendors don’t have to sit for hours in the event of a problem, and you have to look up the history.
Strong Search Capabilities
Working in a contract management company or as an agent implies that you’ll require a large number of contacts on hand, as well as specifics. The fact that you have all your contacts in an online database will not help if you can’t find anything at any time you require it. This is why you should have an application that has strong search capabilities.
CLM software provides intuitive tools, including full-text search, enhanced by automatic optical character recognition scanning, Quick Search feature, and indexing documents. You can type in the keyword you’re searching for – an official term, a corporate name, or even a single word, and receive quick results. The relevant documents and contract names will be displayed on the screen, and you can browse the particular document as you assist your customers.
Role-Based Security
A central repository for contracts is a must. Even if all your contacts are stored in one storage space, it does not justify that all users get access to all contracts. The access to carry out the same job is a right to be granted. For any tool to assist customers, you should be able to define your security roles.
Contract management software brings an innovative and flexible system that permits users to set access and permissions in various ways. As an example, you could create an unlimited number of roles using the software.
Each role comprises the different types of contracts and features that users are allowed to use. This feature makes it easier to manage the assignment of tasks while ensuring that each contract is secure as it can only be used for a specific job. Users are limited contracts that are owned by sub-organizations.