Do you use automated contract workflows in your contract management system? If so, you are already a step ahead of your competitors. To make sure you continue having the edge, ensure that your automated contract workflows have a certain degree of flexibility.
Giving contract workflows some flexibility is key to growth and is key to making quick changes that allow your business to smoothly adapt to unforeseen circumstances. In an automated contract lifecycle workflow, a contract is sent through a specified process of steps that notifies multiple people or parties of what actions to take on that specific document. Each action a person takes within the workflow will impact the next step and action that follows – altering the course of the contract. The main objective of an automated contract workflow is to fully complete the contract lifecycle with as much ease and accuracy as possible.
An automated contract lifecycle workflow that follows a standardized and consistent set of steps or stages is optimal. With the Dock 365 Contract Management System, we offer solutions that will help your contract management team reach key goals and maximize results while employing our collaboration-friendly software. We keep your contracts moving forward with accuracy, timeliness, and efficiency. Begin boosting productivity and reaching business goals with our workflow automation-enabled contract management software today.
The Importance of Flexibility in Automated Contract Lifecycle Workflows
The majority of business and contract management firms use a very similar system of stages in their contract management processes. For example, the billing and procurement stages in contract management will often look quite similar from organization to organization. Keep in mind, every organization will perform specific tasks and take on various contract projects in different ways. By adopting contract management software that allows for workflow automation, you can begin the process of streamlining workflows for your team. Ensure you select a proper contract management software solution that is conducive to the needs of your business so your team can make an easy transition and leverage all of its capabilities to maximize productivity.
Stay equipped for anything by being best prepared for any of your contract management needs. Implementing automated workflows is one simple way to do just that. Our contract management software allows you customize contract lifecycle workflows in the system so that it aligns with your business goals and culture.
In addition, you can make sure all of your vendors and clients are satisfied with the easy collaboration and communication features that our system provides. Never worry again about making policy errors or being noncompliant. Adapt your workflows with various settings so that all the important details and factors are considered with our flexible and adaptable workflows. By implementing the Dock 365 Contract Management System, you have many flexible workflow automation tools at your fingertips so you can adjust your systems based on everchanging needs and circumstances.
What does a flexible contract workflow look like?
Use the Dock 365 Contract Management System to place automated workflows onto single contracts so they can efficiently be sent through each stage of their lifecycles. With our workflow automation features, you can also apply a workflow to a whole group of contracts or to a fixed set of clause types within your repository. Simplify the who, the where, and the action for the contract’s next steps with our workflow automation-enabled contract management software solution.
Practical Examples of Flexible Automated Contract Lifecycle Workflows
In the contract intake and request step of contract lifecycle management, a prospective client will send an intake form which is then used by the contract management system to auto populate the data when generating a suggested contract template. In the workflow, the software will edit clause details (input/omit) according to the needs of the contract and provided data. If your contract management system includes various integrations, the software may insert the associated data from the integrated sources into the contract.
Depending on the type of contract, a contract review workflow can be set in place. A contract review workflow can be enabled according to different conditions that will ensure the proper individuals are included in the review.
Workflow automation in contract management is optimal for increasing consistency, compliance, and accuracy of all the contracts in your contract management repository. By creating standardization in your contract template and contract clause libraries, you increase the speed of the negotiation stage. Contract management software offers your company an extra layer of security by increasing accuracy and minimizing manual user errors.
With such software, you inevitably offer negotiators a clearer picture of the aims and vision of your business. Our Dock 365 Contract Management Software sets your contract lifecycles up for success with easy, user-friendly, and centralized communications so that the technology-side of negotiations is simplified.
According to the type of contract, a contract will undergo the various phases of the contract lifecycle based on settings enabled for automated workflows. This includes how the contract is sent for reviews and approvals prior to becoming a fully executed contract. To enhance this phase of the contract lifecycle, we suggest utilizing the many notification, alert, and reminder features that our solution provides so that progress is kept moving forward.
In the signature step of contract management, users can e-sign the contract on any device at any time, anywhere. Once a contract is signed, every member associated with the contract is notified that is the finalized contract is available.
Contract management software tracks and monitors critical dates, policies, payment information, and terms. With our software solution, easily set various reminders so you never miss a renewal date or expiration date. For specific obligations that require additional attention, you can set particular conditions and triggers for new workflows or actions.
Set organization-wide notifications and customize dashboards for a tailored contract management experience. Make every step and task systematic and organized so that your business doesn’t have to stress about noncompliance.
Optimize with Flexible Contract Workflow Automation
Our Dock 365 Contract Management System offers your business the opportunity to create more flexibility and adapt to change quickly with automated contract workflows. Save time, increase compliance and accuracy, and boost efficiency and productivity of contract lifecycle management with our user-friendly, collaborative software interface.
By having a degree of flexibility in your contract management system, you allow for your business scale and reach objectives more effectively as you move forward. 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 flexible automated contract workflows. 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 as collaboration friendly as possible.
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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.