Is it time to get control of the contract management process with Intelligent Workflow Automation? Save money, and time by increasing efficiency and visibility!
In all industries, employees spend far too much time searching, sending, and maintaining contracts. You can stop the endless painful contract shuffle and efficiently manage contracts with precision. The teams of people we work with have struggled with moving the process quickly to meet timelines versus having control over the process to manage risk with the legal team’s input. They have also struggled with visibility of the contract terms, obligations, and expiration times; as well as information silos in their organizations and trying to keep legal language standardized to mitigate risk for the organization. The team needs to be up to date on components that can change like pricing, emerging legal language, and the fluid management of contract extensions and renewal processes.
Digitally transforming the contract management process will bring increased productivity for each person involved. One simple automated system with a standardized process will bring efficiency to the following components of contract management:
- Version tracking
- Contract requests and drafting
- Review & approve from anywhere at anytime
- Compliance & audit preparation
- Expiration and renewal management
- Digital signature integration
Here are the high-level value points of Contract Management automation:
- Simplify client requests and vendor agreement processing with an easy access forms portal and contract templates which can be expandable to a whole vendor life-cycle management system
- An automated, standardized process simplifies each step so users can send contracts to stakeholders for revisions with visibility to prioritize tasks and understand where the next action must take place to keep the process on track
- Automate the ingestion of contracts through email capture, web forms, scanning, etc. getting all documents in one system for processing
- Assure compliance and be audit-ready for all contracts with everything in one simple searchable system accessible anywhere, anytime
- Track contract versions accurately with permissible access
Efficiency is extremely important, but there is also value in having an improved understanding of your organization’s contracts and suppliers. With an automated system, you will have improved visibility so you can negotiate improved terms, and consolidate suppliers to increase discounts by leveraging your buying power. Reach out today to learn more about how we can help with efficiency, accuracy, and give time back to your team.