2021 is rapidly approaching, and with it innovations and enhancements to contract management automation. We have added some user-friendly, future-minded and industry-advancing contract management software features, processes and best practices to Contract Insight that you can use to successfully and confidently navigate the evolving landscape of contract management through 2021 and beyond.
Full contract lifecycle management
To start with, organisations should step into 2021 saving time, reducing costs and enjoying the most efficient possible contract administration process with a low-friction and scalable solution to oversee the entire contract lifecycle. Leading-edge contract lifecycle management software supports organisations from a vast array of industries with an easy-to-use interface for the full contract lifecycle – from start to finish – including:
- automated contract requests
- a user-friendly contract writing interface that allows for easy merging of contract documents with templates from a pre-approved clause library
- centralised contract negotiation, collaboration, review and approval routing
- better contract data tracking and contract analytics
- automated key date notifications and alerts
- risk management, risk mitigation and risk analysis
- seamless tracking and process configuration for specific contract types for a variety of industries
- intuitive integrated RFx management (including RFPs)
- easy searching and reporting, including an ad hoc and custom report designer.
Make your case for contract lifecycle management
Advanced CLM software solutions support intelligent, automated contract workflow to streamline the contract lifecycle from requests through renewal opportunities. Maintain compliance, save time, cut costs and reduce friction with contract lifecycle management software.
Contract intelligence: data extraction and data identification
With AI-powered contract management software, contract procedures are automated and simplified for a future-minded process. Organisations can implement a system for systematically analysing contracts and transforming static documents into dynamic building blocks for better contract oversight, risk mitigation and proactive opportunity realisation. Built-in contract intelligence powered by machine learning can help organisations get the most from smarter contracts.
Leverage automated data entry functionality to save time and resources when users add new contracts into their system. Identify essential data such as key dates, phone numbers, clauses, counterparty information, emails, locations, financial data and more to eliminate the need for manual data field entry.
Contract intelligence: clause recognition and risk mitigation
Intelligent clause identification and clause extraction can supplement continued machine learning – allowing organisations to step into 2021 with a process that constantly improves. Powerful contract intelligence enables users to find standard clauses within a document when added into a contract management software system. Users can add clause text found within that document to their training data for ongoing machine learning – exponentially enhancing future clause recognition.
Contract management AI can assist organisations in pinpointing potential risk variables by analysing text located within newly introduced contract documents and identifying good and bad contract language – according to a configured, rules-based sentiment. An integrated AI engine for contracts can also detect potentially sensitive data, perform statistical data analysis and provide helpful risk mitigation recommendations based upon real-time data.
Rapid electronic signatures
An electronic signature tool integrated with contract management software can help you transition from negotiations to signing quickly as you navigate the demands of the ever-changing landscape of 2021 and beyond.
A swift signing process for fully digitised signature collaboration and electronic approvals can cut send-to-sign time by as much as twenty percent. Organisations can send documents for signatures right after the contract negotiation process is complete. Credible contract management software provides a centralised online repository within a unified online portal for end-to-end management of partially or fully executed signatures.
Manual procedures for new agreements, bulk HR documents, policy updates, addendums and amendments can become a thing of the past thanks to the ability to send virtually unlimited documents out for signatures in bulk. Documents are easy to send, and contract stakeholders can sign from virtually anywhere at virtually any time. Signatories can receive emails that seamlessly take them to necessary signing portals without the need to download software.
With leading contract management solutions with integrated eSignatures, signing and approval collaboration is quick, efficient and centralised.
Better compliance management
On the back end of the contract lifecycle, advanced compliance reporting and auditing grants visibility into contract relationships across business entities. Regulatory, legal and other compliance standards and obligations agreed upon by contract parties can be maintained with the help of robust and user-friendly reporting tools, contract analytics, key dates and renewal requirements and alerts. Thus, collaboration for streamlined compliance and renewals is made easy and streamlined.
Use advanced compliance tools to enhance compliance reporting, share contract analytics, easily send reports and increase compliance between stakeholders.
Succeed in 2021 with Contract Insight®
Contract Insight offers the contract lifecycle management tools above. The software’s abundance of useful features automate the contract lifecycle from requests and through renewals. A variety of core Contract Insight features – as well as IntelliSign electronic siganature tools – can be easily utilizsd on mobile devices for a vastly diversified and mobile-friendly contract management software experience. With an AI-based contract management software solution that promotes an intelligent and streamlined contract lifecycle, your organisation can step into 2021 confidently – saving time and increasing your ROI.
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.