How Contract Management Software Supports Your Legal Department

How Contract Management Software Supports Your Legal Department

Contract management software offers unique capabilities to help increase efficiency in contract-related activities for your internal legal department. Now, you can remove unnecessary stress and tension from legal with a solution that boosts the speed, accuracy, and transparency of all contracting procedures, allowing your team to improve upon compliance and risk management.

With powerful insights, integrations, and tools provided by an intuitive contract management system, you can attain data instantly to make guided business decisions regarding your business agreements. With current contract data and on demand access to the status and performance of your contracts, you can gain complete visibility into your negotiations and other contracting processes.

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Make productive, results-driven contract management the baseline for your organization and take back control over your contract portfolio once and for all. The speed of modern businesses demands more out of legal than ever before – especially in the context of company contracts. A contract management software solution can help your legal team work more accurately and efficiently while mitigating risk and ensuring compliance over all of your company’s contracts. With customizable features and tools, you can self-service contract authoring and leverage preapproved clause and contract template libraries. Configure flexible automated contract workflows to streamline reviews, approvals, and negotiations to cut down on the need for manual review and IT support.

Streamline Contracts for Legal with Contract Management Software

Providing legal with complete transparency into the company’s contracts helps to confirm that both sides to a contract maintain their contracted responsibilities and successfully adhere to contracted terms even as conditions change. This helps to reduce risk and ensure that every contract term is successfully fulfilled.

If your legal department wishes to improve its contract management approach, then we recommend adopting contract management software that centralizes and secures all of your sensitive contract data. Your contract management strategy directly influences the growth and risk potential of your organization. Many organizations refer first to their legal teams to ensure that their contracts adhere to organizational policies and compliance standards.

How Adopting a Contract Management System Can Help - Contract Webinar

 

What Contract Management Software Offers Legal

Contract management software allows your legal team to easily review, author, and finalize contracts – meaning faster and more efficient contract lifecycles overall. In addition, your legal team can improve upon its organization of company contracts and track contracts according to exact characteristics and conditions effortlessly. Legal is always looking to save time wherever possible, and with contract management software, they can do just that. By integrating your contract management software with other leading business solutions and electronic signature integrations such as Microsoft Office 365, Teams, Adobe Sign, and DocuSign, your company can unlock powerful contract management that takes pressure off of legal’s back. Maintaining a high volume of complex contracts becomes far less daunting with the support of a contract management software solution that increases visibility and risk management. You’ll also find that turnaround times throughout the contract lifecycle are reduced substantially, leading to more accurate and compliant contracts being executed in less time.

 

Contract Management Software Features That Help Legal Most

Smart Contract Authoring

Contract management software offers your legal team the ability to self-service on contracts and design contracts from preapproved contract templates. In your software, you can also add associated documents and guided user directions and attach them to your contracts. Managing various file formats is possible, where you can upload different file types like spreadsheets, images, Word documents, and more without the hassle. Working tirelessly on a particular contract draft? You’ll be well taken care of with accurate version controls, meaning you won’t have to stress about working on the wrong version of a contract draft. Auto population of contract metadata adds a touch of ease and efficiency to contract authoring, where maintaining critical details like key deadlines, addresses, counterparty information, and more are kept secure and readily available to be populated into templates.

E-book CTA - Most Important Contract Management Tools

Automated Contract Workflows

Simplify contract reviews and approvals for legal with customizable approval flows and the assignment of contract tasks. Your internal legal team can rapidly review contracts and expedite approvals within the contracting software. Because all draft versions and data is kept within one secure location, your team can review multiple document versions at once, comparing newer drafts to previous drafts to confirm that appropriate revisions have been made.

Risk Management

Contract management software offers legal several risk management features. One of which is automated reminders and notifications to keep teams up to date in approaching contract deadlines like expiry dates and auto renewal dates. In this way, you team can maintain a proactive approach to their contracts and prepare to get the best deals possible. With enough awareness ahead of time of expiring contracts and auto renewing contracts, you can make the best business decisions and terminate agreements that are unfavorable before they renew. Contract management software can also flag users of risky clauses and contract terms.

Custom reporting is an additional capability that supports transparency and visibility into contract performance and achievement of KPIs. By generating custom reports and sharing them within your organization, you increase organizational awareness of your company’s strengths and weaknesses within its contracting approach.

Contract Lifecycle Management Using Microsoft 365 - Free contract webinar

 

Why Centralization is the Key for Legal

Centralizing your contract management cuts down on risks and improves contract storage. The last thing legal wants to do is waste time parsing through several storage formats just to locate a single agreement. No need to keep your contracts in shared drives, filing cabinets, email chains, or computer desktops. Instead, keep all of your sensitive information within a single source of truth in a cloud-based centralized SharePoint repository. Disjointed contracting systems only result in increased risks, expenses, and maintenance costs.

An all-in-one, integrated contract lifecycle management software solution empowers legal with streamlined and secure management of contracts throughout the lifecycle, but most especially during approvals, authoring, reviews, and negotiations where their legal expertise is leveraged the most. Contract management software can be integrated with business apps to optimize the digital contracting platform for all users, enhancing the communication and collaboration on your contracts.

 

Contract Management and Microsoft Office 365

In an all-in-one contract management software platform, your general counsel and attorneys can maintain productivity and work on contracts and legal matters in a single digital system with the assistance of Microsoft. The cloud-based software of Office 365 and its associated applications offer some of the world's leading business productivity, messaging/communications, and collaboration solutions. Today, the most trusted contract management software solutions are integrations with Microsoft tools like Microsoft Teams, Outlook, PowerPoint, Excel, Word, and more.

 

Electronic Signature Solutions for Contract Management

Electronic signature has revolutionized modern business transactions. Electronic signature providers like DocuSign, Adobe Sign, and Sertifi eSignature are used on a global scale to finalize and execute digital contracts and business transactions. Contract management software streamlines the signing phase of contract management for legal with a rapid, highly secure way to sign and execute contracts at any time, any place, on any digital device. With automated contract workflows, you can standardize contract signing and route your agreements to the appropriate parties for signing by configuring custom rules.

DOCK 365'S FREE E-BOOK CTA - Stages of Contract Lifecycle Management

 

Conclusion

We hope this information can support your organization and your legal department in its contract management strategy. Optimize and streamline contract management today with Dock’s Contract Management System.

Learn more about our Dock 365 Contract Management System here.

Learn more about Contract Lifecyle Management (CLM) Software here.

For more information, we would like to welcome you to schedule a free demo with us today.

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