Managing contracts can be challenging when you rely on primarily manual processes. Managing the contract lifecycle from requests to renewals can prove challenging with spreadsheets, emails, and other disparate tools. Without accountability, visibility, a clearly defined process, and actionable insights, you can find yourself running into compliance issues, not realizing contract value, and encountering other contract management setbacks. Contract management workflow requires careful planning, the right technology, and a well-thought-out contract strategy. Read on to discover five key advantages of contract management workflow automation within contract management software.
Contract Management Workflow
Contract management workflow is the process of creating and assigning tasks within the contract lifecycle from requests through renewals. An efficient contract management workflow implements contract workflow automation tools within the contract lifecycle to save time, energy, and resources. An efficient and effective contract management workflow usually involves the use of AI-backed contract lifecycle management software.
#1 - Streamline Contract Management from Requests Through Renewals
Rather than struggle to maximize contract performance throughout the contract lifecycle, you can leverage intelligent contract workflow to reduce bottlenecks by connecting the right people at the right time with virtually unlimited task reminders and contract notifications. Contract automation tools can help track the key stages of the contract lifecycle - including contract collaboration, contract negotiations, and approvals. AI-based contract management software enables you to anticipate milestones and key dates with integrated automated alerts. Additionally, you can track up-to-date contract changes with detailed audit trails. Automated contract workflow can help you focus more on contract performance management than contract task management.
#2 - Assemble Contracts Efficiently
Assembling contracts can prove time-consuming when you rely primarily on your own memory, disparate contract language templates, and manual contract assembly procedures. Rather than manually draft contracts, you can leverage automated document assembly to streamline the contract management processes with intelligent contract management software that centralizes and automates contract creation. You can utilize document assembly software to create compliant contracts that seamlessly merge your organization’s approved data fields and clauses. A leading CLM software tool allows the merging of various document versions and templates from a pre-approved clause library, which can be exported to various file formats. Those involved in the contract assembly process can remain abreast of the document’s evolution with version tracking tools. You can also gain better control over your contracts’ access by configuring user permissions - including rules regarding version access, clause ownership, and approvals.
#3 - Sign Contracts Swiftly & Securely
Manual contract signatures can cause delays with methods such as signing with wet signatures, scanning, uploading, and emailing. Rather than delay this highly-anticipated step within the contract lifecycle, you can gather electronic signatures from signees from virtually anywhere at any time by selecting signature placeholders within contracts and request eSignatures from counterparties and internal stakeholders virtually at the click of a button from a leading contract lifecycle management software. Additionally, signees can leverage the use of digital signatures that validate a signature’s date of signing and that it was untampered with thereafter - reducing the need for a licensed notary.
#4 - Track Contracts Confidently
Manually tracking contracts can place your organization at risk for compliance issues, contractual failure, financial instability, and other inhibitory variables. Luckily, leading contract management software can equip you with the proper tools to track contracts effectively and efficiently. A centralized contract management software solution provides advanced contract tracking through a secure contract repository, approved clause libraries and templates, detailed audit trails, improved collaboration, and performance insights. Rather than utilize a basic contract repository, you can leverage proven contract lifecycle management technology to support the stages of the contract lifecycle – empowering you to collaborate effectively with stakeholders via a user-friendly interface.
#5 - Automate Risk Management
Analyzing contract risk can be challenging and time-consuming. Manually assessing risk factors can cost your organization extra resources while increasing the risk of inadvertent human oversights. Fortunately, advanced contract lifecycle management software, backed by machine learning and AI, can identify risk variables – such as different language compared to your pre-approved clause verbiage - and notify you of overlooked risk factors. You can also assess if your vendors are compliant with the Office of Foreign Asset Control’s national sanctions lists through an integrated OFAC search tool, offered by leading contract management software. AI-powered CLM software can also provide you with a risk assessment matrix that displays risk exposure and risk probability patterns for robust contract risk visualization.
To learn more about how artificial intelligence can help automate risk management, watch the video below.
Contract Workflow Automation With CobbleStone Contract Insight®
Contract management workflow automation can drastically improve your day-to-day contract lifecycle management processes. Don’t waste any more time with manual and outdated contract management procedures. See contract management workflow automation in action by booking your free demo with a CobbleStone Contract Insight expert today!
CobbleStone Contract Insight has remained a visionary leader in CLM software for over twenty years. CobbleStone's award-winning and feature-rich contract management software streamlines the contract management process with optimal governance, reduced friction, and high flexibility from contract requests through renewals. Thousands of contract managers trust CobbleStone Contract Insight as their go-to CLM software solution. Moreover, CobbleStone Software - as a CLM software provider – is SOC 1 and SOC 2 compliant. CobbleStone's user-friendly, robust, and scalable solution seamlessly connects with mission-critical applications for unified and seamless contract management. It's no wonder why Forrester names CobbleStone a Leader in CLM software!
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*Legal Disclaimer: This article is not legal advice. The content of this article is for general informational and educational purposes only. The information on this website may not present the most up-to-date legal information. Readers should contact their attorney for legal advice regarding any particular legal matter.