Contract Management Software and How it fast tracks business

1. Contract Management Software How it fast tracks Businesses

2. What is Contract Management? • Simply put, contract management software is any platform that assists you in moving contracts through their life cycle. Depending on the software you choose, you can use it to manage the creation, negotiation, signature, renewal, and analysis of your company's contracts. • Contract management software makes it easy for your legal team to deal with each step of the process as a unified group. Many contract management systems allow you to streamline contract administration tasks, reduce business overheads, and provide a singular, focused view of each contract. • To understand that let us take a closer look at the processes involved in a contract lifecycle.

3. Processes in Contract Lifecycle

4. Contract Management System • Imagine managing all those steps manually in a large organization. Even with a large team, things can go wrong. Because humans tend to make mistakes. • A contract management system brings all of the contract documents under one centralized storage space and makes it easier for you to manage them. • One major fallback of the conventional method of contract management is that all the documents are hard copy and are stored in a physical location. • Using a contract management system brings all your contract documents under one storage space.

5. Automated Contract Management Processes • Contract Creation: In the conventional method, contract creation would involve someone typing up a draft for the contract. In a contract management solution, there are pre-defined templates for creating contracts. This would ensure that no data is duplicated and makes it easier to validate the data. • Collaboration: A contract might need to be worked on by multiple users in a team. Contract management enables that by allowing users to access the documents simultaneously and collaborate on them. Approvals are also simplified by this method, using automated workflows.

6. Automated Contract Management Processes • Approval/Signing: With the conventional methods files might end up lying on the approvers' table for a long time waiting for them to be signed. In the automated solutions, they are integrated with E-signature capabilities, so that approvers can easily sign off on documents using their electronic signature. • Tracking Contracts: During the lifecycle of a contract, multiple people might access it and several changes might have been made to it. With the organized and structured methodology of a contract management system, you can easily track the changes and audit trials associated with a document. And this would not take half the time it took for in the conventional method.

7. Automated Contract Management Processes • Renewal: The contract management process does not end at the signing of contracts, rather it is the beginning of a long process. The contracts need to be renewed at certain time intervals and it is important to remember those dates. With the automated notifications in contract management solutions, you can easily work on renewals before the deadlines. Renewals might also mean certain changes in the contract document, say a clause needs to be edited or a new clause needs to be appended, with the automated system you can easily make those changes and renew the contracts smoothly.

8. Conclusion • With the right contract management system and a proper understanding of the system, enterprise organizations can really fast track their businesses and grow them at the same time. • If you are a company that signs more than 20 contracts a month it is only the right decision to ditch the idea to manage them manually and invest in an efficient contract management tool.