cloud-based contract management system

Around 80% or more of the business operations are managed by contracts. Contracts are a crucial part of any company. If you're a young company or a huge corporation it is likely that you will be dealing with hundreds of agreements like partnership agreements, non-disclosure agreements as well as general employment contracts. equipment and property agreements There are a myriad of options. Are you able to effectively manage them? Do your operations rely on paper sheets, spreadsheets and other outdated systems? Have you thought about shifting to contracts management software? If so, this article is perfect for you.

contract management

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

software solutions contract management tools

Does the program have AI capabilities?

contract life cycle management

The sheer volume contract information, ensuring that there is a uniform approach while managing contracts and retrieving important information is an enormous problem. Some organizations may not have a common method of organizing contract databases. For example, you have numerous procurement contracts with varying renewal dates and terms for renegotiation. A group of people might need to work for hours studying, reviewing, and tracking the information to ensure that the right opportunities are not missed. If you opt to use an automated contract system that is powered by AI, this job can be completed in mere minutes. With Doc.AI capabilities, details such as contracts' titles, renewal dates the negotiation term solution provider contract management software can be extracted. This helps with reviews, approvals , and sign-offs.

software contract management

It's not just about it. Additionally, advanced contract management systems that incorporate AI capabilities could help review contracts, evaluate clauses, and organize contracts according the kind of clauses. AI-powered CMS can assist in being in compliance with the ever-changing rules. NLP analyses every document and highlights the threats and opportunities.

solution provider contract management software

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

best contract management software

Drafting contracts is one of the most frustrating tasks. What a hassle it would be to create documents with similar clauses such as terms and terms, words, and basically the same content a number of times. And this is why your CMS must have easy-to-use templates and clause libraries for several areas. These templates, when approved by your editorial and legal team, you can easily draft contracts with no weaknesses in your language. Furthermore, a feature to standardize and centralize the contract means you will have an all-round view of your contracts. You can follow them using filters you can alter and co-work with colleagues on how to read as well as edit and archive.

What's the ROI-potential? How much could my company save?

The savings numbers are largest argumentative factors that can help you make the final decision of whether to invest in a contract management solution or not. A study by Goldman Sachs concluded that an automated system for managing contracts can make negotiations more efficient by 50 %, decrease payment errors by 75 to 90 percent, reduce the cost that managing contracts is 10 to 30 percent , and reduce the amount of staff needed for contract management by 10-20 percent. Yes, contract management is indeed a cost-effective choice, if it is chosen properly.

Ideally, you should look at things like the amount of time in audits and tracking renewal dates, lower disputes in contracts creating new opportunities that reduce the cycle of sales.

Can you customize the solution?

Nearly every service provider in their market promises to offer solutions that are tailored to the specific requirements of each organization. But is this always the case? Instead of spending thousands on customizing, go over the process, critical steps needs to be modified, look into options by asking more precise questions.

A good example is: in a typical workflow for managing contracts where the person who drafts the documents the system routes the document to the person who approves. Without stopping at this basic characteristic, a tweak could include an email notification including the document's hyperlink sent to the person who approves. The link must be compatible or work with all devices, including smartphones, tablets, and desktops.

In the same way highly customizable software could also mean cumbersome and complex to operate, and its simplicity could also be too simple. Thus, it's always great idea to think about the pros and cons and the level of sophistication of the individuals who will use the software and determine the best approach to customization.

What are some distinct features or highlights that could reduce manual work?

As part of a contract administration system, agreements are saved in a secure, centrally located and searchable archive with user-based access. This facilitates optimum compliance as well as large-scale reporting. For instance, contracts could be easily traced, and the procedure of reviewing and signing can be made more efficient with electronic signatures. Another option is measures and data analytics. To find out data on the time it took negotiation of a contract, they can quickly look over areas of contention, count the number of iterations and then create detailed reports. This will also aid in incorporating clause libraries, gain insight into past performance and decreasing the cycle time of contracts.

Another key feature to look to is redlining in contracts or editing. Redlining is highlighting the text to indicate additions, modifications deletions, approvals or rejections. This feature is extremely useful, especially when two or three people would like to work on the same document together. This allows more flexibility when reviewing andnegotiating contracts.

It is easy to set up and use?

A contract management program that has an intuitive interface and simple to use features will delight your users. To maximize your benefits during the time of deployment, try to integrate it with existing systems which reduces the amount of time spent navigating between platforms. As an example, integrating CRM with the new contract software can aid sales professionals to automate provide customer data, design contracts and route them for approvals, in addition to being in charge of renewals, expirations, and other important dates.

The next step would be to check for the onboarding process. Ideal if you have an out-of-the-box solution so that you can move live and go into operation within a couple of weeks' time. It is important to remember that lengthy deployment cycle are now unsustainable.

7. What will the security of the data and the private information be safe?

Last but certainly not least data security is of paramount importance. Since contracts are highly confidential and sensitive data it is essential to protect them from unauthorised access in order to earn the confidence of your family whether that be your partners, suppliers or customers. Plus, the increasing security threats and cyberattacks put companies at danger of legal brands, financial, and other liabilities. If you're looking to keep the trust of your important business relationships verify that the company hasn't suffered any serious data incidents.

Reach out to our experts at ask@vuram.com to find out more about the Vuram Contract Management Solution.