Contract tracking can be complicated for contract management professionals in various industries. Manual contract tracking can cut it for a while – until contract complexity and contract volume grow. Leveraging manual contract tracking methods proves problematic once your organization starts managing hundreds or thousands of contracts and – in time – contract failure rates increase. Leave contract tracking methods involving manual paper and filing systems, disjointed spreadsheets, and decentralized emails in the past in favor of something better. Learn how with this blog from our Contract Management Best Practices Series.
Why Contract Tracking Fails
If your organization stores documents on shared drives, utilizes disparate spreadsheets, and oversees the contract lifecycle with email communication, you will run into contract tracking errors and challenges. You can, unfortunately, spend too much time sending emails in an attempt to barely stay on top of key dates, tasks, milestones, expirations, approvals, and renewals. Contracts can be impossible to find, and it can be unclear whether a contract you seek is the most up-to-date version or an earlier draft. Not to mention that with these outdated methods, meaningful contract analytics for a future-minded and informed process are just a daydream…
…so – naturally – you take a step in the right direction and enlist the help of a contract management spreadsheet template for enhanced contract tracking. This way, you can leverage specific contract tracking fields.
Great! This is an excellent start…but what about contract storage, contract searching and reporting, contract workflow, and contract analytics?
You can do better. And luckily, there is a solution that can help you quickly solve these problems...
Contract Tracking Software
Contract tracking software tools within a leading contract management software platform can help you to:
- safely and securely store contracts and contract data in an organized manner.
- optimize your contract workflow process.
- easily search for contract documents, contract metadata, and relevant files and attachments.
- oversee compliance with confidence.
- improve contract analytics and reporting.
- And More!
Tackle Contract Tracking Best Practices!
Once you take the step of selecting a leading-edge contract management software platform for contract tracking, you can enjoy a positively transformed contract tracking process.
A Secure Contract Repository
You can improve the accessibility and security of your contracts, metadata, files, documents, and attachments thanks to the help of a secure repository within contract management software. Robust CLM solutions allow you to store virtually unlimited contract documents and metadata. Selecting a SOC 1, SOC 2, HITRUST, and Privacy Shield compliant provider – such as CobbleStone Software – can practically ensure that your contract data, sensitive information, and contract documents are safe and secure within your user-friendly system. Contract intelligence within a trusted contract lifecycle management software platform can automate contract data extraction, including clauses, and retain extracted data for continued machine learning to provide continuously more robust, intelligent suggestions regarding contract language and clause inclusion.
Contract Searching Made Easy
Once your contracts, contract data, and relevant files and attachments are stored, they are easily accessible thanks to user-friendly contract quick search functionality within your contract management system. You can easily search for contract documents, contract metadata, relevant files and attachments, clauses, and much more with robust searching tools for better contract tracking.
Intelligent Workflow Automation
You can enjoy intelligent workflow automation with contract management software for future-minded contract tracking. With highly configurable notifications and task alerts for key dates, milestones, upcoming renewals, compliance tasks, obligations, and other contract lifecycle management tasks – you can significantly reduce contract lifecycle bottlenecks. You can easily configure task escalation so that – if a member of your team does not fulfill a task by the time a set date has arrived – the task is escalated to a new resource. This supports accountability and expediency in performing critical contract tasks.
Contract Management Dashboards
With contract management dashboard launch pads with button tiles and summary tiles - such as those available in CobbleStone Contract Insight® - you can conveniently add mission-critical internal and external links to access at the click of a button. As such, your users can quickly access essential pages - such as those to view and search contracts, add new users, initiate new contracts, view reports, and many others.
You can also leverage CobbleStone’s visually engaging executive graphical dashboards for visually pleasing contract tracking and contract analytics.
The Executive Dashboard option features graphics and charts for users to see critical information at a glance for better contract tracking and contract analytics for various performance indicators! Executive dashboards can be configured per your organizations’ needs, but out-of-the-box dashboards include:
- Contract KPIs
- Contracts Overview
- Contracts by Department
- Vendor Management
- Year Analysis
- Bids Overview
Enter The Future of Contract Tracking
Now that you know how to optimize contract tracking with CLM best practices, it is time to select the only solution that offers all of the contract tracking tools mentioned above. That solution is CobbleStone Contract Insight.
CobbleStone's trusted, award-winning, seamlessly integrated, and internationally agile contract management software platform expedites and enhances contract tracking and other CLM tasks for marked improvements in comprehensive contract lifecycle management. Your organization can confidently navigate a low-friction and highly scalable contract tracking and contract management software platform with the foremost user-friendly tracking and CLM tools. CobbleStone Contract Insight has been a visionary leader in CLM software for over twenty years and counting - and is trusted by thousands of contract managers. CobbleStone's user-friendly, scalable solution seamlessly integrates with familiar 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!
If you are looking to positively transform contract tracking and contract lifecycle management, book your free demo to see CobbleStone Contract Insight in action!