In the present “normal” of work from home aka remote work, manual processes pose a big risk to business management. This pandemic has made the businesses realize the importance of doing things in a proactive manner, more than ever.
Those of you who have handled contracts or on the verge of getting into one are aware of the processes and efforts that are required. Contracts are highly essential elements of a business that call for accuracy and good supervision. They are important factors when you recruit a new employee or planning to partner with someone else. The current COVID-19 scenario shows that the contracts are here to stay, mostly because of the sustaining of the relationships between the involved parties.
It can be pretty difficult to look after contracts, especially when you have a lot of paperwork and when customers start complaining about you. This is where contract lifecycle management (CLM) solutions come into the picture.
A CLM solution relieves you from the disadvantages of manual and disconnected contract processes. And when you have good contract management software, you have the advantage of handling the entire contract proactively. Now let me take you through the important reasons why you need CLM in the present situation.
Eliminates data silos
Data silos are found in abundance nowadays. But this abundance doesn’t advocate efficiency. Data silos occur when where only one set of people in the firm can have reach to a source of data. This leads to constrained productivity and underutilization of resources.
There is huge information stored in business applications and you rely on these data along with the intuition that you gained from years of experience. An effective CLM removes data silos, thereby helping different people to deal with risks in a diligent and transparent manner. However, it takes care of the access to contracts in such a way that only authorized individuals in the firm can view any specific contract, thereby enhancing security, besides the aspect of transparency.
Streamline the entire CLM process
Member communication and synergetic contract lifecycle workflows must be flexible enough to meet the demand of the present COVID-19 scenario. There would be complex contracts in your business but the best part of a CLM is that you can manage these contracts in an efficient manner through contract management software. The result will be a complete contract management system that is highly proactive and flexible. Whether it is the manufacturing industry or the banking industry or the pharmaceutical industry or big businesses, to name a few, the contract management system streamlines and takes it to a whole new level. The key is in enhancing work management and online collaboration. There will also be version control; while the contract is worked on online, people will edit using only the latest version.
Get information fast and easily
Paperwork demands a lot of concentration and sometimes you end up frustrated when you are not able to find the required details quickly. So the need of the hour is to have comprehensive contract management software that takes care of the entire lifecycle of the contract in a hassle-free manner. With the help of such software, you can create, edit, and follow a contract throughout its lifecycle; the highlight is that you can do it instantly. CLS helps to auto-approve the typical normal parts of a specific contract, thereby quickening the whole process.
Lifecycle and milestone alerts
Continuity is the major factor behind an organization’s success. You have to make sure that there is adherence to regulatory policies. Here arises the need for contract lifecycle management that diligently makes out halts in adherence, thereby alerting to take action. Getting an alert prior to the contract expiry date will also be taken care of by CLM. So you needn’t worry about being abreast of the notifications and alerts when the CLS does the work for you.
Complete contract management and automation
Have you thought about the importance of essential integral processes that the other stakeholders tend to ignore? Contract lifecycle management gives you the satisfaction that these dynamic processes are also taken care of. Besides, you can access a centralized storage system for highly essential data. When there is transparency, the group can work in a more collaborative, productive, and dedicated manner.
A key advantage of contract management software is the end-to-end automation, which is the core of contract lifecycle management. Such robust software automates the piles of work. You can also have a digital signature.
Conclusion
When you think of a contract management system, you cannot underestimate the role of contract lifecycle management, more so after reading the above points. The benefit of an audit trail, which brings easiness in seeing the history of the activities between the involved parties, advanced analytics wherein you can supervise the entire duration of the contract lifecycle, risk management wherein you can quickly determine the risks related to the contract lifecycle, go a long way in maintaining business continuity and profitability.
