Managing contracts from requests to renewals can prove difficult when relying on primarily manual processes. Without accountability, visibility, a clearly defined strategy, and actionable insights, you can find yourself running into compliance issues, minimizing contract value, and encountering other setbacks. Read on to learn how leading contract management software can support each contract management best practice below.
What Is a Contract Management Best Practice?
A contract management best practice is a critical action that is widely considered an industry standard in helping streamline an area of contract management that contributes to the efficiency and efficacy of the entire contract life cycle. As contract management and legal operations continue to transform digitally, a contract management best practice usually involves leading CLM software.
#1 - Leverage a Centralized & Secure Electronic Contract Repository
Centralize contracts within a leading CLM software platform that contains highly configurable reporting features, graphical dashboards, and milestone notifications. With the help of MS Outlook and MS Word integrations, you can further streamline your contract management processes. Additionally, a CLM software provider that is SOC 1 and SOC 2 compliant virtual ensures a highly secure contract repository.
#2 – Automate the Contract Lifecycle From Requests to Renewals
Automate contract lifecycle management with tools that can track each stage of the contract management process. Such CLM software tools can help you anticipate milestones and key dates with integrated automated alerts. Automated contract lifecycle management process flow can help you focus on contract performance management by allowing more time for contract management optimization.
#3 - Expedite Contract Assembly With Pre-approved Contract Language
Leading CLM software can support automated contract assembly that can streamline the contract creation process with multiple stakeholders. You can create compliant contracts that seamlessly merge with your organization's pre-approved data fields and clauses. By merging various document versions and templates from your pre-approved language library, you can confidently and swiftly compile new contracts with trackable oversight.
#4 - Maximize Contract Tracking Oversight
Maximizing contract tracking oversight with advanced CLM software tracking tools can provide you with comprehensive audit trails and performance insights for improved contract collaboration. You can manage the entire contract lifecycle with task alerts, notifications, and CLIN (contract line-item number) functionality that include sub-contract flow-downs. You can also configure contract tracking notifications via email for comprehensive oversight.
#5 - Speed up Signing With Electronic Signatures
Gather signatures quickly with leading electronic signature software that can enable signees to sign in the office or on the go - with the proper electronic device, including mobile, and adequate internet access. Additionally, signees can leverage the use of digital signatures that virtually ensure a signature's date of signing and that it was untampered with thereafter.
#6 – Manage Risk With Robust Artificial Intelligence & Machine Learning
Manage and mitigate risk with robust AI and machine learning that can help identify and anticipate risk via a visually engaging risk assessment matrix and learn risk-mitigating contract language for continued use. You can also assess if an entity complies with the Office of Foreign Asset Control's national sanctions lists via an integrated OFAC search functionality for added oversight.
#7 - Achieve Remote Contract Management Success
Achieve remote contract management success with a web-enabled contract management suite that grants all contract stakeholders quick access from anywhere in the world with suitable WiFi. As abovementioned, you need to retain optimal oversight of pre-award and post-award contract management processes with trackable contract status changes – including approvals, contract negotiations, and eSignatures – with time-zone agility.
Implement Each Best Practice With CobbleStone Contract Insight®
Discover how you can maximize each contract management best practice with CobbleStone Contract Insight CLM software. Don't waste any more time with contract management bottlenecks. Book your free demo to see CobbleStone Contract Insight in action!
CobbleStone's trusted, award-winning, fully integrated contract management software streamlines the contract management process with optimal governance, reduced friction, and high flexibility from contract requests to renewals. CobbleStone Contract Insight has been a visionary leader in CLM software for over twenty years and is trusted by thousands of contract managers. CobbleStone's user-friendly, robust, and scalable solution seamlessly integrates with mission-critical applications, including MS Word and MS Outlook, for unified and seamless contract management. It's no wonder why Forrester names CobbleStone a Leader in CLM software!
Are you interested in future-minded contract management software tools? Watch the 6 Critical Contract Management Tools for 2021 video below to learn how to leverage industry-leading CLM software tools for streamlined, user-friendly, and low-friction contract lifecycle management success!