Are you tired of spending exorbitant amounts of searching for contracts rather than actually working on them?
Are you sick of losing contracts entirely, despite your best search efforts?
Did you know that according to the Journal of Contract Management, 71% of organizations that manage contracts lose 10% of their contracts?
So, what’s the break-down here?
It’s the lack of a dependable, functional contract repository to manage and store mass quantities of complex contracts.
Prior to using a contract management repository, it is important to properly prepare for its implementation. To select the proper contract management software that includes a contract repository, you want to ensure that its capabilities align with your business’s needs and goals.
Why Your Business Needs a Contract Repository
A primary concern in contract management is contract visibility. Without an appropriate level of visibility in your contract management system, there won’t be an accessible and comprehensive overview of contract details, terms, and obligations. Because every contract is different, and every contract manager creates and manages contracts in a unique manner, its necessary to develop a contract management system that provides visibility for all involved in the contract management process.
For example, if a contract manager prefers to store contracts and related information in physical files, it will create an obstructed and difficult process to filter through and find specific documents. In this way, the following could result:
- Delays in service
- Missed or forgotten deadlines, renewals, expiration dates, etc.
- Contract noncompliance
- Expired contracts
- Duplicated contracts
Avoid all of these pitfalls with the help of a functional contract repository. A contract repository allows you to access all contract and document information within a single centralized location. Find whatever you need, whenever you need it.
Technological advancements have enabled today’s contract repositories to possess some remarkable features and search/filter functions. With a contract repository, you can increase data cohesiveness and accuracy, utilize automation, track contracts, improve teamwork, and increase compliance. Manage, store, sort, and create contracts in one place with increased visibility with the help of a contract repository. Gone are the days of endless time wasted searching for contracts – find anything rapidly with a repository.
Using our CMS solution, you will have every contract within direct access at any time with a customizable search function where you can set pre-made filters for different contract and document types.
3 Tips for Contract Repository Implementation
Let’s discuss three top tips for successful contract repository implementation.
- Begin by assessing your business’s unique needs and goals
Discuss with your contract management team the needs and goals within your business. Follow-up by assessing what the purpose of a contract repository is and how it will serve in achieving business results.
Discover what the administrative team needs and where gaps can be filled. Where are there existing delays in the process? What is the current system of filtering and searching for contract data like? How effective is communication across various teams (legal, contract, executive, etc.)? Having an extensive overview of how the current system functions and what needs exist will help in further decision-making. In this way, you can decide which data to prioritize in the new contract repository.
Is there automation in your contract management process? We suggest setting automated reminders and alerts of critical dates and deadlines. Set your sales department up for success by facilitating discussion surrounding what a contract repository has to offer them. The filtered search capability of a contract repository, for example, can help your sales team find specific contract terms and clauses as well as information regarding negotiations. With automated reminders, they will also be well-prepared for renewals and other key dates.
Lastly, ask your contract managers what the biggest area of need is. They are key for setting the fine details for the contract repository when it is implemented.
- Sort contracts and associated documents
After taking a complete assessment of unique needs and goals from a variety of departments in your business, use the information you compiled to decide in what order to upload contracts and documents into the contract repository.
This is important because contract types play a large role to the repository. Based on the answers from your teams, which type of document is most important to your business’s goals? Which type of contract is used most consistently? Create a seamless transition into using the contract repository by having a broad overview of the impacts of contracts currently so that transferring them into the repository is easy.
Organize contracts based on specific characteristics. This is a very important step that takes a considerable amount of time but will pay high dividends in the long run for team efficiency. Sort contracts based on various clauses, conditions, and terms. This allows you to conduct time-efficient and accurate searches within the contract repository by using customizable filters. Tis optimizes contract management by saving valuable time and making it extremely simple to find very specific information in a sea of complex contract data. Your contract management, legal, and sales teams will thank you!
This is the step that takes the most time but is what ends up paying off in a significant way. Effective and clear organization of contract details will create a very simple, clean, and cohesive contract repository.
Now that all of the planning is complete, you are ready for contract repository implementation.
We recommend our Dock 365 Contract Management System. Our system will offer you a centralized contract repository that gives you a comprehensive understanding of all aspects of your contract management processes. Our effortless contract management life cycle platform allows you to review every part of your customer and vendor contracts, set deadlines and review dates, create, and edit contracts, and use contract tracking tools to track various items and obligations.
By taking the time to plan and organize contract repository implementation, you can ensure a smooth transition into its use and increase the likelihood of its success. Assess your business’s unique needs and goals, sort the contracts and other pertinent documents, then implement. With these three steps, you will certainly have contract repository success!
By leveraging the capabilities of a contract repository, you can reduce risks and gain full control of compliance, costs, obligations, terminations, renewals, and other critical contract related information. The process of setting up a contract repository can be tedious, but it is certainly worth it for maximizing business results and achieving key goals in the long-term. Our centralized contract repository can provide your organization the best possible results within your contract management processes. With our Dock 365 Contract Management System, the included contract repository allows you to efficiently store, manage, create, search, and filter through contracts in one secure location. Improve visibility and transparency while achieving goals and boosting time-efficiency with a centralized contract repository.
The Dock 365 Contract Management System helps you to improve the value of your relationships and experiences with both clients and vendors by improving productivity, efficiency, and accuracy in your contract management system. To learn more about how Dock 365 can enhance your contract management processes with our centralized contract repository feature, click here and schedule a free demo today.
Written by Lindsey Paulk
Lindsey Paulk is a Content Writer in Jacksonville, Florida that specializes in digitally communicating all-things contract management.