contract management




cloud-based contract management system

The majority of business operations are governed by contracts. Contracts are a crucial part of any business. No matter if you're a new enterprise or a big corporation probably you'll be dealing with hundreds of contracts like partnership agreements, non-disclosure agreements or general employment agreements property and equipment contracts there are many more. What is your strategy for managing them? Do you depend on paper in spreadsheets, documents, or other systems? Have you ever thought of moving to contracts management software? If so, this article can help.

contract management

Before investing in the contract management system ensure that you review these seven questions to beware of the traps.

software solutions contract management tools

Does the software include AI capabilities?

contract life cycle management

With the sheer volume of contracts, ensuring uniformity in managing contracts, as well as getting essential information to be accessed is the biggest challenge. There may not be a standardized method of organizing contracts databases. Take for instance, your organization has an extensive number of procurement contracts with various renew dates and renegotiation agreements. A team of workers will likely to be tasked with searching, reviewing and tracking the information to ensure that you don't miss any opportunities. Instead, if you opt for an AI-powered solution for contract management, the task could be completed in less than a minute. Through Doc.AI capabilities, data such as names of contracts, renewal dates agreements, and other terms of negotiation can be extracted. This makes it easier to conduct reviewing, approvals, and sign-offs.

software contract management

This isn't all of it. Additionally, advanced contract management systems with AI capabilities will help you review contract clauses, compare clauses and classify contracts according to the kind of clauses. AI-powered CMS could also assist in making sure that you are in compliance with current laws. NLP analyzes every document and points out the dangers and opportunities.

solution provider contract management software

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

best contract management software

Drafting contracts is one of the most laborious tasks. How difficult would be to prepare documents with similar clauses as well as terms and conditions, vocabulary, and virtually identical content a lot of times. This is why your CMS should provide easy-to-use templates and clause libraries in different fields. When you use these templates, that have been approved by your legal and editorial teams, it is possible to swiftly create contracts that are free of issues with language. In addition, a clause to centralize and standardize contracts ensures that you have the full view of the contracts , allowing you to follow their progress using custom filters. Additionally, you can collaborate with peers to review editing, storing and revising.

What is the potential ROI? What are the costs my company could reduce costs?

The saving numbers are the most convincing factors that will help you determine whether you should invest in a contract-management device or not. A study by Goldman Sachs concluded that an automated contract management system could speed up negotiations by fifty percent, reduce payments errors by between 75 and 90 percent, reduce the cost involved in managing contracts 10 to 30 percent and reduce the number of employees needed to manage contracts by 10 to 20 percent. And yes, contract management indeed can be a cost-effective solution, if done correctly.

Ideally, you must consider factors such as time spent in audits and tracking renewal dates reduced disputes with contracts and the creation of new opportunities reduced sales cycle.

Can the solution be made customizable?

Nearly every service provider in today's market boasts to offer an approach that is designed to the requirements of every organization. But is this always the case? Instead of spending money to customize your experience, take the time to understand the process workflow, critical steps needs to be modified, think about options using more precise questions.

As an example: In a typical contract management workflow where the writer writes the documents the system then automatically forwards it to the approver. However, rather than relying on this simple function, a modification might include an email with the document's link to the approver. The link should work or work on every device, including smartphones tablets and laptops.

While at the same time highly customizable software can also mean cumbersome and complex to use, and simplicity may also prove too little. Thus, it's always wise idea to consider what the options are and the expertise of the group that will be using the software , and after that, decide on how to modify it.

What are some of the exclusive features or points that can speed up manual processes?

Within a Contract Management System, contract documents are stored in a centralized, secure and searchable repository , with user-based access. This ensures maximum compliance and ample reporting. For instance, contracts could be easily tracked and the review and signing process can be automated with e-signatures. Another example could be data and analytics. To extract information on how long it took for concluding a contract, people are able to quickly identify the limitations, find the number of iterations required and write comprehensive reports. This will assist by adding clause libraries, gain insight into the historical performance and decreasing the time to complete a contract.

Another key element to look for is contract redlining, also known as editing. Redlining is the act of highlighting text as a way to identify changes, additions to deletions, changes, approvals as well as rejections. This feature is extremely useful, especially for situations where more than one person wish to work on the same document collaboratively. This feature gives more flexibility while reviewing and negotiating contracts.

How simple is it to install and use?

A contract management application that has an intuitive interface with easy-to-use features will be appreciated by your customers. To gain maximum advantage, when deploying, you should integrate it with existing systems , which will reduce the time required to switch between different platforms. For instance, the integration of CRM with the new contract software can enable sales people to supply customer data, make contracts , and then route them to approvals, in addition to being in charge of the renewals, expirations and other dates.

Next would be to check for the process of onboarding. A great option if the onboarding process is an open-source solution so that you are able to launch and start operating within a few weeks' time. Do not forget that lengthy deployment cycles are no longer tenable.

7. The data and personal information be safe?

In the last, but not least the security of data is of crucial importance. Since contracts contain highly confidential and sensitive data it is essential to protect them from unauthorized access in order to earn the respect of your group whether they are partners, vendors and customers. In addition, the increase of threat of cyberattacks and cyber threats are putting companies at the possibility of legal brands, financial, and other liabilities. If you're looking to preserve the trust you have built with your business partners be sure to confirm that the provider hasn't had any serious security compromises.

Reach out to our experts at to find out how Vuram can help you with your Contract Management Solution.