The new decade brought drastic changes to every sector of the world. These changes also resounded in the enterprise organizations, their daily activities were affected, workforce shifted to the comfort and safety of their home, and the demand for digitalization has increased now more than ever. Enterprise activities that profoundly depended on the people that were physically present on site has been forced to change to virtual solutions, so that those processes will keep running smoothly. For enterprise organizations the digitalization move was essential so they could keep running their business.
The digitalization wave impacted activities like project management, document management, internal training, customer relations, etc. But one of the most important parts of enterprise activities - contract management - was the most impacted by the digitalization wave.
Every step of the contract management process requires great supervision. The sophistication of the commercial contract management process also comes with greater chances of risks. We already know the consequences of risks in the contract management process. Not only does digital contract management minimize the chances of errors and risks in the process, but it also ensures the smooth and fast processing of contracts and its related documents.
In this blog we are going to discuss how you can equip your contract management perfectly so that it fits the new age needs.
One of the primary concerns that arise in the adoption of a digital contract management is the ability of the solution to automate the process. There are several steps involved in contract management and each of these steps would require long time in processing in the previous management process. The proposed system should effectively eliminate that long duration in processing and approvals thereby speeding up the process.
Contract management software should have workflows set up for the above-mentioned purpose. These workflows can be custom built into the solution as per your requirement. Once a contract life-cycle is initiated all processes should be completed virtually without having to switch to physical intervention at any point.
Workflows will basically move around the contract document automatically during the life-cycle. One other important task that workflows cover is the notifications. With automatic push notifications powered by automated workflows you can be sure that you are not missing any deadlines or renewal dates.
While workflows will bring the files to approvers, if you are to eliminate all physical contacts, you should integrate your contract management solution with an e-signature capability. With e signature capabilities approval processes will become more fast and secure.
Every organization has different needs for their contract management routine. It is impossible to get effective results if you adopt a processing model of another organization. Your process and methodology should be different. It should address the needs and challenges of the contract management at your organization.
Building a unique contract management solution will boost productivity among the procurement team. The contract management team should empower the team to do their best, it should help them to concentrate in making strategies rather than waste time in basic contract details like drafting or approvals.
Contract management solutions should be adaptable to remote work situations. The solution is principally a document repository, and the remote workforce should be able to access these documents without any issues. A contract management solution that depends on the cloud computing can easily accomplish that. While a cloud computing makes the issue of document access easier you must also keep in mind the sensitivity of documents and take steps to ensure the safety of the data.
Many enterprise organizations are choosing to build such solutions on their SharePoint environment, mainly because SharePoint is an exceptional document management platform and Microsoft assures the best data safety at rest and in transit. Also, what makes SharePoint based solutions more desirable is the ability to customize the solutions as per the requirements. A SharePoint based contract management solution is perfect for companies looking to better their work from home contract management processes and policies.
Pandemic or not contract management should be give the most priority at an enterprise organization. The process itself is very risky, it is important that contracts are handled by certified professionals and they should be empowered with the right tools. The contract management system you choose should be equipped for the tasks the team handles. From initial stages of contract like drafting and negotiation to closing the deal and then after during contract due or renewal periods your contract management solution should be able to manage and stay on top all things contract management related.
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