cloud-based contract management system

The majority of business operations are managed by contracts. Contracts are an integral part of every company. When you are a startup or an enterprise with a significant size probably you'll encounter a myriad of contracts . For example, partnership agreements non-disclosure agreements or general employment agreements equipment and property contracts there are many more. Are you able to effectively manage them? Do you rely heavily on documents sheets, spreadsheets and other outdated systems? Have you thought about switching to contract management systems? If so, this article is perfect for you.

contract management

Before investing in a contract management solution, make sure you analyze these seven questions in order to avoid the pitfalls.

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Does the program have AI capabilities?

contract life cycle management

In the midst of the awe-inspiring volume contract information, ensuring that there is a uniform approach while managing contracts and getting essential information to be accessed is major challenges. Companies may not have a standard method of organizing their contract databases. For instance, your company has numerous procurement contracts with differing renewal dates and renegotiation conditions. A group of people might have to devote hours tracing, reviewing and tracking the data to ensure no opportunities are left unnoticed. Instead, if you go to use an automated contract system that is powered by AI, this job can be accomplished in a matter of minutes. Through Doc.AI capabilities, information like the title of the contract, the date of renewal negotiations terms, and renewal dates can be extracted. This makes it simpler for to review, approve and sign off.

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And that's not all about it. Further, advanced contract management systems with AI capabilities allow you to review agreements, compare clauses and categorize contracts based on the kind of clauses. AI-powered CMS are also a great aid to maintaining compliance with ever-changing regulations. NLP analyzes every document and identifies the risks and opportunities.

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Are there standard templates for contract creating and editing?

best contract management software

Writing contracts is among the most challenging tasks. What a hassle it could be to prepare documents with similar clauses including terms and clauses, vocabulary, and virtually the exact same content many of times. This is the reason your CMS is required to have simple templates and clause libraries for a variety of areas. If you make use of these templates that have been approved by your legal and editorial teams, you will be able to quickly create contracts with no problems with the language. In addition, a clause to centralize and standardize contracts will give you an all-round view of the contracts to trace their content using filters that you can customize and be able to collaborate with others to review, edit and store.

What's your ROI potential? What are the costs my company could save?

Savings figures are the greatest motivators to make the best decision whether you should put money into a contract management solution or not. A study by Goldman Sachs concluded that an automated contract management system could make negotiations more efficient by 50 percent, reduce the amount of payment errors by between 75 and 90 percent, lower the cost management of contracts by between 10 and 30 percent and cut the number of employees required for contract management by 10 to 20 percent. And yes, contract management could be an effective cost-effective option, when it is used correctly.

Ideally, you must take into account aspects such as the amount of time you spend in audits and tracking renewal dates the reduction of contract disputes as well as the creation of new possibilities and reduction of sales cycle.

Are the solutions customizable?

Every provider on their market promises to provide an option that is custom-made to the requirements of each organization. But is that true? Instead of spending money on customization, thoroughly describe the process workflow, critical steps to be improved, and examine options with more specific questions.

For instance, in a typical workflow for managing contracts once the contract manager drafts the documents The system automatically routes the document to the person who approves. This is not the only function, a modification could include an email notification of the document's URL that is sent to the person who approves. And the link should support or function on any device, including smartphones, tablets as well as desktops.

However the software's high degree of customization could also mean cumbersome and complex to operate, and its simplicity might be insufficient. Thus, it's always smart idea to evaluate the pros and cons and the level of sophistication of the individuals who will be using the software and then choose the most appropriate customization.

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

The contracts in a system for contract management are kept in a centralized, secure and searchable archive with user-based access. This allows optimum compliance and ample reporting. For instance, contracts can be easily tracked, and the review and signing can be automated through electronic signatures. A further example would be the use of the use of metrics as well as analytics. To gather information about the time it took to negotiate a contract, the users can easily assess obstructions, as well as the number of iterations , and create comprehensive reports. This will aid when adding clause libraries, gaining insights into past performance, and decreasing the duration of contract cycles.

Another important aspect to look for are contract redlining or editing. Redlining is the act of highlighting text as a way to identify changes, additions in addition to deletions. It also indicates approvals and rejections. This feature can be useful particularly in situations where two or more people are working on the identical document in a collaborative manner. It gives you more range of flexibility in reviewing and negotiating contracts.

How easy is it to deploy and use?

A contract management application with an intuitive user interface and easy-to-use functions will delight your users. To reap maximum benefits, in the process of deploying, it is best to connect it to existing systems , which will reduce the time it takes to navigate between different platforms. As an example, integrating CRM with the new contract software will enable sales people to transmit customer information, develop contracts and submit them for approval, as well as keeping track of the expirations, renewals and other dates.

It is then time to check for the process of onboarding. Excellent if this is an easy-to-use solution, so you are able to go live and begin operating within a few weeks' time. Don't forget that long deployment times are now unsustainable.

7. The data and personal information be secure?

Not to be left out data security is of absolute importance. Contracts contain extremely confidential and sensitive data It is imperative to secure them from unauthorized access , in order to earn the trust of those around you which includes partners, vendors or clients. Furthermore, the rise of cybersecurity threats and cyber attacks can expose businesses to the possibility of legal branding, financial and legal liabilities. If you're trying to secure the trust of the key business relationships with your company Make sure the provider hasn't suffered any significant data breaches.

Talk to our experts on [email protected] to find out how Vuram can help you with your Contract Management Solution.