Managing contracts can be challenging for legal, procurement, and contract management professionals, especially when primarily relying on manual processes.
Managing the contract lifecycle can prove difficult with spreadsheets, emails, filing cabinets, and other disparate tools.
Contract lifecycle management requires careful planning, the right technology, a well-planned contract strategy, and holistic contract lifecycle automation processes. Thankfully, robust contract management software with a foundation of AI and machine learning can help automate contract lifecycle management processes.
Executive Summary
Managing contracts with spreadsheets and emails can make it difficult to create an effective CLM system workflow. Implementing contract automation tools within a contract lifecycle management (CLM) system can save time, energy, and resources. Contract managers can learn how to leverage automation contract lifecycle management processes backed by advanced contract intelligence and machine learning. As such, they can more effectively drive contract value, reduce risk and exposure, and more!
Integrate Contract Lifecycle Automation from Requests to Renewals
Overseeing each stage of the contract lifecycle process can consume contract managers’ time and energy. Additionally, there can be a risk of human error in manually managing multiple documents. Contract administrators can find themselves struggling to maximize contract performance throughout the entirety of the contract lifecycle. Thankfully, intelligent contract workflow automation reduces bottlenecks by connecting the right people at the right time with task reminders.
Organizations can leverage advanced reporting and analytics tools, contract process management, user-defined fields, audit trails, and more. Contract lifecycle automation tools can track every stage of the contract management process - including contract collaboration, contract negotiations, and approvals.
AI-based CLM software allows contract managers to anticipate milestones and key dates, including contract renewals, with integrated automated alerts. Moreover, contract lifecycle management services support audit trail history that tracks up-to-date contract changes. Automated CLM process flow can help contract managers focus on contract performance management.
Implement Contract Lifecycle Automation With A Contract Assembly Tool
Contract generation can be challenging, especially with multiple people involved. Creating, reviewing, and revising contracts can consume large amounts of time and energy. Static documents can become obsolete - with parties involved unaware of the most up-to-date templates and versions. Clauses, contract language, and templates that are not current or standardized increase the risk of non-compliant contracts.
Fortunately, an integrated CLM tool for automated contract assembly can streamline contract management processes. Once can centralize and automate the creation of agreements, contracts, and documents. Contract managers can create compliant contracts that seamlessly merge their organization’s approved data fields and clauses.
A leading CLM tool allows the merging of various document versions and templates from an organization’s pre-approved clause library. These documents can be exported to various file formats. Those involved in the contract drafting process can remain abreast of its evolution with version tracking tools. System administrators can also gain better control over contract access with user permissions, approvals, and audit trails.
Automate Contract Signing With Secure E-Signatures
Gathering required signatures for a contract can be difficult, especially when necessary signees are in different locations. Signatures finalize contracts and propel their execution. This highly anticipated step can be delayed with manual wet signatures that can require wasting paper-based resources. Moreover, specific signatures can require notarization, which can further delay the signing process.
Fortunately, electronic signatures can make signing contracts a breeze. Signees can sign in the office or on the go - with the proper electronic device and adequate internet access. Robust contract management solutions even offer signatures from mobile devices for even more diversified and convenient signing.
Additionally, signees can leverage digital signatures that virtually ensure a signature's date of signing and that it was untampered with thereafter. These signatures can reduce the need for a licensed notary.
Risk Management – A Key Factor in Contract Lifecycle Automation
Reviewing contract risk can be time-consuming and challenging. Manually assessing risk factors can cost an organization extra time and money while increasing the risk of inadvertent human oversights.
Thankfully, user-friendly contract lifecycle management software with machine learning and AI can identify up-to-date and pressing risk variables. From there, it can notify contract managers of overlooked risk factors. One can also assess if their vendors are US treasury compliant through an integrated OFAC search functionality.
AI-powered contract software can show risk exposure and probability patterns in an engaging and understandable way. These tools can help organizations better prepare for risk events.
Contract Tracking Automation for CLM Process Flow Success
Tracking contracts with emails, spreadsheets, and shared drives can create an inefficient contract lifecycle process. Manually tracking contracts can place an organization at risk for compliance issues, contractual failure, financial instability, and more. Contract filing and tracking using different folders from different sources can cause version control issues and lead to losses for organizations.
Thankfully, leading contract management software can equip organizations with the proper tools to track contracts effectively and efficiently. Contract management software gives access to secure documents, approved clauses, audit trails, performance data, and better collaboration. Contract managers can track contracts with task alerts and notifications that can be configured via email.
Robust contract tracking features enable contract professionals to track contract compliance, obligations, and renewals with robust and timely oversight. Rather than merely utilizing a contract repository system, contract managers can leverage proven end-to-end automation contract lifecycle management processes.
Your Contract Lifecycle Automation With CobbleStone Contract Insight®
Contract lifecycle automation begins and ends with CobbleStone Contract Insight, the CLM leader pre the SPARK Matrix™ 2022 Report. It can equip you with the necessary tools you need to drive CLM success. Automating contract cycles can drastically improve CLM processes.
Discover why thousands of contract managers trust CobbleStone Software with their contract management needs. To learn more about CobbleStone’s unparalleled contract management software, book a free demo with a Contract Insight expert today!
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*Legal Disclaimer: This article is not legal advice. The content of this article is for educational purposes only. The information on this website may not present the most up-to-date legal information. Readers should contact their attorneys for legal advice regarding any particular legal matter.
This blog post was updated on December 14, 2022. Its original publication date was May 28, 2021.
