The right contract management software can automate and streamline your contract creation
Automating the merging of field data using clauses from a pre-approved clause language library can make intelligent contract writing easier. With robust contract management software solutions, inputting new contracts, requests, solicitations, purchase orders, supplier and employee records can trigger a merge of that data with a pre-approved document template. Contract documents can easily be written and then exported as standard file formats such as MS Word and PDFs.
Better contract negotiations
Intelligent software also leverages automation to expedite the contract negotiation process. Document collaboration and version control are simplified and organised with numbered version tracking and a detailed log of changes. You retain control by allowing collaborating parties to easily upload and download up-to-date document versions.
Clause ownership offers contract content control
An organisation’s contract management software can be configured so that changes made to a clause or section can use automation to trigger a notification to the ‘clause owner’ or subject matter expert. This process helps to ensure relevant parties are added to contract approval processes. Contract management software administrators can set up a rules-based process for stakeholders that need to engage with a contract – taking them to a contract negotiation portal, to access and review relevant documents. This portal allows the relevant parties to be involved in the negotiation process without having unnecessary access to the other software features.
Electronic signatures are a must-have for contract management automation in the evolving technological landscape. An e-signature is an electronic depiction of a written or ‘wet’ signature that enables relevant stakeholders to sign documents online without the need for a hard copy. Signature delays can trigger bottlenecks in the meeting of obligations, adherence to compliance standards, and contract execution. You can transform the signing process with electronic signature software by significantly reducing such issues and cutting send-to-sign time by as much as 20%. You will:
- save time: rules-based workflow automation speeds up the process and can keep stakeholders connected and on track so less time will be wasted focusing on administrative expenses involved with sending, storing, tracking and following up on documents sent out for signatures
- experience greater security: processing errors and confidentiality breaches can be reduced with legally binding signatures that include audit trails
- improve visibility and business relationships: the signing process is faster and made more easily accessible both in and out of the office.
- take control of signature processes by leveraging automation to shift from an obsolete, inefficient process to a swift, efficient, and compliant process.
Intelligent automated contract management workflow
Contract management software that supports contract workflow automation reduces contract lifecycle bottlenecks by keeping the right people engaged at the right time with virtually unlimited contract notifications, automated alerts and task reminders. Organisations can configure a process with user-defined fields, data extraction and data mapping, contract process management, audit trails, reporting and analytics, and much more.
Contract writing, collaboration, negotiation and approvals can be managed with an intelligent workflow process that helps you track all stages of the contract lifecycle. Automated alerts assist contract management personnel in meeting key dates and milestones, up to and including contract renewals. And audit trail history provides an easily accessible, up-to-date record of contract changes. Reports provide valuable contract information at a glance for relevant stakeholders on a scheduled basis.
Get started with Contract Insight 17.6.0
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 & Operations, across a broad range of industries.