Transitioning from a manual contract management method to a fully-functional contract management software is one of the best decisions that an organization can make. In today’s digital world, leveraging enterprise technology in expediting business affairs has become a necessity. The vendor contract management software possesses crucial features that simplifies, enhances, streamlines and hones the entire contract management workflow. However, switching to a high-performing system can pose a few challenges, which requires the expertise of contract experts. We have listed a few pointers to get the most out of your CLM software and quickly start your contract management journey without a hitch.
Categorization for Seamless Management
The nature of contract greatly varies with the scope, industry application, the type of business and the prevailing legislations of the land. For instance, a healthcare provider, who’s switching to the contract lifecycle management software, will be required to segregate their existing contract repository optimally. The CLM software offers flexibility when it comes to managing contracts, where the users can create endless workspaces and sub-categories, under which the existing contracts can be uploaded and classified accordingly. From employee contracts to patient contracts, the healthcare provider can make the most of the available features to streamline and monitor contracts effectively.
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Add Key Process Indicators
How would you measure productivity in terms of contract management? It’s quite difficult to establish protocols when the basic criterias of a successful contract lifecycle couldn’t be defined. A best practice that would benefit the organization in a long run is implementing KPIs. The Key Process Indicators can be customized as per business requirements, which are to be duly followed by the contract team. From sending contract proposals to reviewing the incoming requests, contract management KPIs can help in evaluating the productivity and the performance of the team throughout the contract lifecycle.
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Add Milestone Indicators
One of the major differences between the conventional system and the contract management software system is the better management of milestones. In the manual management system, the risk of missing key deadlines are higher, which could financially and legally cost the company. Whereas, with the software, the team can add alerts and notifications for various contractual deadlines and important tasks, thereby enabling the team to be ahead of the obligations. It also allows the team to track and ensure compliance. When the volume of contracts is high, such milestones help in streamlining the activities.
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Expedite Contract Management Processes
Managing contracts used to be a long drawn affair, where the involved parties had to wait around for updates, while the risk of theft and loss of information is high. The contract management process solves almost all the problems involved in the traditional management system. Especially for the first time users, the software might look imposing. However, the numerous tools, features, and protocols in the software ensures a better management of contractual activities. From improving your document security to executing contracts as quick as under 5 minutes, the software is an asset that every company must invest in. The contact creation tools and executing tools enable the users to create a professional document rapidly and close contracts faster than the competitors. The dashboard feature allows the team to view the updates in real time and be abreast of contract developments.
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Implementing a highly robust software tends to expedite processes and eliminate errors. Choosing a software that has a simple yet engaging user interface is essential to avoid operational complexities. With an agile team of contract experts, the contract management software can be used exemplarily to achieve goals. DocuCollab.is a leading contract lifecycle management software system that renders a superior managing experience. Explore the features of the software here.