An article by the industry giant, McKinsey, and Company, ‘The McKinsey Quarterly’, stated that 45% of all human activities, which employers pay for can be automated. Automation is inevitable and it’s changing the world. Automation complements the organization’s existing technology structure while opening doors to develop and implement new ground-breaking technologies. From virtual assistants and robots taking orders at fast-food outlets to Tesla Motors developing self-driving vehicles, automation has taken the world today by storm – and there’s one revolutionary technology disrupting the business industry in particular: Contract Management Automation.

An automated contract management system empowers your organisation to extract the maximum value out of the agreements you have worked so hard to negotiate while reducing your exposure to risk. The entire contracting process consists of a plethora of elements including contract drafting, evaluation, negotiation, execution and contractual record maintenance. These processes when executed manually become cumbersome and complicated, but with the appropriate strategy, a revolutionary contract management software and the right tools, it can turn out to be the easiest part of the entire contracting process.

DocuCollab Contract Management Software is a sure fire way to automate and accelerate your contracts and transactions by up to 70%. With this revolutionary all-in-one automated contract solution software, seamless contract management for your entire company is not a distant dream anymore. With DocuCollab automate virtually every step of your contract lifecycle management and close deals faster than ever before besides ensuring compliance without slowing down deal velocity of any kind.
We have compiled a list of 7 Contract Management functions you can automate today with DocuCollab and secure peace of mind:

Click here to read The Newest Technology for Business- Contract Management Software

  1. Manual data entry into contract documents

    Data entry is the process of transferring data from a physical state into line-of-business (LOB) applications through various procedures and tools. The process of manually entering data into contract documents can be a very labour-intensive and time-consuming process. Manual data entry requires extra financial resources and at the same time is error-prone due to the human element of it. Then there are the added limitations of human delays and misinterpretations. The manual input of data into a system could lead to a 3% error rate, which is extremely expensive when a variety of contracts and transactions are involved.

    With the revolutionary DocuCollab Contract Management Software, it takes exactly 30 seconds to generate and send contracts. You can now easily develop legal pre-approved contracts without the hassle of manual data entry. DocuCollab’s self-service rule-based wizard is easy to use and is equipped with controls set by Legal. DocuCollab’s revolutionary rule-based automation allows self-service for the majority of repetitive contract requests. Our innovative, easy to use, what you see is what you get (WYSIWYG) contract generation wizard will eliminate the need for manual data entry thereby reducing the workload of your legal department drastically.

  2. Manual contracts request forms

    Contract Life Cycle Management commences with the Contracts Requesting process. The contracting process is initiated as soon as one party asks for either a brand-new agreement or when the same party submits a third-party paper for review and eventually incorporates that information to draft or author a contract document. The process of manually acquiring all the information required to properly submit the contract request is extremely tedious and confusing. When there is a lack of an automated solution to handle contract request forms, anarchy ensues. Timely and accurate responses become a thing of the past as the person who is managing the contract needs to circle back with requests for additional information which kills time, resources and costs a lot in the long run.

    DocuCollab’s online intake form acquires the necessary information upfront and absorbs it into the system. Through the help of this advance Contract Management Software, the individual users who request and submit will now have a perpetual understanding of the stage and status of their unique requests encompassing the unified review and approval process. This proprietary software eliminates the need for any phone calls or e-mails as the concerned individuals can directly extract their request in DocuCollab and understand its status and projected completion date. DocuCollab also ensures Secure External File Sharing. Now you can securely share documents with internal or external reviewers for any time editing on any device. Through this process, your business will mandatorily save an enormous amount of time and effort for your legal teams. This also helps your contract submitters to get familiarized with the same requirements and structure.

  3. Manual contract redlining

    Alterations, modifications and changes are an integral part of any negotiation process. A very important part of redlining and sustaining compliance is to ensure that changes are tracked meticulously including the person who made them and the time of the change. In the past, tracking changes meant downloading a document, using Microsoft Word to edit it and then e-mailing the document back. In the unfortunate event of two people making manual changes simultaneously, document reconciliation had to be undertaken which was tiresome and could induce irreversible mistakes. Besides, when a lot of people view and edit a Word document, the numerous redlines are extremely confusing. The colour may not even be red anymore owing to the continuous edits. This results in a classic hotchpotch of edits. They are carried out in different colours that have no specific meaning and reason and are complicated to inspect and scrutinize. The standardized colour schemes in Word are rendered useless for Redlining when being passed around to multiple people.

    Keeping in mind the limitations of manual contract redlining, DocuCollab has come up with an effective Contract Management Software. DocuCollab is a one-stop contract management software that helps businesses to automate every step of their contract management lifecycle using seamless contract lifecycle management tools right from idea to execution. DocuCollab offers seamless contract review and negotiation with industry-first online real-time document redlining, review and collaboration platforms making sure that every document is indeed a “clean” copy. DocuCollab also gives its users the functionality of Real-Time Change Tracking in which edits appear in real-time to each reviewer with multiple colour options to reduce confusion and increase productivity.

