A cloud-based, centralized contract repository is a highlight of modern contract management software solutions. Prior to the technological advancements of today, traditional contract management processes were conducted manually – leading to disorganization, a lack of cohesiveness, and document loss. In these previous management methods, storing and sorting physical documents was very ineffective and risky. Contracts and related documents were often improperly categorized (or not categorized at all) in physical storage systems – leading to difficulty and time wasted when searching for a specific document in the repository.
Contract management software is globally recognized as a solution to contract management that provides premier organization and optimization. Managing contract lifecycles digitally is considered a revolutionary way of handling contracts within an organization. With a centralized repository provided by such contract management software solutions, the contract manager or business owner can build, store, manage, sort, and execute contracts in a single location.
Let’s discuss the many benefits of a centralized repository.
Storing contract documents has never been easier. With our cloud-based, centralized repository, you’ll never have to worry about losing track of documents. The previous manual method of storing physical copies of contracts and related documents made storing and retrieving copies incredibly difficult and disjointed. Storing physical documents takes a large amount of space, increasing costs and decreasing efficiency. Enter contract management software – the solution to your company’s contract management needs. Now, you can use a digital contract repository that stores documents within a cloud and centralizes every piece of data. Finding a single document or clause within your contract repository is incredibly easy and efficient.
Within your centralized repository, you can categorize documents according to your business’s needs. Assign groups and folders so various document and contract types are delineated effectively. Due to the electronic organization of documents, you don’t have to stress about human error and misplacement of physical copies. With standardized contract categorization, the admin can control contracts in a systematized manner according to company policies.
In a centralized repository, all sensitive data is kept safe so you can make tampering and document loss a thing of the past. Adopting a centralized contract repository is an easy way to mitigate risk immediately. Don’t let your company’s reputation be soured by a lack of data security. Within a contract repository, your contract manager can enable specific security measures and permissions within the software to limit access to certain contracts and related documents. In previous manual contract management, security risks and the potential for tampering were highly increased. In electronic contract management, it’s impossible for a forgery to take place because users are noted within the software every time an individual accesses a document.
Centralization of Data
A massive advantage of a cloud-based, centralized repository is the fact that is provides a detailed birds-eye view of all contract information. Every contract detail, including contract type, name of the client or vendor associated with the contract, expiry date, status within the lifecycle, execution date, and more are all readily available. Previous contract management heavily relied on excel spreadsheets or written documents to track specific contract details.
SharePoint is a phenomenal contract repository platform. In SharePoint, you can effectively store all contracts, documents, deadlines, obligations, profiles, milestones, and more in a centralized location. Your contract and legal teams will love the ease of use of the search and filtering function in the SharePoint repository.
Version tracking is one of the most revolutionary features provided by a centralized repository. Within the lifecycle of an individual contract, the contract will undergo several edits and iterations by many different people. It’s important that the correct version of the contract is in the right hands at all times so that the correct information is being relayed during its lifecycle. During contract building and drafting, several experts work together to create a contract. Within the centralized repository, the user can select the most recently edited document so they can continue working on the correct version of the document whenever they desire.
Customizable, Filtered Search Functionalities
Our system is equipped with a customizable, filtered search function. Want to save a custom filter to use again in a similar search in the future? You can do just that within our centralized repository. Simply search for whatever type of contract, clause, or document you need by typing specific keywords in the Search bar. Apply several filters to find highly specified data instantly. In this way, time-efficiency and productivity are maximized within your centralized contract repository.
Lastly, our contract management software offers you the ability to set custom notifications, reminders, and alerts so you can stay proactive and aware of any critical date. Rather than rely on a third-party notification, our software has all you need to stay on top of contractual obligations. Thanks to automated notifications, your team never has to miss a renewal or expiry date ever again.
A cloud-based centralized repository is perfect for boosting overall performance and time-efficiency. This is because the energy and time spent towards manually searching for contracts and clauses, or toward monitoring compliance, can be drastically reduced. By using the contract repository, key contract managers and employees can shift their efforts towards more important tasks that require a hands-on approach, rather than be pulled to administrative duties. This way, your contract management team can increase productivity instantaneously.
Do you have a centralized repository? If not, you are certainly leaving some incredible benefits on the table. Our Dock 365 Contract Management System will help you store, manage, and create contracts so you can streamline, optimize, and achieve business results.
With readily available data, improved communication, maximized security, enhanced client satisfaction, increased integrity, and higher levels of accuracy, you can make great strides in your contract management processes today.
Our contract management software was created with your business needs and goals in mind so you can up-level your business strategy and increase the value of your experiences with clients and vendors alike.
To learn more about how Dock 365 can improve your contract management processes with our SharePoint-based, 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.