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In contract lifecycle management, it’s necessary to have a simple and efficient contract intake and contract request process. This is important because separating both new and existing contracts can help keep your system organized for your contract management team. By having a well-planned and organized contract intake and request process, you can streamline your contract management system from the very beginning.
Contract management software is typically equipped with a contract template library and a clause library. In this blog, we discuss the many purposes of a clause library and how this incredible tool can boost efficiency and productivity in contract management.
To have the most success in the contract lifecycle management department of your business, it’s important to find a method that works seamlessly while simultaneously developing and improving client and vendor relationships. To maximize the success and growth of your business in the long-term, finding a contract management system that aligns with your business’s needs and objectives is crucial.
The Dock 365 Contract Management System (CMS) uses a centralized contract repository. In this repository, you can create, store, sort, and manage contracts in one location, allowing you to find contracts quickly while increasing visibility. The contract repository includes an Optical Character Recognition (OCR) capability to convert old contracts and make them searchable within the database.
Implementing well-designed contract management integrations can streamline your contracting processes due to various functions and features that increase productivity and simplify the steps in contract lifecycle management. A great contract management system will create efficient workflows, enhance internal collaboration, and increase productivity. These items can be enhanced by using the tools provided by select contract management integrations. Save time, money, and resources with a contract management system that works with a variety of integrations.
Workflow automation is a feature offered by contract management software that can 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.
Contract tracking can be especially challenging for firms that handle hundreds and thousands of complex contracts. By leveraging specific contract management software, you can master contract tracking and improve your contracting processes overall. With an inefficient and disorganized contract tracking system, you increase potential risk and the possibility of security breach complications.
Artificial intelligence (AI) is an incredibly powerful tool, capable of rapidly increasing and maximizing results in both contract review and contract management. AI can be implemented to offload specific tasks within the contract lifecycle. Such tasks, while they are required and inherently critical to the process itself, can be tedious and time-consuming. Contract generation, risk management, workflow, and negotiation are a few examples of important tasks that can be automated by AI.
Implementing contract management software is an effective way to increase efficiency within your legal department’s operations. According to the International Association of Contract and Commercial Management, research shows that “improving contract management can increase corporate profitability by nearly 10 percent annually” (Silverman, 2020).