Any organization with a sizable contract portfolio on their contract manager or the team ensures that all agreements are carefully monitored from the signing through a closeout process.
Based on the number of contracts, the total value of these agreements, and the risks linked with not effectively managing them, many solutions may be implemented to help ease all of this burden of managing them manually.
What are the tools that contract managers need to succeed? We will tell you all about the benefits of a contract management solution for legal terms.
1. Bring More Efficiency
One of the biggest challenges that contract managers face is the struggle in handling contract-related tasks in a timely fashion. While most people are still using spreadsheets to help keep track of all agreements and many clauses, deadlines, and other details linked with each contract.
It adds time and complexity to the overall process of manual procedures and contract management. Contract management software for procurement then comes with helpful features designed to speed up the contracting process, that includes things like:
a. Artificial intelligence:
The majority of AI features are all designed with efficiency and speed in mind. AI has the full potential to do some of the heaviest liftings for you and may automate previously manual tasks such as pulling out key pieces of metadata from the agreements you have.
It also helps draft the agreement so that you can easily jump into any part of the given document.
Electronic signatures have become even more important in recent years and are now one of the most sought after tools of contract management for remote working environments.
Some contract management software solutions can also integrate with third-party e-signature providers. Some include a built-in electronic signature functionality, eliminating a requirement to adopt and implement some additional software.
2. Improve organization:
Having a well-organized system for managing the documents is key when you are also responsible for keeping up with thousands of contracts. Contract management software includes a central document repository where all of your agreements can be placed and organized as per the needs.
This means that the next time you face an urgent request to give specific details of any agreement, such as the end date, the contract value, or an opt-out window, you will know exactly where to look.
And with advanced search and OCR capabilities, you can find any agreement or key term in just seconds.
3. Eliminate Contract Silos:
Another reason for having contract management software for contract managers is that it may remove information silos. And it may help you share some of your contracting responsibilities with different departments and stakeholders.
Legal teams and many contract managers have traditionally been the right keepers of all contract information in an organization but technology has helped improve the whole process.
Having CLM software for procurement may help you get rid of all the mess you may face at work, and hence professionals can offer you the best.