    Click here to read Six Complications of Redlining Contracts in Word

  4. Manual reviews and approvals tracking

    Tracking contracts is a compelling task for legal, procurement and contract management professionals due to hindrances and personnel error which lead to prolonged contract cycle times. Businesses may lose out on temporary pricing options and special terms owing to unsatisfactory business rules, business processes and compliance standards on account of delayed contract approvals. Manually reviewing contracts and tracking approvals may hold good for businesses involved with a limited number of contracts, However, when the volume of contracts increases beyond a manageable number, exponential contract failure rates are not surprising at all. Through a manual approval tracking process, the business becomes inefficient and may lead to further problems like lack of visibility, increased risk, recurring miscommunication, unending confusion, unforgiving delays and lost resources.

    DocuCollab’s Intelligent Tracking feature allows automated tracking of contracts using extensive metadata filters and proactive alerts thereby reducing tracking effort by almost 90%. Our proprietary Contract Management Software allows you to set alerts and notifications for events throughout the contract lifecycle empowering you to seize every revenue maximising opportunity. With DocuCollab, your business is a 100% audit-ready, now and always. It is equipped with a comprehensive activity log tracking for every single change. Now you can track all changes, approvals and background discussions with the embedded comments threat and chat conversations.

  5. Manual version control

    Based on the size of an organization, innumerable contracts may be in motion. Many of them will demand edits and approvals before the actual signature is executed. With numerous manual edits being shared and distributed, the entire process becomes error-prone. It’s not new to accidentally introduce a wrong version of a contract into an already regressive process. A deal may get perilously delayed due to the wrong version of a contract. A majority of businesses use Microsoft Word for Redlining and it may seem like a good idea at first. There’s the track changes option which makes it easy to track alterations and visualize alterations from the original document. However, it is really easy to lose track of your edits combined with the hassle of saving numerous versions.

    DocuCollab Contract Management Software helps with auto sequencing and managing all these saved versions effectively. The user will control the access to the documents and share only those portions of the document that need editing resulting in a reduced number of versions and improved productivity. Besides, any user can track and prevent unauthorized changes to critical clauses using paragraph-level workflow and edit permissions. DocuCollab’s Conversation Channels transform every document into a separate conversation eliminating lost documents and version control issues. You can now forget about version control issues, thanks to DocuCollab’s fully automated and multi-user paragraph-level version control and tracking feature. It allows any contract professional to easily track, review and turn back a paragraph to any previous version.

  6. Sensitive information redaction

    In the world of contracts, certain negotiations are more sensitive and confidential than others. It is mandatory to ensure that transparency is maintained about the information that should be kept confidential. It is not uncommon at times for lawyers, legal staff and contract professionals to oversee sensitive information thereby failing to properly redact the said information. Such lapses result in the dissemination of confidential information, civil liability or disciplinary action. Improper redaction of sensitive information manually may result in coercive consequences. Without the existence of an automated solution, mistakes are bound to happen when technology is not involved. According to the thoughtful words of Dave Deppe, president of UnitedLex, a legal services outsourcing firm, “It has never been as important as it has been today to redact information properly because the impact and consequences are much greater!”

    DocuCollab Contract Management Software offers Paragraph-Level Security. It allows you to lock or hide the contents of contracts at the paragraph level by controlling digital rights to protect confidential data. This patent-pending micro-collaboration contract management software makes collaboration on documents much easier. You will control the access to the documents and share only the portions of the document that need editing. Besides, you can also track and prevent unauthorized changes to critical clauses using paragraph-level workflow and edit permissions.

  7. Renewals and milestone tracking

    Most businesses depend on manual processes for the entire contract lifecycle. They store documents and contracts in a shared drive and their contract managers normally track contract metadata in a spreadsheet. The entire contract lifecycle from request to renewal is handled using e-mails, spreadsheets and Word in most organizations as they are not ready to invest in a contract management solution. Contract personnel on average spend massive amounts of time to create calendar reminders and alerts to keep abreast of significant milestones including tasks, approvals, expirations and renewals. Spreadsheets are capable of holding key dates like expirations but the manual data entry and regular maintenance of such spreadsheets are error-prone.

    DocuCollab Contract Management Software ensures that your team spends 90% less effort while tracking contracts and milestones. DocuCollab is powered with powerful and extendable metadata and pro-active rule-based alerts. You can also set alerts and notifications for events throughout the lifecycle of the contract ensuring a high renewal rate and seamless milestone tracking.

Click here to discover how you can automate every step of your contract management lifecycle through DocuCollab’s seamless contract lifecycle management tools.