The COVID-19 pandemic brought forth a significant aspect of the business, which has several theoretical discussions and meagre applications. Business continuity is perhaps one of the foundational concepts of every business, where the progress and the proceeding of the concern are discussed in detail. However, the sudden pandemic onslaught caught the economy by surprise, and companies were struggling to ensure business continuity. The question of how to establish the business continuity measures raged among organizations across every business vertical. Especially, the management of contracts became a huge predicament since the sudden lockdown resulted in force majeure of contractual relationships. Although organizations have reinvented themselves and revamped their strategies, the management of contracts remains to be a challenge. Contract Management Software offers the best way to overcome the contract challenges posed by the pandemic. Here are a few ways through which business continuity can be established through the contract lifecycle management software.
The very first step that most businesses took in sustaining their companies was to leverage the digital platform. Companies that had a pre-installed CMS got a better headstart with contracts than those companies that depended on manual expertise. It is because the contract management software offers an array of beneficial features in the effective administration of contracts. The cloud storage feature of the software enabled the managers to access all the ongoing contracts and review its status remotely. With all contracts stored in a place, it was achievable for companies to conduct business as usual, even while working remotely.
Takeaway: Store all your contracts and contract related documents and emails in the contract management software.
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The pandemic brought about a wave of force majeure of contracts. But what is force majeure? It refers to the phenomenon, where the terms and conditions of a contract become non-compliable due to an unforeseeable circumstance. The lockdowns and quarantines that happened worldwide crippled the economy to a great extent. The contracts were in a dire situation, where it was required to be reviewed and amended. However, the contract lifecycle management software came in handy in such situations, where it enabled the company to effortlessly review the contracts. But the contracts are valid only if it is signed by all the involved parties. With eSignature feature, the companies were able to quickly review the provisional clauses and execute the contracts. Apart from saving time and effort of mailing the amended contracts back and forth, the eSignature feature facilitates security of the sensitive data and quick execution of the terms of contracts.
Takeaway: The eSignature feature enables the execution of contracts seamlessly.
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Contract management is an extensive process, which requires the expertise of various individuals. With the workforce scattered, organizations had a challenging time in managing the team. The contract management software helps the manager to administer the team better. From assigning roles to tracking the progress of contracts, the manager has the ability to monitor and control the activities pertaining to the management of contracts. The software system provides a better platform to manage than calling/emailing/messaging the team about every minor and major activity. Aside from facilitating efficient management of the team, it also enables the manager to forecast future trends and make informed decisions about contract renewals/cancellations.
Takeaway: Team management is enhanced with CMS system, where contracts are effectively created, controlled, and monitored.
Click here to read Key Performance Indicators for the Effective Management of Contracts
Organizations around the world have warmed up to the remote working era. The Contract Management Software tools offer several beneficial features that enable a hassle-free remote working for the contract team. With CMS the processes are simplified and streamlined and prepare the organization in handling turbulent situations in the future effectively.