A healthy contract management process should constantly be adapting to technological advancements. As contract volume and contract complexity begin to grow, organizations must embrace digital transformation to be furnished with the right tools to streamline the contract management process. Such innovative CLM tools can be found within a trusted contract management software system. Read on to learn more.
What Is the Process of Contract Management?
The contract management process involves overseeing contract lifecycle management, contract deliverables, contract terms, deadlines, and contract conditions while ensuring contract security and contractual and regulatory compliance. The contract management process does not end at contract execution. Effective pre-award and post-award contract management processes are crucial for increased revenue, decreased risk, and a positive organizational reputation.
Contract Management Process Steps
There are eight critical stages of the contract management process that should be handled as efficiently and effectively as possible:
- Contract Requests
- Contract Authoring
- Contract Negotiation
- Contract Approval
- Contract Signatures
- Contract Obligations
- Contract Compliance
- Contract Renewal
During any of the stages highlighted above, contract lifecycle bottlenecks can be disastrous – likely compromising the entire contract lifecycle.
5 Tools To Improve Your Contract Management Process
Luckily, organizations need not worry about a decentralized and disorganized contract management process thanks to leading contract management software! More specifically, below are five contract management software tools to leverage to improve the contract management software process.
CLM: Contract Lifecycle Management
Full contract lifecycle management software allows organizations to oversee the full contract lifecycle, including requests through renewals and everything in between. CLM software improves the contract management process with:
- automated contract requests.
- contract authoring with the seamless merging of contracts with templates from an organization's pre-approved library.
- centralized contract negotiation, collaboration, and review.
- detailed contract analytics and data tracking.
- automated key date notifications for greater accountability.
- robust risk management tools.
- automated task management for improved obligations oversight
- AI-based compliance management and risk mapping.
- comprehensive process configuration and tracking for specific contract types for a wide variety of industries.
- integrated RFx management (including RFPs).
- extensive yet straightforward searching and reporting - which can include an ad hoc and custom report designer.
- & much more.
A web-enabled repository allows contracts to be safely stored. Contract management professionals can organize contracts, oversee permissions, enforce version control, track contract status, search for existing contracts, collaborate, and much more. Organizations can also place access restrictions on PII, PCI, and other sensitive data. Contracts can be centralized, productivity can be increased, and contract management processes can improve.
Contract AI is used to analyze contracts and transform static documents into proactive building blocks for improved contract oversight, proactive opportunity identification, and risk mitigation. Automate data extraction and sensitive data identification, intelligently map risk, statistically analyze data, configure data thresholds to trigger intelligent automated workflows, leverage instant recommendations based on real-time data, and much more.
Compliance management involves monitoring contracts and organizational procedures to comply with legal, industry, and regulatory compliance standards. Leading contract management software can help organizations maintain compliance with advanced reporting metrics and automated key date and renewal alerts. It can also help organizations with compliance risk mapping such as, for example, for OFAC compliance of counterparties, vendors, customers, and employees.
Electronic Signature Capability
Electronic signature capability is best implemented with an electronic signature tool within contract management software to streamline signing processes. Leading electronic signature functionality offers:
- saved, typed, or drawn eSignatures.
- date placeholders.
- eSignatures with initials.
- additional text for eSignatures.
- use of previously saved titles.
- easy one-off eSignatures.
- bulk eSignatures.
- rules-based eSigning.
- a secure portal for online signing collaboration.
- digital signature options.
Improve Your Contract Management Process Today!
Now that you know how you can improve your contract management process with digital transformation, it is time to introduce the best possible solution for bringing your contract management process to the next level: CobbleStone Software.
CobbleStone® is an award-winning, widely trusted contract lifecycle management software solution. CobbleStone's highly acclaimed source-to-contract management software suite - CobbleStone Contract Insight® - has helped thousands of organizations from a vast array of industries within both the public and private sectors to optimize the contract management process, boost revenue, promote productivity, centralize CLM processes, and reap the most value from contracts. Given the plethora of helpful tools above and so many more, it’s no wonder why Forrester recognizes CobbleStone as a CLM Software Leader.
Discover why Forrester names CobbleStone a Leader in CLM Software in the video below.
Discover why thousands of contract managers trust CobbleStone to transform their contract management processes. To learn more about CobbleStone’s unparalleled contract lifecycle management software, book a free demo with a CobbleStone Contract Insight expert today!