cloud-based contract management system

Around 80% or more of the business activities are controlled by contracts. Contracts make up a significant part of any business. When you are a startup or an enterprise with a significant size You're likely to be dealing with numerous contract agreements such as partnership agreements non-disclosure agreements as well as general employment contracts. equipment and property contracts the list goes on. Are you able to effectively manage them? Do you depend on paper in spreadsheets, documents, or other systems? Have you thought about moving to contract management systems? If so, this article is for YOU.

contract management

Before investing in a system for managing contracts, make sure you analyze these seven questions to avoid costly mistakes.

software solutions contract management tools

Does the software include AI capabilities?

contract life cycle management

With the large number of contractsand the need to maintain uniformity while managing contracts and extracting vital information can be huge challenges. Many organizations don't have a standardized way of organizing contract databases. If your business is a good example, it has many procurement contracts with various renewal dates , renegotiation and renewal terms. A team of staff members could spend hours investigating, reviewing and documenting the data to ensure the opportunity isn't missed. Instead, if you go using an artificial intelligence-powered system to manage contracts, your task will be done in mere minutes. Through Doc.AI capabilities, details such as the title of the contract, the date of renewal negotiations terms, and renewal dates can be extracted. This makes it much easier to do to review, approve and sign off.

software contract management

Then there's more to it. Furthermore, advanced contract management systems equipped with AI capabilities can aid in the review of contract clauses, compare clauses and classify contracts according to the kind of clauses. AI-powered CMS will also assist in keeping up with changing laws. NLP analyzes every document and points out the dangers and opportunities.

solution provider contract management software

Are there templates that are standard for contract creating and editing?

best contract management software

Drafting contracts is one of the most difficult tasks. How difficult could be to draft documents that have similar clauses including terms and condition, technical terms, and almost identical content a lot of times. This is the reason your CMS should be able to provide templates and clause libraries in different fields. Using these templates, pre-approved by your legal and editorial teams, you will be able to quickly write contracts without problems with the language. Also, a section to standardize and centralize the contract means you will have all angles of the contract documents to look over the contracts with filters that can be customized and collaborate with peers to review as well as edit and archive.

What is the potential ROI? What's the cost my organization can reduce costs?

The saving numbers are the greatest motivators to take the final decision whether you should invest in a contract-management system or not. A study by Goldman Sachs concluded that an automated contract management system can help negotiate negotiations faster by 50 %, cut payment cloud-based contract management system errors by between 75 and 90 percent, reduce the cost that managing contracts is between 10 and 30 percent , and decrease the number of people needed to manage contracts of 10 to 20 percent. And yes, contract management could be an effective cost-effective option, if you choose it correctly.

Ideally, you should look at things like time spent on audits and monitoring renewal dates, reduction in contract disputes and new opportunities which will reduce sales cycle.

Does the solution have the ability to be adapted?

The majority of providers in today's market boasts to offer a solution that is tailored to meet the demands of every organization. But is this always the case? Instead of spending lots of money for customization, take a look at the process, critical steps needs to be modified, then explore options with more precise questions.

For example: In a typical contract management workflow where the person who drafts the documents, the system automatically routes the document to the person who approves. Without stopping at this basic functionality, a different approach could include an email notification with the document's link to the approver. This link should be compatible or be compatible with all devices- smartphones, tablets and computers.

In the same way highly customizable software could also be difficult and complicated in use. Its simplicity can be too little. Hence, it's always a prudent idea to study the benefits and capabilities for the team that will be using the software , and determine the best approach to customization.

What are some specific features or highlights which can speed up manual processes?

In a contract management system, contracts are saved in a centralized, secure and searchable repository , with user-based access. This allows maximum compliance and extensive reports. In particular, contracts could be easily tracked, and the review and signing process is made easier by e-signatures. A further example would be the use of metrics and analytics. To discover information about how long it took concluding a contract, people can quickly look over problems, calculate the number of iterations , and create comprehensive reports. This will also aid in incorporating clause libraries, gaining insights into past performance as well as improving the length of the contract cycle.

Another feature worth looking towards is contract redlining or editing. Redlining highlights text to signal changes, additions, deletions, approvals and rejections. This function is beneficial, especially when two or more individuals want to work on the same document collaboratively. It can be used to provide greater flexibility when reviewing and signing contracts.

What is the process to deploy and use?

A contract management application that features an intuitive interface as well as user-friendly features will get the attention of your users. To maximize your benefits while you're deploying, be sure to integrate it with existing systems which reduces the period spent switching from one platform to another. By integrating CRM, the new contract software can enable sales people to transfer customer information, build contracts , and distribute them to approval, in addition to being in control of renewals, expirations, and other dates.

It is then time to check for the process of onboarding. This is especially helpful if it's an easy-to-use solution, so you are able to get up and running in a few weeks' time. Don't forget that long deployment times are no longer tenable.

7. The data and personal information be secure?

And lastly, but certainly not last most importantly, data security is paramount importance. Because contracts contain highly personal and sensitive data it is essential to protect them from unauthorized access in order to earn the confidence of your family whether it's partners, vendors and customers. In addition, the increase of security threats and cyberattacks are putting companies at danger of legal and financial liabilities as well as brand liability. If you're planning keeping the trust of your most important business relationships be sure to confirm that the supplier hasn't experienced any major data violations.

Connect with our experts through [email protected] to find out more details regarding Vuram's Contract Management Solution.