Aug
30

Benefits of Automating Contract Management Workflows

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Contracts require attention, effort and time from creation to completion. It’s because managing contracts is not only archiving and creating your legal contracts but also keeping track of sharing information, reporting, and monitoring the contract.

The contract management is lengthy, manual process that needs to monitor and coordinate contracts with approvals and reviews through spreadsheets, emails, and hard drives. It can also be done through filing cabinets. As the number of contracts grows and companies expand, legal departments cannot cope with the management of contract requirements.

Automating the process is the key to success. With the help of an online contract management software, legal teams can keep up with ever-changing demands and scale using technology instead of the headcount.

Benefits of Automating the Workflows for Your Contracts

Increased Accessibility

A frequent issue for companies that use a manual contract administration methodis the discovery of the wrong contract, as contracts are often scattered across various systems and computers throughout the company.

To increase the visibility throughout the board and improve visibility across the board, you require an automated contract management system that has a central and unified repository for all of your contracts and other pertinent documents. This system is essential for your company. Instead of being amid lost files and long-gone employees, you’ve gained control over managing the lifecycle of your contracts.

Improved Productivity

Advanced technology like ContractSafe software lets you manage multiple processes at once. This is among the main advantages when you have your contract generated automatically and renewed or sent out for signature.

If you can eliminate the need for your staff to handle the repetitive work, you can let them free up their time. Most importantly, they will have the chance to take on tasks they would otherwise not be in a position to.

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Maximized Efficiency

The improvement in efficiency is one of the greatest advantages of automating contracts. Efficiency means that you can achieve the desired outcomes with minimal effort. If you’re working manually, your employees must be aware of all obligations as contractual holders in their minds at all times. Naturally, this is more work than you’d like.

When you switch to contract management software, your employees can create alerts and automate workflows for their various tasks. In the end, the effort they have to put into is reduced to a minimum.

Fewer Errors

If you allow your employees to perform everything by hand, errors are inevitable. These, in turn, can affect the financial results. This is one of the numerous advantages of software programs.

If it’s properly set up, it will ensure that an automated workflow controlled by software won’t make mistakes. It also assists when you have more access to every aspect of contract management. This is why ContractSafe software gives you access to your digital repository, standard templates, and tools for collaboration.

Quickly and Securely Sign Contracts.

The contract signing is a crucial part of the process. However, it could cause delays if you do it manually. It’s possible that you don’t have enough time to obtain everyone’s signature before the deadline, or perhaps you need their assistance with another aspect of the process. There are solutions to this dilemma too.

Choose the location where they would like their signatures taken and request electronic signatures via the most popular software that regularly examines dates. All that is to be a chance of getting signatures would be checking this information yourself after signing in on print copies after all documents have been sent out. You don’t have to worry about missed appointments as all of your calendars are set for you to set for the future and leave it.

Track Contracts Confidently

The manual tracking of contracts could put your business at risk of legal issues, contractual failure, financial instability, and other limiting factors. The good news is that the top contract management software will provide you with the right tools to manage contracts efficiently and efficiently.

A centrally managed contract management software provides advanced contract tracking using an encrypted contract repository with approved clause libraries, templates, thorough audit trails, enhanced collaboration, and performance data. Instead of relying on a simple contract repository, use the proven lifecycle management software to assist all stages of the lifecycle of a contract – making it easier to work with other stakeholders through an intuitive interface.

Automate Risk Management

Analyzing risk in contracts isn’t easy and takes a lot of time. The manual process of assessing risk factors could take up more time and resources and increase the chance of human error that is not noticed. The good news is that advanced contract lifecycle management software powered by machine-learning and AI can spot risks – like differing language from the language of your clause that is approved by you and informs you of missed risk factors.

It is also possible to determine whether your vendors comply following OFAC’s sanctions lists for national entities by using an in-built OFAC search tool provided by the top CLM software. AI-powered CLM software also provides you with risk assessment tools that show risk exposure and probabilities for a robust contract risk analysis.

Simpler Collaboration

ContractSafe software is loaded with various tools for automation. It allows you to set timeline alerts and workflows and create new contracts in a matter of minutes.

It also permits you to create rules to improve collaboration between the team. For example, you could prefer that each contract be given directly to the team responsible for legal to be reviewed by your legal team. ContractSafe can do this. Only one of the many processes that are easily automated.

Final Words

As you can see, the advantages of automating contracts are innumerable. With ContractSafe, you have every feature you’ll ever require to improve your efficiency and increase your overall bottom line. These include automatic contract creation, eSign functionality, automated tasks, reminders, and real-time data flow to improve monitoring and collaboration.