cloud-based contract management system

Around 80% or more of the business operations are governed by contracts. Contracts are a fundamental part of every business. Even if yours is a small startup or an established company, chances are you will encounter a myriad of contracts , such as partnership agreements, non-disclosure agreements general employment contracts, equipment and property contracts There are a myriad of options. What is your strategy for managing them? Do you rely on paper spreadsheets, spreadsheets, and other old systems? Have you thought about switching to contracts management software? If so, this article will help you.

contract management

Before investing in a contract management software, ensure that you have a look at the following seven questions to make sure you don't fall into traps.

software solutions contract management tools

Does the software include AI capabilities?

contract life cycle management

With the abundance of contractsand the need to maintain uniformity while managing contracts and retrieving important information is many challenges. It is possible that organizations do not have a standardized method of organizing contracts databases. Take for instance, your organization has an abundance of procurement contracts with differing renewal dates and renegotiation conditions. A group of employees may have to spend hours searching, reviewing and tracking the data to make sure that the right opportunities are not missed. If you opt to use an automated contract system that is powered by AI, this task could be completed in less than a minute. With Doc.AI capabilities, the information like contract titles, renewal dates or negotiation conditions can be extracted. This helps with reviews, sign-offs, and approvals.

software contract management

However, that's just the beginning of it. Advanced contract management systems that incorporate AI capabilities can aid in the review of contracts, examine clauses and clauses and also classify contracts according to the kind of clauses. AI-enabled CMS can also help in being in compliance with the ever-changing regulations. NLP analyzes every document and highlights threats and opportunities.

solution provider contract management software

Are there standard templates for contract edits and drafting?

best contract management software

Drafting contracts is one of the most difficult things to do. Think about how hard it would be to create documents with similar clauses along with terms and conditions vocabulary, and virtually exactly the same content numerous of times. And this is why your CMS should provide easy-to-use templates and clause libraries in a variety of areas. If you make use of these templates that have been approved by your editorial and legal teams, it is possible to swiftly draft contracts with no language flaws. Furthermore, a feature to standardize and centralize contracts means you get all angles on the contracts. You can track them using filters you can alter and collaborate with peers to review or edit the contract and then save it.

What's the chance of a return on investment? How much could my company save?

The savings figures are the largest factor in helping you make the ultimate decision whether you should purchase a contract managing system or not. A study by Goldman Sachs concluded that an automated contract management system could help negotiate negotiations faster by 50 percent, reduce the amount of payment errors by 75-90 percent, decrease the expense in managing contracts by between 10 and 30 percent and reduce the number of employees required for contract management by between 10 and 20 percent. Indeed, managing contracts could be an effective cost-effective alternative, provided it is selected correctly.

Ideally, you should take into consideration things like the amount of time in audits and tracking renewal dates reduction in contract disputes or the creation of new opportunities, reduction in sales cycle.

Can the solution be customized?

Every provider on this market claim to offer a service that is specifically designed to the specific requirements of each organization. But is it always true? Instead, instead of spending a lot for customization, take a look at the process, critical steps or improvements required, and analyze options with more specific questions.

For example: in a typical workflow for managing contracts where the writer writes the documents the system will automatically route it to the approver. However, rather than relying on this simple characteristic, a tweak could include an email that includes the document's link to the person who approves. And this link should support or work on all devices- smartphones, tablets as well as desktops.

While at the same time the software's high degree of customization could make it difficult and cumbersome to use. In addition, simplicity could also be too simple. Hence, it's always a good idea to look at the benefits and capabilities of the team who will be using the software and determine the best approach to customization.

What are some of the exclusive features or points that can help reduce manual tasks?

With a management tool for contracts, the contracts can be stored in a central, secure and searchable repository that has user-based access. This ensures optimal compliance and ample reports. For instance, contracts could be easily traced best contract management software and the procedure of reviewing and signing can be automated through electronic signatures. A different example would be metrics and analytics. To obtain information on how long it took negotiation of a contract, they are able to easily identify limitations, find the number of iterations required and write comprehensive reports. This will aid in adding to clause libraries and gain insights about the previous performance as well as improving the length of the contract cycle.

Another important aspect to look out for is contract redlining, also known as editing. Redlining is highlighting the text to signal changes, additions deletions, approvals and rejections. This feature is very useful, especially when two or three people wish to work on the same document collaboratively. It allows for greater flexibility when reviewing and negotiating contracts.

What is the process to deploy and use?

A contract management program that offers a simple interface with easy-to-use features will enjoy the admiration of your customers. To maximize the benefits, in the process of deploying, it is best to connect it to existing systems that can reduce the period spent switching from one platform to the next. For instance, the integration of CRM with the new contract software might help salespeople automatically transfer customer information, build contracts and send them out for approval, in addition to having control over all the expirations, renewals and other important dates.

Next would be to check for the onboarding process. A great option if the onboarding process is something that is available out of the box so that you can go live and become operational within a couple of weeks' time. It is important to remember that lengthy deployment cycle are not viable anymore.

7. Will the private and sensitive information be safe?

Last but not the least secure data storage is of vital importance. Because contracts contain highly private and sensitive information that must be kept secure from unauthorized access . This will help you earn the trust of your circle which includes partners, vendors and customers. In addition, the increase of cyber attacks and malicious threats can expose businesses to the possibility of legal branding, financial and legal liabilities. If you're looking to secure the trust of your important business relationships make sure that the company hasn't suffered any serious security compromises.

Get in touch with our experts via [email protected] to learn more details regarding Vuram's Contract Management Solution.