We’ve stepped into another decade, where technology has occupied every aspect of our living. It has become more important than ever to integrate businesses processes with the available technology to enhance productivity and increase yield. When it comes to contract management, we saw a phenomenal change in the last decade, where robust contract lifecycle management tools have redefined the domain activities. Many businesses of varying scales began to evaluate the pros and cons of such systems. If you’re a business owner looking for an agile software in revamping your contract-related activities, this article is for you. Learn why it is necessary to embrace a contract management software during this period of digital transformation.
Leverage the Power of AI
A common mistake that many businesses and corporate entities make is not establishing a sound protocol for managing contracts. With contracts playing a crucial role in ensuring the legal validity of trade relationships, it is essential to embrace agile Contract management Software for Sales and other activities. One of the best features of the contract lifecycle management software is that it streamlines the contractual activities and enables the team to be ahead of the process.
Click here to read 5 Key Ways How AI Brings Value to Contract Lifecycle Management
Powered by AI, the contract management software possesses various tools that simplify and enhance the process of managing contracts with the help of advanced technology. Before the advent of the software, contract managers used to create contract documents in MS Word or similar writing applications, store information in the excel, and send the contracts via eMail. And before that, people created and executed contracts by hand! No wonder the contracts of yesteryears had numerous clerical errors, which increased the risks for the company by manifold!
The enterprise contract management software came into play to overcome the challenges of the conventional system, thanks to the advancements in technologies. The software provides a unified platform for the users to create, store, manage, monitor, execute, amend and eSign the contractual documents effortlessly. Further, the software improves team productivity by enabling them to perform better and stay abreast of the contract developments. In today’s time and age, it is imperative that organizations leverage the best of technology to be ahead of their competitors. Contract management software, in essence, allows the users to streamline the complex process and gain valuable insights from existing and expired contracts.
Are you wondering whether transitioning to an automated system is worth the time and effort?
Absolutely! Here’s why embracing a CLM software can redefine your business.
One of the major concerns for contract managers is the misplacement of the documents. Without proper storage functionality, many organizations have lost data, which increased their legal complications. Contract management software for small business helps users to overcome this challenge through its unified platform. The contract team can save all the contract documents and subsidiary files in the centralized repository, which saves time as well as improve the team productivity in managing contracts.
Generally, the legal language for contracts remains similar irrespective of the client or the business scope. For example, the legal conditions for a sales contract will be mostly the same for different clients. The contract templating feature enables the users to template the language, which can be easily applied while creating contracts. With this feature, the team can create a complete contractual document in under five minutes!
Click here to read What is Document and Contract Redlining?
Contracts are classified as important documents since they contain sensitive information. The details regarding a partner, the terms of trade, the financial scope, etc, are a few significant data, which need to be secured. Contract management software enables users to secure documents, right from paragraph-level! The creator can control the visibility of the documents, thereby increasing the security aspect of the documents.
Easier to Collaborate
It takes forever for the contracting parties to complete their negotiations and nail down the terms before the ultimate execution of the contract. In the conventional method, the involved parties undertake the process of redlining, where a document will be sent back and forth until the contractual language is mutually agreed upon by all the members. With the software, the involved parties can collaborate on the document in real-time, and advise changes instantly. It greatly reduces the time involved in redlining the documents and eliminates external risks. Also, the software enables the users to collaborate with the team by effectively adding them in the contract creation process.
Click here to read Best Practices in Managing Contract Amendments
The string of lockdowns fueled by the spread of COVID-19 increased the awareness around remote working. Often considered as a luxury, remote working became a necessity, which many organizations struggled to accommodate. One of the best features of vendor contract management software is that it enabled the team to continue their regular business by accessing the software remotely. The feature proved to be valuable, enabling countless companies to continue their business with minimum incidences.
Many companies have incurred losses and legal repercussions due to the poor management of contracts. Such instances happen due to clerical errors. One of the best benefits of installing the software is that it allows users to set alarms and reminders regarding the contract deadlines. The system notifies the responsible party regarding the contract, which enables the team and the stakeholders to make informed decisions at the right time.
Integrate for Higher Performance
When almost all the processes, activities, techniques, and tools are digitized, it creates a contemporary challenge of software mismanagement. Imagine having individual software for finance, employee management, proposals, contracts, etc. Modern challenges require modern solutions. Contract Management Software renders an ergonomic solution, where the users can integrate similar applications with the software. It helps the contract team to aggregate valuable insights into the contract process as well as helping the manager to establish the relationship between various aspects, such as finance and contracts.
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Contract management software is an all-in-one platform that greatly improves the way the contract activities are handled and executed. For a complete digital transformation with guaranteed results, it is advisable for companies to embrace the latest technology and join the contract management bandwagon.