Last updated on October 10th, 2019 at 09:05 am
Have you ever wondered why organizations take contract management incredibly serious? Every business success begins with a strong contract. Regardless of the industry, you operate in, it’s fundamental to make your contract management processes excessively strong to ensure smooth organizational success.
Before we discuss contract management in detail, it’s important to know what exactly is contract management. The term contract management is a process of managing contracts, deadlines, deliverables, contract terms, and conditions with guaranteed consumer satisfaction. It is when somebody takes charge of managing contracts for vendors and multiple parties.
However, one must remember that contract management is not a simple task. It can become a complicated and tedious job. Some top common challenges faced in contract management are lack of communication and clarity between teams, poor involvement of parties, suppliers not completing duties, mismanaged contracts, and much more. The good part is, these processes can be optimized in the era of technology.
Technology can simplify things for you with contract management software. ContraxAware offers secured contract management software features to manage and store legal agreements with vendors. Let’s learn about how it can simplify your contract management.
Top 5 Ways How Technology Can Simplify Contract Management
1. Repository of Contract Documents
A contract repository is another term for a wealth of information. However, in order to simplify and optimize contract processes, your business needs a reporting dashboard. ContraxAware offers a dashboard that allows making a profit from that data while gaining actionable insights. The CRM offers a contract management business with many fruitful features.
The contract management software not only enables you to make standard reports and dashboards but also allows users to make their own customized reports. The dashboard offers appropriate columns of data with sorting, filtering, and grouping. You can have the report in real-time and transfer results as quick as possible. The reports are easily saved so you can go through them whenever the need arises. Your vendors or parties don’t have to wait long hours if a query arises and you need to check history.
2. Strong Search Capabilities
Dealing in a contract management business or working as an agent means you need hundreds of contacts at hand along with details. Having all your contacts in a database won’t help much if you cannot find anything whenever you need it. This is why you need a system that provides strong search capabilities.
ContraxAware CLM software offers intuitive tools such as full-text search enhanced with automatic optical character recognition scanning, Quick Search feature as well as document indexing. You can type the keywords you are looking for – a legal term, a company name or a person or even a simple word and get quick results. Relevant documents and contracts names will appear, and you can conveniently open that particular document while helping your customers,
3. Role-Based Security
A centralized contract repository is mandatory. Even if all your contracts live together in the same electronic storage location, it doesn’t justify for all users to have equal access to all the contracts. Nor the access to performing the same task should be given away. In any customer service tool, you must have the ability to define your own personalized security roles.
ContraxAware brings an advanced flexible system that allows you to configure permissions and access in multiple ways. For instance, you can define an unlimited number of roles with the software. Each role will consist of the types of contracts and features users have permission with. The following feature simplifies the overall process of assigning tasks while ensuring security as each contract only have access to a specified role. Users are restricted contracts owned by sub-organizations.
4. Automated Reminders & Notifications
Dealing in contract management means that you must remain updated 24/7. A single missed notification or email can literally cost you deals worth thousands of dollars. However, with a contract lifecycle management software, you will never miss another update or a critical notification.
The software offers automated email reminders, in-system alerts, and on-screen notifications to keep you updated every second. When you are dealing with multiple contracts at one time, you might even forget to complete important tasks. The software will automatically notify people and send updates about upcoming contract expirations, renewals, and other important milestones. You don’t need a personal assistant when the software comes to hand to update about every little thing.
5. Easy Workflow Templates
ContraxAware allows you to speed up management processes with easy workflow templates. Instead of creating templates from scratch every time a new contract approaches, create workflow templates for approvals within a few minutes.
Contract management software for legal departments works best as such contracts are a little complicated to create. However, the workflow template offers a single page screen setup to configure complex workflows quickly. You can feasibly set workflow element defaults such as assign users, select workflow type and due dates.
Why a Contract Management Software Is Important for your Organization
According to research by SpringCM, 32% of companies are using contract management software. Contract management software is a true reflection of technology. Every organization finds it difficult to optimize their contract processes but a contract management software helps in simplifying it. A stable CMS allows in managing commitments in an effective manner while saving overall time and effort. Failure to meet these commitments can lead to heavy fines and broken contracts. Thus, a tangible CMS is a one-stop solution for your everyday contract management needs.
ContraxAware takes pride in providing a platform that makes contract management easier for you. You can choose through plenty of features on what suits your business, and you are good to go.