Save Your Team Time and Money with an Intelligent Contract Management Solution
Contracts are a source of many headaches and wasted time for many organizations that have difficulty keeping up with the large volume of complex contracts we deal with on a day-to-day basis in the modern business world.
Contract management solutions help businesses and teams save money and time dealing with these contracts and allow for a better experience for everyone involved.
What Is a Contract Management Platform?
It doesn’t matter what industry you are in, every business will need to utilize legal contracts in order to successfully operate – without contracts, commerce would be very difficult.
Traditionally, contracts took the form of either paper documents or regular computer files. Naturally, this made it difficult to store and manage these documents – and that’s where an intelligent contract management solution comes in.
In the digital age we currently live in, modern businesses have shifted many of their operations to online and are using software and programs to help to operate a business become much easier than it ever has been before.
Why, then, should we still deal with contracts the same way we did a century ago?
Contract management solutions digitize the entire contract lifecycle, from creation to signing to renewal (and every step in between). This software makes the entire process of managing contracts a whole lot easier.
What Is Its Purpose?
The purpose of a contract management platform is to simply eliminate many of the difficulties associated with traditional contract management.
By streamlining and automating the entire contract lifecycle from start to finish, contracts are created much faster than before. All contracts are stored on a database that is available for all relevant team members to retrieve and view from their own computer and the software automatically alerts the involved parties when a responsibility or action is required of them.
Contract management solutions provide users with a ‘birds-eye’ view of all contracts within an organization and allow personnel the ability to see where specific contracts are at in their lifecycle, the obligations required of them, generate automated reports, gain insight, interact with other team members, etc.
All contracts are stored via a ‘cloud’, an internal database that eliminates the need for filing cabinets or computer folders.
Artificial intelligence in contract lifecycle management is used to make the entire contract process easier for everyone involved – the AI is smart enough to take data inputs and make decisions in order to produce contracts that are legally binding and valid, while also preventing users from editing or publishing contracts that are in any way ‘wrong’.
The benefits of cloud-based contract management solutions are plenty, with minimal downsides.
Who Is It Suitable For?
Intelligent contract lifecycle management is suitable for any business that deals with contracts and wants to cut back on time and money spent dealing with these contracts.
It just so happens that most businesses can benefit from these contract management software solutions, no matter how big or small the organization is.
Contract Management Software Solutions: Key Functions
Contract management solutions offer many features and benefits, but they specifically have two key functions.
Traditional contract management has many issues that take up excess time and cause headaches within business teams.
Some examples of these issues include:
- Difficulty finding stored contracts
- Getting approval from different departments/people
- Finding contract details
- Tracking the progress of contracts
- Keeping track of expiry dates
These are only some of the many time-wasting aspects of traditional contract management that are essentially eliminated with the use of contract management software solutions.
Using contract management software, the entire workflow of contracts is automated – tasks are automatically delegated to various members within a team who are notified when they must perform a task.
An automated contract management system makes getting approval and signing contracts very simple and allows team members the ability to keep track of various contracts and see where they are at in the lifecycle.
All contracts are stored in a database which makes for easy viewing and expiry dates are automatically notified when the relevant parties when near.
Time is money, and one of the ways in which contract management software solutions save so much money is due to reducing the amount of manual hours spent managing contracts.
That said, contract management systems also save money by reducing human-caused errors and providing easy management of legal obligations to relevant team members.
Intelligent contract lifecycle management will simply not allow errors to be made and this does not just save time but saves lots of money as well – when contracts are more easily managed, this prevents a lot of the headaches involved with traditional contract management.
Why Contract Management Solutions Are Essential
Contact management software solutions are simply no longer a luxury, but a necessity – in order for businesses to effectively manage their many contracts and keep up to date in the fast-paced modern business world, contract management solutions must be used.