The last thing you should do in 2022 is store your contracts in shared drives or in filing cabinets. Instead of employing an outdated, risk-prone approach towards contract storage, why not empower your contract management with the best available software found in a Microsoft contract management solution. This means you’ll reduce the likelihood for document misplacement, missed business opportunities, forgotten auto renewal dates, avoidable fines and penalties, and lost contracts all together. A suboptimal contract management system could mean a loss of 9.2% revenue for your business in 2022, so we’re here to help you avoid that possibility by providing information on Microsoft contract management.
By increasing the productivity and efficiency of your contract management strategy, you’ll save your team time, money, and headaches all while increasing the value and ROI of your contracts across the board. Adopting a Microsoft contract management system in 2022 can support you in improving client satisfaction and organizational efficiency by leveraging user-friendly features that lead in scalability, security, and collaboration. Businesses can use their existing Microsoft Office 365 and SharePoint investment as the base of their contract management system for a familiar, cost-efficient approach to their contract activities.
Login to your Office 365 environment a single time in your Microsoft contract management software using single sign-on (SSO). Users can access Office 365 apps based on their profile’s permissions and user settings. For increased efficiency, your Microsoft contract management system centralizes your user accounts, simplifying user account management.
Microsoft offers secure contract storage in a digital centralized contract management repository. This allows users to rapidly search, filter, and retrieve contracts, milestones, exact clauses, and related documents at any time on any device.
In your repository, you can store all milestones, user information, obligations, and other key information in a single source of truth for all of your authorized employees to access. This means your legal and contract departments can self-service on contracts as well as search, retrieve, and custom filter-through contracts and associated documents in your repository.
Microsoft Office 365 has an 99.99% uptime, making it one of the most reliable digital business solutions available today. Combined with SharePoint Online, you can ensure constant document access with SharePoint Backup and SharePoint Restore in the case of an unforeseen event that would typically result in data loss.
With a Microsoft contract management system, you can leverage your Microsoft Office 365 platform to co-author contracts on multiple devices in different locations and time zones. With version controls and secure guest links, you can easily create, edit, share, and monitor contract drafts with authorized users and groups. In your software, you can work coherently with internal and external parties (i.e., suppliers and vendors) to accomplish contract-related tasks.
Simplify document collaboration on Microsoft Office 365 and SharePoint Online. With these solutions, you can share sensitive contract data and documents in protected collaboration portals so that authorized stakeholders inside and outside of your organization can view and edit the document at hand. Additionally, these Microsoft applications provide a user-friendly co-authoring space to make contract drafting, review, negotiations, execution, and other contract activities remarkably easy.
On your Microsoft contract management system, you can integrate with Microsoft Power BI to analyze key business data and share your findings with key stakeholders on an automated schedule in customizable reports. In addition, you can gain access to a proactive contract dashboard that displays upcoming key dates in 30-, 60-, and 90-day intervals so you can get started on high-priority tasks ahead of time. Microsoft Power BI includes a multi-perspective view and graphics to offer users a visually enhanced experience to collecting their key business insights.
Encryption of documents at rest and in transit, encrypted email, multifactor authentication, user permissions, data loss prevention (DLP), audit trails, and a cloud infrastructure make for a highly secure contract management environment. Your Microsoft contract management system includes secure audit trails that document contract access, detailing exact actions and modifications of each document with timestamps. In this way, you increase the visibility and accountability of your contract management system by gaining insights on exactly who accessed and edited which documents and at what time.
For more information about the best security features for a contract management system, click here.
With a Microsoft contract management system, you can leverage the most updated versions of Office 365 applications within the cloud. All apps are accessible 24/7 on any device due to cloud backup.
For more on cloud-based contract management, click here.
Microsoft offers the most powerful searching capabilities to streamline contract management. You can create custom filters for specific contract types, save them, and use them for repeated use. This allows user to save time and access exact clauses and contracts when they need them most. In addition, Office 365 and SharePoint Online provide multilingual search functionalities to everyone on your team can search for whatever they need without any hassle.
Microsoft contract management is extremely scalable, meaning it’s a nearly perfect platform for enterprise-level contract lifecycle management. Microsoft Office 365 and SharePoint Online support a maximum capacity of 500 million files.
On Microsoft Office 365, you can leverage 50GB email mailboxes and send 25MB emails. Integrate your contacts, use shareable company calendars, and employ malware and spam protection services to maximize your email capabilities. Microsoft Exchange allows users to create custom domains for business email addresses. In addition, you can use Outlook to access email offline on mobile devices.
Schedule and host online video meetings with your employees and stakeholders (up to 250 participants) by using advanced video conferencing features like polls, screenshare, digital whiteboards, and file sharing.
In your Microsoft environment, you can build a social network to increase employee connection and engagement. In your network, you can easily team-build, share information, and improve communication. Microsoft Teams is specifically designed for this purpose.
In your Office 365 and SharePoint environment, you can easily manage document versions, check documents in and out for editing, and approve contracts during the contract lifecycle.
For more information on checking files in and out in SharePoint, click here.
Version control is absolutely essential to ensuring changes made to each document are made in real-time and are not duplicated or overwritten. Microsoft allows users to store and access previous drafts from their secure repository, made accessible to authorized users to refer to during the contract lifecycle.
In your cloud, you can use 1TB of storage space for document storage, sharing, and backup. In addition, you can sync your data offline and access data on mobile devices at any time.
Contract metadata like contract type, title, contract value, start and end dates, and auto renewal date can all be efficiently managed and stored in your Office 365 and SharePoint. These solutions allow users to categorize and retrieve metadata according to business needs.
Your Office 365 subscription includes constant technical support from Microsoft experts. Gain peace of mind knowing that these experts have a 1-hour response time for system events that impact your ability to provide service.
Selecting the right contract management software solution for your organization’s unique needs and goals can prove to be a difficult job. We recommend taking the time to assess a variety of contract management software providers to see which vendors integrate your current IT infrastructure into their solution. By employing your current platform, you can substantially cut costs. The majority of Fortune 500 companies use Microsoft Office 365 and SharePoint to drive their digital collaboration efforts. Nothing tops Microsoft applications, especially Office 365 and SharePoint Online, in terms of digital workplace collaboration. These applications are central to contract management success and collaboratively working through each stage of the contract lifecycle.
Microsoft Office 365 and SharePoint Online are widely accepted by enterprise-level organizations as a leader in digital communication and collaboration, meaning legal and contract management teams trust these solutions to support their organization in all of their confidential contract-related needs. Perhaps the most advantageous aspect of Microsoft contract management is the ability to integrate with several Microsoft solutions and apps include Outlook, Power BI, Office, Outlook, and Dynamics 365. This creates increased efficiency in document storage, ease in locating and retrieving files, and improvements in contract workflows and security.
The Dock 365 Contract Management System offers everything you need to automate and streamline your contract lifecycle management in 2022. Built on your existing Microsoft Office 365 and SharePoint investment, you leverage a cost-effective and familiar platform for all of your contract needs. For a proven solution for any of your contract management hassles, look no further than Dock.
Learn more about our Dock 365 Contract Management System here.
Learn more about Contract Lifecyle Management (CLM) Software here.
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