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Organizations deal with thousands of contracts at any given time. However, a failure to streamline and manage the organization’s contracts will cause delays and a slowdown in the company’s operations – which creates an undesirable bottleneck situation for any corporation. This is where contract management software benefits come in! Let’s learn how an enterprise contract management system integrated with enterprise legal management helps a corporation.
Enterprise Contract Lifecycle Management (CLM) is a centralized end-to-end solution that streamlines the contract portfolio of big organizations. It declutters and optimizes the workflow, which improves operation, reduces costs, saves time, and protects an enterprise from security breaches. Here are several contract management software benefits and features of a typical enterprise contract management solution:
At any time, the storeroom of an organization is bundled with stacks of contract paperwork. However, it’s inefficient and time-consuming for employees to rifle through the files and locate a contract.
It gets even more challenging in multi-department organizations where contracts require collaboration and synergy from multiple departments. If a company handles manual contracts, the approval, reviewing, and editing process from multiple departments takes a lot of time.
Moreover, a large organization with a massive contract portfolio will likely face difficulty tracking document changes and remaining updated with a contract’s lifecycle. This might result in the organization missing key deadlines and plenty of opportunities.
Fortunately, robust enterprise contract management systems can tackle all such problems. The tool keeps all the contracts in a single database, enabling key executives to watch over the contract’s lifecycle and avoid missing deadlines. Moreover, the software has a searchable tool, allowing users to locate, track changes, and view contracts with just a few clicks!
Here are the seven crucial signs that signal it’s time for your organization to install a robust contract management tool:
In case your organization has multiple decision-makers who must review a contract beforehand, a contract management tool would help. But how?
If even a simple NDA document requires approval from around 10 or even 15 individuals, consider the time lost in just getting the first draft reviewed. It’s undoubtedly inefficient, and an automation tool that creates visibility for every decision-maker will save time and speed up the workflow.
Legal, HR and financial contracts often contain potentially risky clauses that may affect a business’s reputation. For this, an organization must collaborate with legal counsel experts. However, communication delays can arise if you use manual procedures and paperwork. In contrast, automation software will directly allow the legal expert to foresee the contract and review it to prevent including risky clauses.
From adhering to legal terms to complying with domestic laws, it’s challenging for the legal team to create, review and finalize a sound contract. Furthermore, some contracts are strict and confidential. An automation software, fortunately, has end-to-end encryption and assignment tools to monitor user activity and track version controls. This way, the contracts are stored safely, and the legal team finds it easy to develop and finalize contracts on a single system.
Financial contracts, HR employment contracts, and vendor details are top-confidential documents accessible by only a few key individuals. In the case of manual procedures, there’s a high chance of theft. But that’s not the case with contract management tools since they have gatekeeping features that limit user controls.
A big organization will have thousands of sales and third-party vendor contracts. However, every one of them might have customized needs, and a standardized contract template may not work. Fortunately, contract management software benefits organizations with tools to customize templates and editing features, which can help boost the workflow process.
In addition, automation software will keep you updated about the contract’s lifecycle. So, if a third party asks for a status update, automation software will generate quick results!
With numerous back-to-back live contracts lined up, there’s a high possibility for the organization to miss a contract deadline. However, enterprise contract management software has live reminders that send alerts and notifications to update the management team.
In big organizations, the sales team requests the legal department to draft a customer contract. However, the absence of a tracking system prolongs the process and makes collaboration challenging, leading to risks of loss of business opportunities. Contract automation software saves the day since it speeds up the process by offering automated e-signature tools, dynamic reviewing, and multi-party collaboration.
Adapting to new technology is the only way to stay relevant and competitive in this age. Here are the key metrics to consider before selecting contract software:
Before it becomes a significant expense for your company, you need to act and implement enterprise contract management software benefits to automate operations, improve workflow processes, and boost productivity.
Contact us to learn more.
* The views expressed in externally authored materials linked or published on this site do not necessarily reflect the views of LexisNexis Legal & Professional.