Contract management is creating, managing, sharing and archiving business contracts. It should allow in-house legal teams and business users to automate management processes while extracting contract insights.
Contracts are a critical business asset that needs to be handled effectively. However, the traditional approach of managing them manually through folders and file cabinets is riddled with inefficiencies and risks.
What is Contract Management?
Contract management manages a contract’s lifecycle, including its creation, negotiation, execution, renewal and amendment. Automated workflows and compliance monitoring reduce the time required to manage contracts, reducing costs and increasing business efficiency.
Traditional contract management methods expose businesses to risks, including misplacement, tampering and data loss. Instead, organizations use contract management software to digitize their agreements and unlock information.
A well-designed digital contract management system like the Intuitive Edge contract management solution allows users to access all the critical information they need quickly, so they can spend less time searching and more time working. In addition, they can track the progress of their contract lifecycles and analyze data to identify opportunities for improvement. It helps them drive increased visibility into all contracts, from high-level to complex contractual hierarchies, to increase business value and improve their bottom line.
How Do I Know If I Need a System?
The right system can save your business time, money and sanity by enabling legal teams to quickly and easily create and review contracts, manage compliance risks, and improve client satisfaction. However, choosing the right solution requires due diligence.
For starters, your organization should evaluate its current contract management process and resources to determine if it is ready for the next generation. It’s time to look for the best solution, like the Intuitive Edge contract management solution, once you clearly understand your requirements.
The most effective contract management software for your company will be able to prove its value with a broad range of features and capabilities that your business can use for many years to come. These include an integrated document management system, a native document editor with auto-generate functionality, a suite of intelligent automation, and a nifty dashboard. Using these and other features, you’ll be on your way to a better, more efficient contract management operation in no time.
If your organization is overloaded with contracts, you could benefit from a system that will help streamline and automate your contract lifecycle management processes. These systems also offer secure storage of all your arrangements in one place, with powerful search capability.
When choosing a contract management system, look for one that keeps your contracts safe behind digital encryption and other cybersecurity protocols. These protocols keep your documents safe even if they are lost on a hard drive and ensure they are not exposed in any way.
In addition, make sure you find a system that allows for easy e-signature of essential documents and contracts. It is a great way to guarantee that executives and other essential individuals have approval on all the documents they sign, lowering the possibility of future legal disputes.
Finally, ensure you seek a contract management system that alerts you and your team about upcoming deadlines or milestones. You can personalize these alerts for your company to keep track of everything from renewal dates to expiration periods.
What are The Benefits of a System?
A contract management system is an excellent tool for tracking and organizing your contracts. It can save time by keeping all your documents in one place and enabling your team to search for information quickly.
In addition, it can also be a valuable tool to mitigate contract risk. It allows you to set markers for compliance and automates periodic checks, making monitoring and tracking your contract risk much easier.
Some of the most common benefits of a contract management system include the following:
Accelerating and improving contract reviews and approvals is a significant benefit. It can reduce the time spent on these processes by ensuring that the correct items are reviewed and recorded correctly, with parallel and conditional approvals reducing the risk of error.
Another benefit of a contract management system is its ability to track financial performance and transactions in real time. This data type at your fingertips can be a huge advantage against competitors, increasing business value.
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