It’s 2020, and if your company is still stuck managing physical copies of contracts and compliance reports like it's the 20th century, you might want to start thinking about implementing an automatic Contract Management Software at your organization. Implementing a CMS is great for organizations of all sizes. Why? Well, an automated CMS, compared conventional methods of contract management, is secure, organized and, most importantly, user-friendly. Here are some industries that we have seen benefit the most from adopting contract management software.
Healthcare & Life Sciences
The healthcare sector in the US deals with a hefty number of contracts daily. Millions of contracts and agreements including those between patients, physicians, and other departments; contracts involving third parties like insurers, medical equipment vendors, and other healthcare providers; and other assorted documents need to be handled with care. The healthcare sector also must cope with the unique compliance requirements related to the sensitive personal data to stay compliant with the Health Insurance Portability and Accountability Act of 1996 (HIPAA). By implementing a SharePoint based contract management system, this all becomes a piece of cake. Why? SharePoint is HIPAA compliant, features different levels of access restrictions, unique user identifications and authentications, and other key security measures. Additionally, a CMS offers a standardized contract management process, centralized repository for documents, automatic alerts, and more. All of this comes together in a way that makes a contract management system a must-have for any organization in the healthcare sector.
Another industry that could benefit from a contract management system is consulting. Consulting firms deal with a wide range of specialized fields. Agencies are always dealing with contracts on a regular basis to confirm both that parties agree to the services that will be provided and expected. For maintaining a healthy relationship with clients, it is imperative that you effectively manage your significant documents and keep them organized. An automated contract management software will help you in achieving that. With the system, you can automate and organize contracts in a way that is easily accessible and stored securely. Over time the consulting firms will find that they have more time to devote to more essential tasks as their documents and contracts are automatically managed for them.
Technology companies often have a large number of corporate contracts and other crucial agreements that require regular tracking throughout its lifecycle. This can especially be the case as a company begins to grow and expand. A CMS can help keep these organized, so you don’t have to worry. It is also important to ensure the protection of sensitive information like personal information about clients, patents and trade secrets, which could damage the company if they are compromised. With the implementation of an automated contract management system, you can eliminate the possibilities of running into these risks. The system help you securely organize and manage your documents efficiently.
Multimedia and Entertainment
In this industry, it is essential to keep moving forward with production, which can often mean simultaneously managing numerous contracts. These contracts may include film-related agreements, artists agreements, author agreements, licensing, third party agreements, and more. By implementing a contract management system, you can ensure that you meet your obligations by getting contracts signed more quickly and keeping production on track.
In the manufacturing industry, contract management can be a different hassle altogether. Manufacturing companies can have vendors all over the world and source their raw materials from a dozen suppliers. Imagine managing all these agreements manually. Without the right tool, it might be challenging for such an organization to stay on top of all obligations they have to their clients, vendors, and distributors. With the implementation of a contract management system, managing of all these contracts will be much easier. Automated notifications will inform you about a contract that is expiring so that you can renew the contract on time. When the contracts are running smoothly the manufacturing will run smoothly, which in turn will reflect in the company’s revenue and cash flow.
HR and Recruitment
Recruiting industries can also benefit from a CMS. Your recruiting department is always working with people, signing contracts, etc. The conventional way of signing a contract in this field is sending the contract to the person in the mail and then waiting for it to be signed. With a CMS you can make these services mobile with features like E-signing to make the recruitment process more streamlined. A new hire can easily understand and sign all the required contracts and agreements without taking too much time. Also, the smooth processing of onboarding gives off the impression early on that the company is organized and structured for maximum efficiency.
Dock 365's Contract and Vendor Management Solution
When it comes to contract management, it’s all about ensuring contracts between businesses and consumers can easily reach an agreement and simply close and sign afterward. Dealing with contract management doesn't have to be time-consuming, many of the features that come with a contract management system aim to automate and organize contracts and enhance their effectiveness. It also ensures the security of the parties involved, makes the documents easily accessible and easily shared appropriately.
Dock 365’s contract management system is a great resource for any company looking to streamline its processes. Our solution can help you efficiently organize and manage your contracts all throughout their lifecycles.
Book a free demo today to see how effectively our intuitive, user-friendly system can help your company!
Written by Adarsh Dorai
Adarsh is a SharePoint expert with hands-on experience developing various SharePoint and Office 365 solutions.