6 Reasons Why You Need a SharePoint-Based Contract Repository

Are you tired of spending countless time trying to find specific contracts, clauses, or other critical information?

Do you have an organized contract storage system where you could pull data from months or even several years ago? What would that process look like when searching for that information? How long would it take?

Is your current contract storage system organized and efficient? Does it promote growth and the scaling of your business? Will your current contract storage system work for the long term?

If your company consistently works with a high volume of contracts, it’s likely you’ve encountered the regular time-wasting bottleneck of manual contract and clause searches.

Did you know that according to the Journal of Contract Management, 71% of organizations that manage contracts lose 10% of their contracts?

By adopting a SharePoint-based centralized contract repository, you can increase visibility, efficiency, and organization in your contract management process. Leveraging all that a contract repository has to offer will not only improve contract storage but will also offer ways to improve day-to-day business operations and business-vendor relationships.

Why Your Business Needs a Contract Repository

A primary concern in contract management is contract visibility. Without an appropriate level of visibility in your contract management system, there won’t be an accessible and comprehensive overview of contract details, terms, and obligations. Because every contract is different, and every contract manager creates and manages contracts in a unique manner, it's necessary to develop a contract management system that provides visibility for all involved in the contract management process.
For example, if a contract manager prefers to store contracts and related information in physical files, it will create an obstructed and difficult process to filter through and find specific documents. In this way, the following could result

• Delays in service
• Missed or forgotten deadlines, renewals, expiration dates, etc.
• Contract non-compliance
• Expired contracts
• Duplicated contracts

Avoid all of these pitfalls with the help of a functional contract repository. A contract repository allows you to access all contract and document information within a single centralized location. Find whatever you need, whenever you need it.

Technological advancements have enabled today’s contract repositories to possess some remarkable features and search/filter functions. With a contract repository, you can increase data cohesiveness and accuracy, utilize automation, track contracts, improve teamwork, and increase compliance. Manage, store, sort, and create contracts in one place with increased visibility with the help of a contract repository. Gone are the days of endless time wasted searching for contracts – find anything rapidly with a repository.

Using our CMS solution, you will have every contract within direct access at any time with a customizable search function where you can set pre-made filters for different contract and document types.

3 Tips for Contract Repository Implementation

Let’s discuss three top tips for successful contract repository implementation.

1. Begin by assessing your business’s unique needs and goals

Discuss with your contract management team the needs and goals within your business. Follow-up by assessing what the purpose of a contract repository is and how it will serve in achieving business results.

Discover what the administrative team needs and where gaps can be filled. Where are there existing delays in the process? What is the current system of filtering and searching for contract data like? How effective is communication across various teams (legal, contract, executive, etc.)? Having an extensive overview of how the current system functions and what needs exist will help in further decision-making. In this way, you can decide which data to prioritize in the new contract repository.

Is there automation in your contract management process? We suggest setting automated reminders and alerts of critical dates and deadlines. Set your sales department up for success by facilitating discussion surrounding what a contract repository has to offer them. The filtered search capability of a contract repository, for example, can help your sales team find specific contract terms and clauses as well as information regarding negotiations. With automated reminders, they will also be well-prepared for renewals and other key dates.

Lastly, ask your contract managers what the biggest area of need is. They are key for setting the fine details for the contract repository when it is implemented.

2. Sort contracts and associated documents

After taking a complete assessment of unique needs and goals from a variety of departments in your business, use the information you compiled to decide in what order to upload contracts and documents into the contract repository.

This is important because contract types play a large role to the repository. Based on the answers from your teams, which type of document is most important to your business’s goals? Which type of contract is used most consistently? Create a seamless transition into using the contract repository by having a broad overview of the impacts of contracts currently so that transferring them into the repository is easy.

Organize contracts based on specific characteristics. This is a very important step that takes a considerable amount of time but will pay high dividends in the long run for team efficiency. Sort contracts based on various clauses, conditions, and terms. This allows you to conduct time-efficient and accurate searches within the contract repository by using customizable filters. This optimizes contract management by saving valuable time and making it extremely simple to find very specific information in a sea of complex contract data. Your contract management, legal, and sales teams will thank you!

This is the step that takes the most time but is what ends up paying off in a significant way. Effective and clear organization of contract details will create a very simple, clean, and cohesive contract repository.

3. Implementation

Now that all of the planning is complete, you are ready for contract repository implementation.

We recommend our Dock 365 Contract Management System. Our system will offer you a centralized contract repository that gives you a comprehensive understanding of all aspects of your contract management processes. Our effortless contract management life cycle platform allows you to review every part of your customer and vendor contracts, set deadlines and review dates, create, and edit contracts, and use contract tracking tools to track various items and obligations.

By taking the time to plan and organize contract repository implementation, you can ensure a smooth transition into its use and increase the likelihood of its success. Assess your business’s unique needs and goals, sort the contracts and other pertinent documents, then implement. With these three steps, you will certainly have contract repository success!

6 Reasons Why You Need A Centralized Contract Repository

Let’s discuss 6 key reasons why implementing a centralized contract repository will seriously benefit your business.

1. Readily available contract data and information

With a centralized contract repository, you can conduct simplified, filtered searches for contracts, clauses, and other information. With our Dock 365 Contract Management System, you can create customized filters tailored toward regularly used searches. Our software solution is SharePoint and Office 365-based, where the repository itself is SharePoint the contract repository platform. SharePoint specifically offers several features and tools that make managing a contract repository effortless. Using the search functionality provided by SharePoint, you can find whatever you need in a matter of minutes. We will discuss more regarding the capabilities of SharePoint near the end.

