The future of contract management will be significantly impacted and shifted by the introduction of contract automation. Digital workflows and AI technology that power contract automation create efficiency in your contract management process. When working with enormous amounts of metadata, by introducing digital workflows, contract automation, and artificial intelligence (AI) you can take your contract lifecycle management process to the next level.
Integrating AI-based contract management software to conduct contract automation is a key tool that will greatly improve your contract lifecycle management processes. In addition, digital workflows offer several features that ensure all important contract dates are notated and that the appropriate parties are notified. By implementing AI-based contract automation, data can be instantly extracted to save time when your team is in contact with third parties during the contract management process.
Businesses today are adopting contract automation software to streamline contract management overall. Contracts go through several phases, such as creation, negotiation, approval, and execution. Adopting technology with contract automation makes the steps that lead in and out of these phases efficient and timely. Previously, manual contract management methods were jumbled, risky, and time/resource inefficient – often resulting in inconsistencies and errors.
How Contract Automation is Changing Contract Management
Leveraging contract management software with contract automation capabilities is key to how many contracting firms and businesses have jumpstarted and improved their contracting operations. The results? Reduced risk, maximized profits, and overall operational improvements.
Let’s discuss nine ways that contract automation is completely changing contracting management in the business world today.
Contract automation creates efficiency in all phases of contract lifecycle management. Digitizing your contract management system creates smoother processes during every step. Contract management software with contract automation capabilities is comprised of several features such as approval workflows, e-signatures, notifications and alerts, collaborative redlining, negotiation, and much more. Automated workflows create time-efficiency and ease across the departments that work with contracts daily.
Adopting a proper contract automation system allows your company to increase productivity rates and quicken contract lifecycles. In turn, manual efforts can be redirected to more critical tasks that are require a hands-on approach and further attention.
Here at Dock 365, our Contract Management System can automate the assembly of various documents, contracts, and agreements via customizable data fields, a pre-approved clause library, and templates. In this way, contract management software helps assimilate document types from your company’s customized templates and pre-approved clause library to later be tracked as the document is reiterated through various versions and drafts. Contract management software is also useful for enabling audit trails and for accessing approval ratings.
Conduct Searches in a Centralized Repository
In the Dock 365 Contract Management System, you can create, manage, file, store, and sort contracts in one place. The centralized contract repository is searchable with advanced filters and includes customizable and savable filter capabilities. Spend less time searching for specific documents so that you can save time and resources with every search. Our centralized repository additionally has OCR capabilities to convert old contracts and make them searchable. Additionally, you can search for contracts based on their relationship to one another (i.e., parent-child contracts) in our Dock 365 Contract Management System.
Having properly organized contracts in a centralized repository ensures increased productivity in your business. Your contract management team should be able to locate specific contracts and related documents with speed and accuracy in order to continue handing-off such documents throughout the contract workflow (i.e., process a renewal). Keep your team well informed and create better internal communication by adopting a centralized repository.
Draft Contracts with Templates
Contract automation is made possible by the ability to create contracts within minutes. Drafting contracts with pre-made approved document templates that auto-populate with customizable fields creates a simplified contract creation phase. Contract templates differ depending on the type of agreement, document, or contract created.
Templates are composed of three key items: (a) standardized language; (b) unique language; and (c) clauses. By using contract automation in your business, you can create efficiency and save time with contract templates. Templates are a perfect option for the standardized language per the contract or document type, and the template can be adjusted according to the transaction taking place – where unique language is then placed in the document at each contract clause.
Automation of Digital Workflows
Digital workflow automation is the catalyst to increased collaboration, productivity, and improved communication throughout your business or contracting firm. With contract automation, your legal and nonlegal teams can process regularly occurring tasks with ease and without the need for lawyers or other important team members – this way work can be distributed optimally, and resources can be used efficiently.
The automation of digital workflows will reduce time spent on various steps during each phase of contract lifecycle management. By automating workflows, your company can create and execute contracts with speed, enhance the negotiations process, improve communication, and collect data for later analysis.
Workflow automation is a feature offered by contract management software that will greatly increase efficiency and productivity while maximizing results. During the contract lifecycle, a contract will travel through various steps, being handled by many different people. It can prove to be difficult to communicate and signal to who and to where the contract is supposed to go next.
Simplifying the who, the where, and the action for the contract’s next steps is where workflow automation sweeps in and saves the day. Automated workflows can aid in this process by introducing a different type of visibility and accountability while simultaneously having an organized path that notifies various parties of the contract’s location and status. Automated digital workflows ensure that contracts are sent to the right person at the right time, every time.
Reminders, Alerts, and Notifications
Contract automation will trigger customizable email alerts as well as other reminders, alerts, and notifications that pertain to pertinent document and contract information. For example, due dates for negotiation are essential to risk mitigation. With an intuitive contract management system that automates such reminders, you can reap maximum benefits and stay informed of the status of documents and contracts.
In your digital workflows, you can set custom reminders to receive an email alert for days in advance. Utilizing the reminders tool can help in your contract management process so you and your team stay up to date on critical deadlines within your document library.
Contract automation increases visibility by displaying both the location and status of a document or contract to all parties. By tracking contracts, you can create solutions for where bottlenecks and delays occur. Having appropriate levels of visibility in your contract management system is crucial.
Without visibility of a contract’s status, members of your contract team will be left uninformed of where the contract is located within its lifecycle. Maintaining visibility and transparency at throughout the contract lifecycle is best possible model for contract management teams. To illustrate – if a contract manager is interested to know where a contract is sitting within the pre-renewal process, having an effective contract tracking system will be able to provide the manager with an instant answer.
Our Dock 365 Contract Management System uses the Sertifi eSignature solution integration so you can quickly automate approvals. With the invention of electronic signature, signees can sign a contract or related document at any place, any time.
A digital signature mathematically verifies that digital documents are authentic. In this way, a signee is guaranteed that signature dates are true and that the document was not interfered with when using an e-signature.
A key feature of the Dock 365 Contract Management System is contract data that is readily available and easily searchable. In this way, you can set your business up for future success by analyzing previous contract data.
Pull reports, identify where risk is present, and review how you can optimize your system and create solutions internally. Having the data and analytics at your fingertips enables you to make the best decisions that produce optimal outcomes in your contract management process.
Create Custom Reports
Contract management software with contract automation capabilities offers business owners the ability to generate custom reports so they can gain an understanding of their areas of opportunity and improvement, risk and risk potential, and areas of success.
Without an extensive and customizable reporting facility in your contract management process, you increase risk by not identifying where risk is in the first place. Gain a complete understanding of your contract results by generating custom reports in the Dock 365 Contract Management System.
Take your contract management process to the next level by automating workflows so that every step of the contract lifecycle is as efficient, productive, and collaboration friendly as possible. By leveraging contract automation capabilities that contract management software offers, you can automate workflows, generate contracts within minutes, reduce bottlenecks and wasted time, and increase quality collaboration.
Contract automation has made its mark on contract management in the business world today, so we recommend adopting contract management software so you can maximize results, take the edge over your competitors, and better serve clients with speed and accuracy. Introducing automated workflows will expand results your contract management process by improving contract lifecycle quality through our user-friendly and collaborative software interface. Improve business dealings, increase contract compliance, reduce bottlenecks and turnaround times, enhance risk mitigation efforts, and completely overhaul contract management team productivity for the better with automated contract workflows.
Ready to get started today? Reach out to us to learn more about our Dock 365 Contract Management System.
Written by Lindsey Paulk
Lindsey Paulk is a Content Writer in Jacksonville, Florida that specializes in digitally communicating all-things contract management.