cloud-based contract management system

The majority of business operations are governed by contracts. Contracts are a fundamental part of any business. Whether yours is a budding startup or a large organization it is likely that you will be dealing with hundreds of contracts . For example, partnership agreements non-disclosure agreements general employment contracts, property and equipment contracts The list is endless. How effective are you managing them? Do you use paper in spreadsheets, documents, or other systems? Are you thinking about changing to contract management systems? If so, this article is perfect for you.

contract management

Before investing in a contract-management system, ensure that you study the following seven questions to avoid common pitfalls.

software solutions contract management tools

Does the software contain AI capabilities?

contract life cycle management

In the midst of the awe-inspiring volume of contracts, maintaining uniformity of managing contracts as well as extracting the essential information is huge challenges. The companies may not have common method of organizing contract databases. Take for instance, your organization has numerous procurement contracts , each with different renewal dates and renegotiation conditions. The team of reps may be required to dedicate hours studying, reviewing, and tracking the data to ensure all opportunities are not missed. If you opt on an AI powered contract management software, the task can be completed in minutes. Through Doc.AI capabilities, data such as contract titles, renewal dates or negotiation conditions can be extracted. This facilitates reviews, sign-offs, and approvals.

software contract management

But that's not the only thing about it. Furthermore, advanced contract management systems with AI capabilities can help review the contract, assess clauses and organize contracts according the type of clauses. AI-enabled CMS will also assist in keeping up with changing rules. NLP analyses every document and will highlight threats 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 frustrating tasks. What a hassle it could be to make documents with similar clauses or terms and conditions jargons, and almost the exact same content many of times. This is the reason your CMS must have easy-to-use templates and clause libraries that cover different fields. If you make use of these templates that have been approved by your editorial and legal team, you can easily write contracts without defects in language. Additionally, the option to centralize and standardize contracts allows you to have 360-degree views of the contract to track their progress using custom filters. Additionally, you can be able to collaborate with others to review and edit them and then store them.

What's the ROI potential? What are the costs my company could save?

The saving numbers are the most persuasive factors to determine whether you should purchase a contract managing program or not. A study conducted by Goldman Sachs concluded that an automated contract management system could accelerate negotiations by fifty percent, reduce payments errors by 75-90 percent, reduce the cost of managing contracts by between 10 and 30 percent and cut the headcount required to manage contracts by between 10 and 20 percent. And yes, contract management can indeed be a cost-effective option, when it is used correctly.

Ideally, you need to take into account aspects such as the amount of time you spend in audits and monitoring renewal dates, less contract disputes, creation of new opportunities or a shorter sales cycle.

Is the solution customizable?

Every provider on the market claims to provide a service that is specifically designed to meet the demands of every company. But is that always true? Instead of spending a fortune in customization, be specific about the process, critical steps as well as the improvements that are needed. take a look at options with more specific questions.

For example: in a typical workflow for managing contracts, once the author drafts the documents The system automatically routes it to the approver. Beyond this basic capability, a customized feature could be an email notification of the document's URL that is sent to the person who approves. The link must be compatible or work with any device, including smartphones, tablets and laptops.

Yet highly customizable software could make it difficult and cumbersome to operate, and its simplicity could end up being too little. Hence, it's always a prudent idea to study the benefits and complexity of the group that will use the software and take the necessary steps to make adjustments.

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

As part of a contract administration system, agreements are stored in a central, secure and searchable library with user-based access. This facilitates optimum compliance as well as ample reports. For instance, contracts can be easily tracked, and the procedure of reviewing and signing is automated by e-signatures. Another option is measurement and analytics. To extract information on the time it took the negotiation of a contract are able to easily identify limitations, find the number of iterations required and write comprehensive reports. This will assist in the addition of clause libraries and gain insights into historical performance and in decreasing the cycle time of contracts.

Another feature worth looking out for is contract redlining, also known as editing. Redlining refers to highlighting text for indicating changes, additions to deletions, changes, approvals as well as rejections. This is a useful feature particularly when two or more individuals wish to work on the same document collaboratively. This allows more flexibility when reviewing andnegotiating contracts.

How simple is it to deploy and use?

A contract management system that is user-friendly with easy-to-use features will enjoy the admiration of your customers. To achieve maximum benefit, when deploying the software, make sure to integrate it with existing systems that reduce the need to move between different platforms. For instance, the integration of CRM with the new contract software might allow sales staff to automatically feed information about customers, create contracts and submit them for approval, as well as keeping track of renewals, expirations, and other dates.

Next would be to https://www.vuram.com check for the process of onboarding. The best option is if it's an out-of-the-box solution so that you are able to launch and start operating within a couple of weeks' time. Be aware that long deployment cycles are not sustainable anymore.

7. The data and personal information be safe?

In the last, but not least, data security is of absolute importance. Contracts contain extremely confidential and sensitive information the information must be secure from unauthorized access . This will help you earn the trust of your network whether that be your partners, vendors and customers. Furthermore, the rising hacker attacks and malicious threats can expose businesses to danger of legal claims, financial or brand-related liabilities. If you're about to keep the trust of the most important business relationships you have Check to make sure that your supplier hasn't had any serious security hacks.

Talk to our experts on [email protected] to learn what Vuram has to offer in its Contract Management Solution.