Contract Management

Why Automate Contract Management?

From insurance policies to vendor agreements, contracts take many forms. They establish partnership and accountability between parties and often require considerable negotiation before being finalized. The time it takes to approve a contract can be as significant as the content of the contract itself, and slow, manual contract processing reflects negatively on an organization’s ability to provide excellent service.

An automated, digital contract management system reduces the administrative burden on employees and allows attorneys, budget officers, and administrators to make better use of their expertise. The technology behind automation transforms passive documents into active drivers of the contract process, increasing productivity without requiring extra staff.

  • Seven indications that your need for automation has become critical:

    1.    Missing or Lost Contracts
    2.    Inconsistent Versions of Contracts
    3.    Limited Visibility into Obligations
    4.    Missing Contractual Milestones and Deadlines
    5.    Unsustainable Operational Costs
    6.    Costly Disaster Recovery
    7.    Legal Disputes

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    Benefits of Contract Automation

     Automation technology is multi-functional and can lead to many benefits, including: 

    • Lowered storage, printing and courier costs.
    • Fewer data entry errors and lost or misplaced files.
    • Improved security with version tracking and role-based access.
    • Central control over contracts.
    • Improved accountability over stipulations and conditions.
    • Higher productivity due to faster processing times.
    • Simplified records management.

Streamline the Entire Lifecycle of Contracts

  • Managing complex contracts doesn’t need to involve complex administrative work. An automated, electronic contract management system reduces the burden on employees. We can streamline the entire lifecycle of contracts from internal contract requests to final signatures and archiving.

    Expedite contract approvals: Automate review and monitor all steps in the contract life cycle.

    • Track responses and changes between internal and third-party stakeholders.
    • Enable multiple stakeholders to simultaneously view the most current contract versions every time.

    View, edit, sign and approve contracts from anywhere: Get contracts and agreements approved faster with mobile access.

    • Use digital signatures to approve contracts from a laptop, smartphone or tablet.
    • Approve contracts with automated review workflows.

    Quickly respond to every contract request: Immediately find information to answer inquiries at any stage in the contract process.

    • Retain contracts only as long as required by industry and corporate regulations.
    • Instantly find items when a vendor, auditor or third party requests information.
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