Why you should digitise your Contract Lifecycle Management?
Implementing Contract Lifecycle Management is done for automating and streamlining contract processes during primary stages like initiation, authoring, process and workflow, negotiation and approval, execution, ongoing management and compliance (within the repository), and contract renewal. Several users are easily decreasing the amount of time and resources which they need for managing and administering all their contracts with contract management software. No matter what maybe the size of your organization may be, with this software you can easily manage, track and automate every portion.
Lesser Approval Time
By digitizing your Contract Lifecycle Management with a contract management software will completely automate your contract process. The review process gets expedited and the efficiency gets increased due to customizable automated workflows. You can easily scan all contracts by creating a dynamic workflow target list to get a better view of the present state of affairs of your company. You can use this information to notify others about the next set of steps to be followed.
Make Contracts Transparent
Making the process digital gives you the opportunity of storing all files in a centralized digital repository that enables optimum compliance and extensive reporting. You can ensure that your staff is working from the latest contract templates and utilizing the updated clauses by centralizing the contract repository. On top of that, by granting your mobile workforce access to the platform through a protected website, you can empower them. In this way, all the authorized staff members will be able to access all the recent contract templates and clauses.
Better Audits
A centralized portal is offered by contract management software that has features like audit trails which helps in accessing the complete contract history with a single mouse click. It can help you to maintain an accurate contract history for auditing and maintain a complete audit trail.
Increase Renewal Awareness
There are options of archiving contracts automatically immediately after expiration and notification alerts based on your specified rules which can help you to stay alert of contract renewal dates. It may be the lowest hanging fruit for your organization but is definitely the most neglected one. By digitizing your Contract Lifecycle Management with software, you can configure alarms using default settings such as recurrence.
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