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cloud-based contract management system

The majority of business activities are controlled by contracts. Contracts are a fundamental part of any business. No matter if you're a new startup or an established company probably you'll be dealing with numerous contract agreements such as partnership agreements non-disclosure agreements general employment agreements, property and equipment contracts, the list is endless. Are you able to effectively manage them? Do you rely on paper in spreadsheets, documents, or other systems? Have you thought about switching to contracts management software? If yes, then this article will help you.

contract management

Before investing in the contract management system ensure you've reviewed the seven issues to avoid the pitfalls.

software solutions contract management tools

Does the program have AI capabilities?

contract life cycle management

In the midst of the awe-inspiring volume of contracts, ensuring consistency management of contracts, and getting the necessary information out is many challenges. It is possible that organizations do not have a standardized method of organizing contract databases. Consider, your enterprise has several procurement contracts that have different expiration dates and renegotiation provisions. A team of workers may have to spend hours trying to track, review and analyze the information to ensure that there aren't any opportunities left unnoticed. If you opt for an AI-powered solution for contract management, the task is completed in just a few minutes. Thanks to Doc.AI capabilities, data like contract titles, renewal dates as well as negotiation terms can be extracted. This makes it simpler for reviews, sign-offs, and approvals.

software contract management

And that's not all about it. Additionally, advanced contract management systems with AI capabilities can assist in reviewing contracts, analyze clauses and classify contracts in accordance with the type of clauses. AI-enabled CMS could also assist in maintaining compliance with evolving rules. NLP analyses every document to highlight the threats and opportunities.

solution provider contract management software

Are there standard templates for contract drafting and editing?

best contract management software

The writing of contracts is among the most challenging tasks. How difficult would be to write documents that contain similar clauses such as terms and terms, vocabulary, and virtually identical content a lot of times. And this is why your CMS should include templates that are simple to use and clause libraries across various areas. If you make use of these templates that have been approved by your legal and editorial teams, you are able to quickly create contracts with no grammar or language issues. Also, a section to standardize and centralize contract templates means that you can have an overview on the contracts. You can track the contract's history using customizable filters. You can also co-work with colleagues on how to read as well as edit and archive.

What's the chance of a return on investment? What's the cost my organization can save?

The savings numbers are the most powerful argument to determine whether to decide to invest in a contractual management software or not. A study by Goldman Sachs concluded that an automated system for managing contracts can speed up negotiations by 50 %, decrease payment errors by 75 to 90 percent, decrease the expense to manage contracts by 10 to 30 percent and cut the headcount needed for contract management by 10 to 20 percent. Yes, contract management certainly can be a cost-effective option, but only if it's chosen wisely.

Ideally, you should think about things like the amount of time on audits and tracking renewal dates decrease in disputes over contracts creating new opportunities as well as reducing the time to sell.

Is the solution adaptable?

Virtually every vendor in the market claims to provide an approach that is designed to the specific requirements of each organization. But is that always true? Instead of spending money on customizing, go over the workflowprocess, essential processes or improvements required, and take a look at options with more precise questions.

For instance, in a typical contract management workflow when the writer drafts the documents the system then automatically forwards it to the approver. If you don't want to stop at this basic attribute, a further customization might include an email that contains the document's document URL, and sent to the person who approves. This link should be compatible or work on every device, including smartphones tablets and desktops.

However highly customizable software could also mean cumbersome and complex to use, and the simplicity could also be too simple. It's therefore a wise idea to consider the trade-offs and sophistication of the team that will be using the software , and then make a decision on how to tailor it.

What are some unique features or highlights that can be used software contract management to reduce manual procedures?

With a management tool for contracts, the contracts can be saved in a central, secure and searchable storage facility with user-based access. This facilitates optimum compliance as well as large-scale reporting. In particular, contracts could be easily traced, and the review and signing process is automated by e-signatures. Another instance would be measurement and analytics. To discover information about the time it took negotiations, contract participants are able to easily identify limitations, find the number of iterations and prepare comprehensive reports. This will further help in adding clause libraries, in getting insight on the performance history and increasing the speed of contract negotiation.

A different important thing to look for is contract redlining, also known as editing. Redlining highlights the text to signal changes, additions deletions, approvals or rejections. This feature is helpful, especially when more than two people would like to work on the same document together. It gives you more flexibility when reviewing and negotiating contracts.

How easy is it to set up and use?

A contract management tool that features an intuitive interface and easy-to-use functions will delight your customers. To get the most benefit, when you are deploying it, try to connect it to existing systems to reduce the time required to switch from one platform to the next. As an example, integrating CRM with the new contract software will assist sales personnel to send customer information to create contracts and route them for approval, while also having control over all renewals, expirations and other dates.

The next step is checking for the onboarding process. It is ideal if it's an existing solution, meaning that you can go live and become operational within a few weeks' time. Remember that lengthy deployment cycles can not sustainable anymore.

7. The data and personal information be secure?

And lastly, but certainly not last most importantly, data security is the utmost importance. As contracts contain highly confidential and sensitive data it is essential to protect them from unauthorized access in order to earn the respect of your group including partners, suppliers or customers. Plus, the increasing security threats and cyberattacks have made companies vulnerable to the possibility of legal, financial and brand liabilities. If you're looking to secure the trust of your important business relationships Make sure the provider hasn't been hit by any serious security attacks.

Talk to our experts on ask@vuram.com to find out about Vuram's Contract Management Solution.