Even if you are on the right track, you’ll get run over if you just sit there.

– Will Rogers

Change is an opportunity. Every business must embrace changes to achieve transformative success. There’s no looking back to old methodologies; except to learn from mistakes. Business contracts are crucial to the success of any venture. An organisation may have to deal with various types of contracts like procurement, sales, vendor, buyer, internal agreements, IP licenses, service contracts, etc.

Initiating a contract is an indication of a potentially profitable business relation. Now it depends on the organisation and stakeholders to make most out of it. Organising and managing contracts just under the manual supervision and relying on papers is gradually diminishing. We are in the digital era where technology has occupied a major part of every business aspect. In this post, we aim to educate our readers about the possible business advantages of replacing their traditional methods with a modern cloud-based contract management software–

Time and relationships are as valuable as or even more valuable than money. Sustaining your business requires an optimal investment of time in managing things. A complete contract lifecycle comprises of many stages. It begins with a contract request, generation, authoring, negotiating, amendments, approval, compliance, execution, end ending with contract termination or closure, and renewal, novation in some cases.

With the help of CLM solution, handling contracts are simpler, easier and speedy! Since it’s not just about a single contract but a business has to manage several contracts simultaneously. It involves multiple stakeholders, contract managers, executives and third-party organisations. Automation shortens contract cycles. The readily available contract templates save the time, well-defined information flow ensures quick actions and equal involvement fosters a positive business culture. This is where contract management platform comes in to play.

As Luccock quoted – “No one can whistle a symphony. It takes a whole orchestra to play it.” Likewise, it takes many heads to manage and govern contracts. Across the contract lifecycle, there may be many events leading to confusion. Reasons include inept communication, misleading information and difference in opinion of all those involved in signing a contract. Manual administration will add more to the issues.

There arises the need to benefit from a contract management platform. With robust cloud-based platform, the entire process is digitally integrated. A single source of truth to administer all contract changes, revision history, versioning, redlining and clauses amended by any authorised person. It encourages expedient collaboration creating a win-win situation for all. This reduces chances of miscommunication or unambiguous changes. The flexible platform offers greater scalability with internal and external level collaboration.

No business can run longer without acquiring bang for the buck! A mistake in meeting the compliance or missing out on promised conditions can cost you big time. So is the case with legal matters of a contract. One cannot afford to go into losses due to disorganised processes. Neither is it feasible to randomly increase staff size for handling contracts. It is wise to consider your spendmap and weigh the technical considerations.

Contract management platform saves you from unnecessary functioning costs. Improve financial and operational performance by empowering your employees with the right contract management tool. Utilise the solution for adhering to legal clauses, commitment management and contract breaches. A high ROI (Return-On-Investment) is achieved within months of employing such a comprehensive solution.

It’s not always required to put in more efforts to generate desired outcomes. Rather, a smart working culture is built on the ‘less efforts and more work’ ideology. Humans are prone to errors. It is impossible to escape from mistakes. Having your staff to carry out all contract activities may cause some or the other errors by overlooking things, misunderstanding requirements, inability to meet changing terms, etc.

The CLM tool promotes effortless administration notion. The cloud platform ensures higher availability as information can be accessed from anywhere in a secured manner. This leads to higher and faster work completion. Minimise manual dependencies. Automating contract lifecycle assures process standardisation, use of language, streamlined actions, task-driven alerts and notifications, auto-renewal and expiry dates, performance monitoring, complete audit trails and much more to stay on top of the things.  

What are the actual software functionalities streamlining the contract management cycle?

An end-to-end solution is bound to bring a major change. It gives you a complete control and visibility to govern contracts at every stage. A continuous process improvement and overall business goals are realised with the following incorporated features in an all-inclusive contract management platform–

Got any thoughts? We’d love to hear…

We are not talking about just another business software! But, a customised solution tailored to match the exact contract requirements for your organisation. To help you gain maximum with an automated array of workflows. To know more, speak to our team of experts!