Contract Management System: Automate Your Document Flow
For many companies, "contract management" means "I will never pack a contract in an overflowed filing cabinet nor will I consult again". When management is handled correctly, contract management system includes a self-service portal, a legally approved template, a legal playbook, an electronic signature. If this exactly what you are looking for, we are here to create a perfect digital solution for you.
What Are the Main Challenges of contract management?
Manual Contract Administration Introduces Bottlenecks in the Sales Cycle
The legal department is often the department responsible for the creation, management and maintenance of contracts within the company. Unfortunately, if Legal has to manually administer the contract, there is a bottleneck in the administration process.
The Errors Occur in the Manual Administration
If the legal team don’t catch mistakes, many things can go wrong:
- Income leakage
- Expanded sales cycle time
- Crisis of relationship with the client
Advantages of Automating the Management Process
The benefit of contract management system is evident. If your the document is completed faster, you can win a contract sooner. If it is accurate, there will be fewer disputes. The general consultants and level C officials are convinced that the management process is working, so they can sleep at night.
As the contract is a physical representation of the relationship with the customer, it exists in the B2B commerce center. By properly managing that relationship, you get various benefits.
Benefits of Professional Administration System
- Less contract cycle time
- Stop the revenue leak
- Improve visibility
- Improve compliance
- Improve security
- Increase control
- Reduce the risk
- Improve the rate of user adoption
- More time with clients
- Cost reduction management
- Better contractual flexibility
- Increase the renewal rate by 25%
- Increase revenues by 1 to 2%
Four Steps to Automate the Contract Management Process
The contract is essential for the business and there is also an effective management system. You can not achieve perfection overnight, but you can transform management into a strategic process according to the steps of the contract expiration model.
- Phrase Library
- Search function
- Import utility
- Unique document type support
Remove the information silo and connect the front-end and the back-end of the system to create a central repository for all aspects of the contract, including templates, phrases and exceptions. With a single source of truth, authorized business users, partners and customers can see, manage, update and search for contracts to get the exact information they need.
- Office Automation
- Creation tool
- Drag and drop phrase
- Red line
- Version control
- Approval workflow
- Back Office integration
We automate manual labor to free up valuable legal time and energy so that your lawyers can focus on serious or special documents related to your expert knowledge. Task automation improves process control, reduces the number of errors and reduces the contract cycle time.
- Supports multiple types of contract
- Unique sign in security
- Multinational support
- Alerts and notifications
- Mobile access
- Digital signature
The efficiency of the system creates an organizational process and all the experts in the legal, finance, and sales departments handle the obligations and deliverables to the important tasks related to experience and duties. You can reduce contract cycle times, reduce administrative costs and reduce off-site functionality through electronic signatures integrated in the system.
Execution of the contract
- Role-based control panel
- Monitoring compliance with conditions
- Milestone analysis
- Analysis of expenses
- Renovation management
- Invoice problem
As a company, management system must be maintained to the same standard, even if it is always recommended or expected to improve. Understand contracts and contractual processes in order to identify and resolve pain points and gaps to provide customers with the best service.