Top tips for better remote contract management during the COVID crisis from Four Business Solutions

In the wake of unpredictable circumstances such as the ongoing COVID-19 pandemic, your organisation is more than likely allowing its employees to work remotely. No matter which relevant you are working in, you must be supported with a sufficient system in place for contract management, sourcing, and procurement operations. To that end, we’ve assembled a list of five tips for maintaining remote contract management software process efficacy during the COVID crisis.

Tip 1. Store and safeguard contracts virtually

The pandemic has obviously made it impossible for you to continue storing contracts with methods such as filing cabinets. Such material methods should have been obsolete for a long time now. However, not all digital contract management methods are created equal – procedures that involve emails and digital storage have also proven antiquated – making it difficult for you to maintain version control, secure and safeguard contracts, stay abreast of key dates and milestones, and enforce contract archiving and retention rules.

To avoid the issues mentioned above, we recommend that you use a secure, web-enabled document repository with leading contract management software. This tool will help you to store and organise contracts, maintain document version control, quickly find crucial legacy contracts, easily track approval statuses, quickly collaborate and much more – and the secure online repository maintains its high level of efficiency when you’re working remotely.

With cutting-edge contract management software, you don’t have to let the pandemic stop you making your contracts work for you – promoting accountability, improving productivity,and positively transforming your document management processes during turbulent times.

Tip 2. Reap the benefits of intelligent contract workflow

The COVID pandemic need not bring your contract workflow to a screeching halt. We recommend that you use contract management software that supports intelligent contract workflow automation, which offers a fully digital experience. Intelligent contract workflow can reduce contract lifecycle bottlenecks by alerting the right people at the right time with virtually limitless contract notifications, automated contract alerts and contract task reminders. You can continue to revolutionise contract management processes out of the office, with tools such as contract process management, user-defined fields, reporting and analytics tools and full audit trails etc.

You can enhance negotiations and approvals oversight with intelligent, automated workflow that helps you track every stage of the contract lifecycle. Your organisation can meet key dates and milestones for all stages of the contract lifecycle, thanks to automated alerts. Furthermore, full audit trail history can provide a comprehensive chronicle of changes made to contracts.

All-in-all, you can be confident that your contract workflow process will not suffer while you are physically away from the office.

Tip 3. Embrace mobile contract management

You can streamline and simplify tasks such as managing contracts, approving amendments and signing contracts by relying on a contract management software platform that provides mobile-compatible contract management. Contract Insight is a contract management software suite operational on mobile apps for Android and iOS devices.

The mobile apps provide you with the future-minded features that you need for better contract management on the go. As such, you can automate contract workflow tasks, track key dates and milestones, send documents for signatures and search and report on mobile devices.

Contract Insight’s apps are easy-to-use and provide a modern mobile interface while upholding the integrity and availability of core Contract Insight features and functionality – including proprietary contract intelligence and machine learning engine, VISDOM AI®. Whether you’re a new or experienced user, you can expect to traverse the apps with ease. Access and manage contracts, tasks, attachments, key dates, reports and much more in the palm of your hand – from virtually anywhere, at any time.

Tip 4. Integrate eSourcing with contract management

Integrating eSourcing software with contract management software can promote a streamlined bid management process for remote work. As such, we recommend that you leverage an enterprise-grade bid management and eSourcing software solution that promotes transparency and compliance from sourcing to post-award contract management.

A user-friendly and flexible solicitation and RFP management solution can seamlessly integrate with mission-critical applications that you use to expedite vendor management, electronic bidding, contracts, agreements, purchasing, obligation records, leasing, and more.

You can automate and hasten the full contract lifecycle with:

• bid & bid contract authoring
• bids that can post on a branded portal
• notifications and alerts to appropriate vendor
• an online vendor Q&A portal
• easy acceptance of electronic bid responses
• response rating and scoring
• full bid award management
• seamless contract lifecycle management
• automated calendar notifications and email alerts
• user-friendly searching and reporting
• fast and proven implementation.

No matter how long the COVID-19 situation prevents you from going back to your in-office desk, you can continue your eSourcing processes as if you never left – improving them along the way.

Tip 5. Leverage electronic signatures

For successful signing while working remotely, we recommend you use a user-friendly, configurable and speedy document collaboration and electronic signing utility. Integrated contract management software and electronic signature software can keep your organisation’s approval and signing processes moving during the COVID crisis. You can keep collaboration and electronic signing procedures running smoothly with the help of:

• rapid signing
• simple one-off signatures
• rules-based electronic signing.
  .

Successfully tackle remote work with Contract Insight from Four

You need a software solution that will help you maintain effectual source-to-contract processes while working remotely.  Try Contract Insight. It has a variety of user-friendly features that enable you to manage contracts with more efficiency, unite and secure contracts and documents, successfully oversee compliance, easily track costs, quickly receive notifications and alerts, sign quickly with electronic signatures, and remedy squandered productivity and high costs that stem from out-of-date remote contract management practices.

Contract Insight from Four

Contract Insight is a cloud-hosted (SaaS) or deployed (on-premise) contract management solution.  The acclaimed platform is trusted by thousands of professionals for their contract management, legal document management, procurement and sourcing needs.  Used by many Fortune 500 companies, Contract Insight gives you real time visibility into your contracts. It doesn’t just shore up your security; it will help you meet contract compliance regulations, centralise your contract management and improve your overall contract administration process.

For more information, contact John O’Brien, CEO at Four Business Solutions, global business consultants and software integrators providing business processes improvements in Finance, Supply Chain and Operations, across a broad range of industries.