One of the key features of contract management software is the centralized repository. The contract management software is designed to help businesses to get ahead of contract processes. Learn the length and scope of the document repository feature that makes the contract lifecycle management software an asset for the contract management team.
Most of the companies that dealt contracts without software resorted to saving the documents in the computer system, which drastically increased the risk factor. The enterprise contract management software enables the users to overcome this challenge via the centralized repository system. With the software, the team can efficiently streamline the documents. From categorising the contracts based on the level of importance and value to segregating according to the client type, the software renders a platform, where the contracts can be kept in one place. The contract team can manage, monitor, and retrieve documents from the repository without wasting time in searching for them in other locations.
Gone are the days when the contract team would depend on multiple applications in creating a document. With the contract management for salesforce software, the team can create contracts directly in the repository and assign it to the relevant folders. Imagine having multiple storage boxes, where you can keep your things directly. Similarly, with a centralized repository, the users can create multiple folders, under which contracts can be created and stored.
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The whole point of switching to the technology-aided system is to simplify work without incurring errors. The software allows the users to automate elements, which helps the team in staying ahead. Especially, in a vast repository containing hundreds of contracts, it’s difficult to manage the deadlines and other crucial dates pertaining to individual contracts. With the software, however, the team can automate the deadlines, which would notify the users. Also, alerts can be created to help the team monitor crucial contracts and check with the relevant team.
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Your business might have a dedicated workflow that sets you apart from your contemporaries. From creating contracts to executing it, the software can be customized comprehensively to suit your style of business. In the centralized repository, you can create workflows, wherein the users can predefine the content, conditions, and terms. This feature reduces the workload of creating a new contract by manifold. For example, the terms of business would be the same for the most part. By creating workflows, the users can focus on the most important parts of a contract and move it for execution quickly.
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Not all your contracts are of equal value and hence would need extreme security. While a few contracts are arbitrary, such as facilities contracts, a few others are of high importance, such as business partnership contracts. The repository facilitates the team to add levels of security, where only authorized members can gain access to high-priority documents. This ensures that the contracts are protected and secured from internal and external risk of theft. Similarly, the users can add security at the document level. The team can be given access to a particular paragraph in the document, which needs their expertise, whereas other sensitive information in the document can be withheld. The contract management software users will have the ultimate control of who accesses the document and who uses it at any time.
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Filter and Search
The repository itself can be a wide space, where contracts can be saved and archived. One of the biggest challenges that users found before the software’s advent was the time and effort it took to locate a document. It was literally like searching for a needle in a haystack. The centralized repository overcomes this challenge by offering the filter and search option. The users can locate a document from years before by typing the right keyword. The contracts and its subsidiary documents can be traced effectively, without wasting time and effort.
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The centralized repository is one feature that makes the entire software a manageable affair. Docucollab is one of the leading contact management software that has an exemplary centralized repository. The user interface is designed to be simplistic and enables the users to navigate without a hitch. To know more about the software, Click here to learn more.