Contract management is a highly systematized, detailed, and monotonous process. Due to the legal nature and implications of contracts, its necessary for there to be a rather high level of standardization in any organization’s contract management process. However, how can one organization differentiate their contract management process from another? The answer is by increasing the overall value of the contract management service they are providing. With the help of a dedicated contract management software solution, you can confidently provide the best possible contract management to your clients and vendors.
Depending on the size of your organization and the volume of contracts your organization manages on a day-to-day basis, it can prove to be difficult to keep up with increasing demands on your contract management team. At the bare minimum, its critical to have an organization system for your contracts that can effectively store and manage current and historic documents. We also highly suggest optimizing contract management workflows as much as possible so you can reap the maximum results of an effective contract management system.
With a productivity-driven contract management software solution, you certainly have a competitive edge to begin with. However, there are specific elements to include in your contract management software to ensure you are optimizing and streamlining contract management wherever possible. When it comes to maximizing results, you have to leave no stone unturned and capitalize upon any area of improvement so you can provide the best possible contract management and build work relationships.
Our Contract Management System here at Dock leverages numerous advanced collaborative SharePoint and Office 365 tools that make contract management easier and more organized than ever before. More than a SharePoint-based contract repository, our solution provides you with many ways to manage contracts that increase time-efficiency and improve communication and collaboration when working on contract lifecycles. Our solution utilizes a centralized, cloud-based platform that integrates with several different apps so that data is organized and securely stored at all times.
Let’s discuss 5 key ways to increase the value of your contract management system.
A cloud-based, centralized contract repository is key for secure storage of contracts and other essential contract-related data. By keeping all of your organization’s contracts in a single location, you don’t have to worry about document misplacement when members spanning across several departments are using the same electronic repository. Contract repositories serve as a single source of truth when they are utilized intelligently, helping you with document categorization, tagging, and metadata organization. Furthermore, a centralized contract repository is essential for increasing organizational transparency and visibility. In this way, all parties and see any version changes and the different iterations of the same contract or legal document – helping to make sure everyone is on the same page about the most current version of an agreement’s terms and clauses. This is fundamental to maintaining clear communication and coordination within your company, and to bettering working relationships with clients and vendors.
The second key way to improve and reap maximum advantages of your contract management system is through designing a standardized reporting and data analysis system. Making informed business decisions is critical to improving the performance of your contracting process and to answering important questions pertaining to existing areas of improvement. Analyzing on-hand contract data in mass amounts can help you in identifying trends of both inconsistencies and results-producing actions across your business.
When renewals and expiration dates come around, you will be equipped with the right information and tools to take the best actions as you move forward with specific agreements and vendors. In addition, the ability to pull contract data on demand and measure the data against supplier or vendor performance is a great way to gain key insights in terms of how your suppliers or vendors are stacking up against agreement conditions.
There is no question that building a contract from scratch takes an exorbitant amount of time and attention to fine detail. Contract authoring is one aspect that can be optimized with preapproved contract templates and clauses. Now, building contracts are simple – choose the type of contract you wish to design from your template library, select associating clauses, and the software auto populates the document with relative data and client information. Streamlining contract creation directly improves risk mitigation through standardizing legal language and minimizing the potential for user error and typos. With today’s technologically advanced contract management software, you can author contracts instantly rather than spend time creating them sentence by sentence. This results in more time available to be spent on other critical tasks that require a more hands-on approach.
Electronic signatures have exploded in popularity in the digital marketplace. Businesses use electronic signatures to quickly sign documents and get agreements executed with speed regardless of geographical location of either party. In the context of contract management software, electronic signature solutions are extremely common. By implementing an eSignature solution, you can optimize negotiations and approvals with electronic signature technology that is built directly within your software. Our Contract Management System utilizes the Sertifi eSignature solution to help you and your clients sign documents on any device, anytime, anywhere.
Just when you think you’ve developed the best possible system for contract management is the exact time to reevaluate and consider all the elements of your system. Never get complacent because there will always be an area, whether minor or significant, that can be upgraded and taken to the next level. Not only does this improve your organization overall work capacity, but it improves the client experience as well! By continually keeping tabs on improvement, you can optimize and increase the value of your contract management product as time goes on. Understanding where patterns and trends are occurring (whether positive or negative) is key to determining what the best route of action is for your business. Improvement comes with complete visibility and taking a comprehensive assessment of your contract management processes so you can identify where bottlenecks and other pertinent issues might be occurring. Once you determine what areas require improvement, you can take decisive actions to kickstart dedicated initiatives toward improvement and increasing value.
Again – never get complacent and satisfied with your contract management processes. Instead, stay in communication with stakeholders and your contract management team so you can gain several perspectives and a detailed overview of your system.
Increase the value of your contract management system by using a centralized repository, pulling reports and analyzing data, building contracts with templates and preapproved clauses, leveraging an eSignature solution, and by always improving wherever possible. Our Contract Management System is equipped with several amazing features that will help improve the quality of your contract management processes with the help of a SharePoint and Office 365-based collaborative software interface. Improve business dealings, increase contract compliance, reduce bottlenecks and turnaround times, enhance risk mitigation efforts, and completely overhaul contract management team productivity for the better with our contract management software.
Ready to get started today? Reach out to us to learn more about our Dock 365 Contract Management System.
Schedule a live demo of Dock 365's Contract Management Software instantly.