Every organization emphasizes the importance of service and cost management, but data management is equally important.Most companies are starting to realize that they can iron out the effort that goes into creating contracts, maintaining them, and keeping track of expiry and renewal dates. Companies have found a solution to this issue and are using contract management software to reduce the time, effort, and resources that are used for creating and maintaining contracts.
The contract management software has numerous other features that help companies to create more efficiency and cut down on costs and other resources.
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Transforming, Efficient, Smart, and Secured
The contract lifecycle management tools bring the business parties together and help collaborate in creating a contract in real-time. In real-time, they can contribute their suggestions and discuss the terms and clauses. Real-time collaboration shortens the period it takes to create a contract. This helps organizations speed up and make this process efficient as they create and sign multiple contracts in a day. Also, overcoming logistical challenges such as mailing out contracts and not knowing the status. At times, they get lost in transit. Spending time on the phone discussing terms and clauses could be otherwise spent on core work activities.
The software allows teams that are remotely working to connect and collaborate live. The software uses banking-level security to safeguard all the documents. The documents can only be accessed with permission from the admin. No user can access the software/document without authorization from the admin.
The contract management software also goes beyond and notifies the team and the supervisor if unapproved language is being used in a contract so that the document can be re-analyzed and corrected, saving the team from an embarrassing situation. The software also monitors user logins and user activity, making sure no malpractice has occurred and keeping both the business parties and their teams on the same page.
Click here to read Why is Contract Management Important To Your Business
On the Move
A contract lifecycle management software stores all the documents in one place safely. The important documents that need to be renewed can be marked for notification so that timely action can be taken, benefiting both parties. With the feature of being able to remotely access the software from anywhere in the world, the software becomes a repository for the documents. In the case of physically storing the documents, there are many risks, such as getting stained or losing them. But storing it on the software eliminates all the risks as they are backed up on the cloud, and all the contracts and documents are safe and protected. Businesses also cut costs by using the e-sign feature, which has been legal since 2000, when President Clinton passed the Electronic Signatures in Global and National Commerce Act. Using the e-sign feature helps businesses to execute the contract immediately, rather than opting for expedited mail to send a copy of the contract to their client for signatures.
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Contract lifecycle management tools help in streamlining the process of creating and managing contracts. Businesses of all scales can leverage the solution to accelerate their contract-related processes. DocuCollab is one of the top contract management software for industries of all types, with an array of features and benefits. Click here to learn more.