Because the contract repository included in our system is cloud-based, you get to save both time and resources. With a cloud-based contract repository, you can access any data at any time, anywhere. Now, you no longer have to spend time manually sifting through data or monitoring compliance. With cloud storage, all of your business’s contract data is secure and within reach.

Make contract tracking and analyzing trends effortless by switching to a cloud-based, centralized contract repository.

2. Better Communication

When working with various clients and vendors, having a centralized contract repository will actually help improve communications. Because your business works with many contracts and many parties, it's important to streamline where possible. A centralized contract repository will enhance organization while creating a more accurate storage, search, and management process.

Without a centralized repository, you risk missing critical details or losing contracts entirely when it’s preventable. You’ll never miss important deadlines or misconstrue data and details with the help of a repository. The impact of a disorganized contract management storage system can be tremendous – leading to dissatisfied and angry clients and vendors. You also run the risk of breaking the code, facing various penalties, and being non-compliant.

Gain control, insight, and visibility with a centralized contract repository. With the user-friendly dashboard provided in a contract repository, all contract information is available in plain view. In this way, you can find errors that exist and make adaptive changes quickly. Our contract repository additionally allows you to set automated reminders and notifications for dates and deadlines.

A contract repository can offer your business some amazing benefits. Your contract management team will be equipped with tools to communicate accurately and dependably with clients and vendors. You will improve response times and be able to pinpoint any errors and address issues effectively.

3. Maximized security of contract data

Our contract management system is integrated with the Sertifi eSignature solution. All signatures and other contract-based data are kept under high-security measures in a centralized contract repository. In this way, your client's private information is kept confidential.

Enable or disable access to specific data for select individuals in your company as needed. Additionally, a well-designed contract repository uses encrypted data to keep all information protected. With our Dock 365 Contract Management System, you can ensure that your contract management team, clients, and vendors are well-informed of all necessary information at all times without sacrificing data security.

There is nothing worse for your business than a breach of security – especially when it could’ve possibly been prevented. Keep clients confident, and everything safe and secure with a repository.

4. Improve client satisfaction

A contract repository will increase the time efficiency and productivity of individual contract lifecycles. In this way, you increase the value of your business by providing faster turnaround times. Increase client satisfaction with rapid and accurate fulfillment that will consistently keep your customers returning for your services.

By giving your customers repeated, high-quality performance in contract management, you’ll exceed their expectations and boost your business’s reputation indirectly. With quality service, comes quality results. A centralized contract management repository will only help your business scale!

5. Boost integrity

With a centralized contract repository, you can increase the integrity of data. With our contract management system, you reduce the issues encountered by low data quality. Our software allows for tracking of all iterations and changes of information and documents. Contract storage is made simple and organized so you never have to worry about missing critical pieces of information or conducting manual data backups.

6. Cost-efficiency

Ready to cut down on costs? Then adopting a digital contract repository is an excellent place to start. A contract repository allows you to find contracts faster than a paper-based repository or one where you store contracts in multiple places (i.e., shared drives, emails, desktops, etc.). Text-based search and filtering capabilities allow you to retrieve contracts based on contract name, contact, organization, and other characteristics. In this manner, you can easily find answers to your contract questions rapidly without needing the assistance of your legal department.

Key Characteristics of a Digital Contract Repository

When choosing a contract management system, we suggest that you take a look at the digital contract repository’s capabilities and features. The solution should adapt to your company’s needs, branding, and objectives that work with your unique approach to contract lifecycle management. Implementing a proven solution like our Contract Management System here at Dock 365 will empower your business to leverage contract data to extract more value out of your contracts and improve your contract results.

Here are six features we recommend you keep an eye out for when selecting a digital contract repository:

Access controls

Configure role and user-based access controls to ensure only the right people can retrieve and use your sensitive contract data.

Workflow automation

Automated workflows support the systematization of contract authoring, approvals, negotiations, and other phases of the contract lifecycle. You can even configure automated notifications to keep your whole team aware of time-sensitive contract responsibilities and tasks. Based on the contract type, you can design specific workflows to assist you throughout the lifecycle.

KPI monitoring

Analyze data and hit KPIs like a pro with the help of your repository. With performance dashboards and custom reporting, you’ll always be well-informed on the state of your contracting practices.

Integrations

Integrate with other digital business solutions like CRM and DocuSign and Adobe Sign electronic signature integrations to automate signing and increase efficiency.

Text-based search and filters

Find what you need at the times you need it most due to text-based search and customizable, savable filters.

Collaboration-minded

Your contract management system should make it incredibly easy to communicate across departments and between involved contract stakeholders. This way, negotiations, reviews, and approvals are simplified thanks to in-document commenting and redlining, editing, and digital signing.

Conclusion

Do you have a centralized contract repository? If not, you are certainly leaving some incredible benefits on the table. Our Dock 365 Contract Management System will help you store, manage, and create contracts so you can streamline, optimize, and achieve business results.

With readily available data, improved communication, maximized security, enhanced client satisfaction, increased integrity, and higher levels of accuracy, you can make great strides in your contract management processes today.

Our contract management software was created with your business needs and goals in mind so you can up-level your business strategy and increase the value of your experiences with clients and vendors alike.

To learn more about how Dock 365 can improve your contract management processes with our SharePoint-based, centralized contract repository feature, schedule a free demo today.