3 Advantages of Utilizing Automated Contract Management Workflow Tools

10/26/15

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In the business world, every professional is aware of what “workflow” is. Contract approval workflow, from the outside looking in, is just a giant chart of approvals and signatures that makes us all wonder, “Is all of this really necessary?” Of course, workflows are essential to keeping the buoyancy in every organization around the world. Processes must be followed in order to keep consistent, optimal production levels.If this maze of people and tasks is so important, why would any organization want to count on their employees following the processes in such a hectic manner? The majority of organizations would think that is just another day at the office. Organizations ahead of the game using an automated workflow tool would wince at the idea of going back to such an obsolete process.

Many organizations have multiple internal business and contracting areas that have their very own workflow process. Program analysts, legal, procurement teams, sales, project managers, contract administrators; all of these positions require very standardized processes in order to meet business requirements. This contract needs review, then a forward to the customer, then another internal review, and so on. These processes can extend so long that it would be almost impossible to keep track of what the history of this one contract workflow may be. We live in a world where information is immediate, so why wouldn’t we capitalize on it?

Audit Trail History

This brings us to our first advantage of utilizing an automated workflow tool: contract audit trail. No need to worry if and when your legal team reviewed that contract, or how many revisions or reviews they have gone through. An automated contract management tool simply takes note of these actions, displaying to the user exactly who accepted or rejected these tasks and when they did. This lessens confusion from up and down the chain of command, and stops people from shrugging and pointing fingers when someone does not have an answer.

Now we have a full history written and provided right inside our workflow tool. Great! But now we must think about the process as a whole. It is certainly advantageous to know the time that legal or finance put their opinion down on paper. However, the language and wording on that contract made our colleague frustrated and they forgot to notify the next person in the workflow. The history is there, but the process is halted.

User Interface

Working and communicating with colleagues is a part of our daily routine, but there are always road bumps that are getting in the way. You had to leave the office early, and had no time to run to the 3rd floor to notify a coworker that your contract task is complete. Let us keep to that idea to take advantage of the world of immediate information, and we are brought to our second advantage: Contract Management Software User Interface. We humans like to push buttons; whether it is on our phone, our TV, or our friends. Ease of use is a must!  With an automated contract workflow tool, we can fulfill this desire whenever a task is completed (or rejected), and automatically notify our colleagues. Finished up that review? No need to run around the building looking for the next contract approver, just click that green button!

Increase Efficiency

Maintaining a history of our contract management work and an easy click of a button to continue on the process will ensure to us that we have met our duty. Contract workflow is cut down to a much simpler, more comprehensible routine that erases the need for the confusing chart that we previously mentioned.

When a workflow is complete and we can actually view the process from beginning to end, we can visualize the third advantage: time saved. How often in our lives are we told that, “Time is Money”? The automated contract management software workflow not only saves time by being fully web-based and having point-and-click acceptance/rejections, but it assists with contract management approval bottleneck discovery and analytics.. The project is complete, the contract is fully executed, and it is all done without scratching our heads and forgetting what is next.

Automated contract management software workflow is something that every business needs. A simple-to-use software system that cuts out the need to take note of every process, all while keeping up with today’s legal standards. Contracting professionals need their work load lightened without interrupting production. One of the most important building blocks of a successful company is the input/output distribution, and contract automated workflow software is the answer we need to find that perfect inverse correlation.

About CobbleStone Software and Contract Insight™

CobbleStone has helped thousands of contract professions better manage their contracts and contract compliance since 1995. Learn more about Contract Insight™ Contract Management Software by visiting us at http://www.CobbleStoneSystems.com and sign up for a free demo.  

Request a CobbleStone Software Demo!

Michael Donnelly

Written by Michael Donnelly

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