Why Flexibility is the Most Important Aspect of Automated Contract Workflows
Contracting workflows need flexibility in order to scale and to allow your organization to adapt to changing circumstances. Before we can talk about why flexibility is so important in your contract workflows, we first need to get specific about the nature of workflows. A workflow is a process that consists of one or more activities. Typically, everyone follows the same steps to complete the workflow. People may make decisions that alter or affect the workflow’s course. But the goal of a workflow remains the same, i.e., completion. Workflows that involve repetitive tasks or routine decisions are ideal for automation. Parley Pro empowers your business teams and legal department with workflow tools that keep contracts on track and moving forward timely. Parley Pro also brings you automation capabilities that result in a host of other benefits.
Why you need flexibility in your contract workflows
Organizations of all types use similar contract processes. Procurement, sales, and billing workflows look similar everywhere. However, organizations still vary widely in many ways. Many traditional software solutions perform like one-trick ponies. Rather than adapting to your unique needs, the software forces your lawyers and staff to conform to its abilities. Your workflows must stay constrained within the software’s limitations.
But resilience in today’s fast-changing world requires agility and creativity, not being boxed-in by software limitations. You must be able to refine the workflows your CLM system applies to suit your company’s culture, the needs of each of your clients and business groups, and the requirements of any governing entities. Because each of these factors is susceptible to change–some highly so–your workflows must be flexible to adapt quickly in response. Parley Pro offers flexible contract workflow tools and automation that bend when there’s a new curve added to your processes and expand or narrow down as your needs evolve.
Flexible contract workflow examples
You can apply workflows to individual contracts as they make their way through the creation, negotiation, execution, and management phases of their life cycles. Or you may also apply a workflow to an entire category of contracts or a specific type of clause throughout your portfolio. Parley Pro allows you to pre-determine which workflows apply and also gives you the tools to monitor their completion. Example of flexible contract workflows include:
A business person fills out a questionnaire or intake form. The system uses their input to populate the appropriate contract template. It may add or remove clauses based on the situation. If other company software is integrated, the CLM system can pull the parties’ contact information and other pertinent details and plug them into the contract where applicable.
Contract review workflows can be programmed to apply to specific contract types, and conditions can be set based on other values such as dollar amounts to ensure the right people are involved every step of the way. For example, your system may automatically route all sales contracts over $75,000 to the CFO for internal review. In more complex situations, the CLM software may opt to match the type of contract to a lawyer’s expertise and send it to them for handling.
The standardized language in the contract and clause templates promote compliance, consistency, and greater accuracy, which significantly speeds negotiations. The software presents your company’s preferred and fallback positions to help negotiators understand the company’s vision and encourage compliance. An online discussion board leads negotiators through a workflow that identifies each important issue and prevents e-signature until all required approvals are obtained. Comments and changes are captured and synchronized into one contract version, and contract owners can indicate who may view each.
Contract Approval & Execution
Based on input such as type or category, a contract will automatically follow the internal policies you set for it regarding routing, review, and approval. You can also create automated emails and reminders to advance progress. Multiple parties can sign the contract electronically from anywhere at any time in a fast and seamless process. All parties are automatically notified when a final contract is available for upload.
Contract Management and Compliance
CLM software automatically monitors contract expiration and renewal dates, payment terms, and other milestone events. Each event can trigger an alert, action, or new workflow. Special conditions can be applied to specific types of contracts or obligations. Establish recurring messages or reminders for your team, and tailor your dashboard to track pending work, due dates, and priority tasks. Renew, amend, and terminate contracts automatically and systematically. Parley Pro’s API integrations give you even more flexibility to connect tools, people, and data in your workflows.
Automate your entire contract lifecycle with flexible contract workflows
As your company grows and scales its business, you cannot let opportunities slip through your fingers or overlook critical contract details. Flexibility in how technology, people, and processes work together throughout all contract lifecycle phases help business teams close deals faster and more cost-effectively. Schedule your live, one-on-one Parley Pro demonstration now to see how you can automate routine, administrative tasks and realize contract benefits faster.