Contracts are at the core of any organization, and proper management of these important documents can lead to some pretty incredible outcomes. However, poor contract management strategies can put your organization on the fast track to bottlenecks, increased risk potential, and failure to follow through on contracted obligations. The Institute for Supply Management reports that written agreements oversee between 60 and 80 percent of business-to-business transactions. Their report additionally notes how Fortune 1000 companies typically manage anywhere from 20 thousand to 40 thousand contracts at all times.
It’s important to have a clear understanding of the role that contracts play within a business, and given this understanding, you’ll find yourself reaching towards any method that supports the optimization of your contract management processes. Be it contract automation, electronic signature integrations, simplified contract authoring strategies – the more efficiency involved in your contracting, the more you’ll get out of each agreement.
Adopting a cloud-based contract management system is the #1 way that your business will gain the competitive edge while supporting your company’s departments through every stage of the contract lifecycle. Cloud-based contract management allows for user-friendly contract collaboration and communication that greatly assists contract reviews, negotiations, and approvals in a centralized digital portal. Additionally, cloud-based contract management systems are equipped with contract automation capabilities, allowing you to configure rules-based automated workflows that can dramatically expedite your organization’s negotiation processes.
An Introduction to Cloud Computing
Cloud computing has changed and evolved massively in recent years, serving as a precursor to many technological advancements in the business world. For example, cloud computing provides businesses with several powerful solutions that give them the ability to focus on business processes rather than computing capabilities. Hosted contract management software, hosted email systems, and hosted IT serves are just three examples of how cloud computing is infused in regular business systems. Leveraging cloud computing as a part of your contract management solution can benefit your organization in several ways, and particularly so if your employees work partially or completely remote. In addition, storing data within a cloud allows users to be connected on demand to all company contracts within the cloud.
For any organization, the goal of contract management is to effectively oversee that all contracted obligations and commitments to vendors, clients, and suppliers are both delivered upon and are visible at any given time to authorized employees. A cloud-based contract management system serves organizations with a systematic, standardized method to managing and storing business contracts. These solutions include advanced features for collaboration, automation, and signing that streamline every stage of the contract lifecycle – from contract intake, to contract renewal.
The Advantages of A Cloud-Based Contract Management System
A contract management system with cloud storage and security offers your business simplified data collection capabilities, mobile contract access, configurable automated workflows, and several other competitive features.
Now, let’s take a closer look at some key advantages of a cloud-based contract management system.
Remote Data Collection
A cloud-based contract management system provides your employees with features that allow them to save time and energy from manual data collection and data entry. With remote data collection, you create an efficient, streamlined approach to contract management that reduces the need to use outdated, manual contracting methods. With automated contract workflows and a preapproved contract template and clause library, your employees working remotely can work independently in a compliant and risk-mitigative manner.
Mobile Data Accessibility
With cloud technology, reviewing contract data and generating custom reports is both simple and secure. You can access your company’s contract data and create reports on your web browser for streamlined contract management, data analysis, reviews, negotiations, approvals, renewals, and more. Your cloud-based contract management system allows your employees to access and review data from any location on any device – increasing visibility and accountability.
Cloud-based contract management systems save your organization time and money in the long-term. The best solutions are appropriately priced as well, and for more information on the cost of contract management software, click here. The best cloud-based contract management service providers such as us here at Dock 365 support businesses through implementing and deployment of the system, ensuring that employees get started on the right foot. Costs pertaining to manual contract management procedures, missed contract obligations, forgotten (and unfavorable) auto renewed contracts, and failed contract compliance are mitigated with a reliable and easy to use contract management system.
A cloud-based contract management system allows companies to add valuable integrations and features as well as eliminate unneeded resources at any time. Cloud computing is flexible due to the fact that you can easily allocate any server maintenance issues to a respectable service provider. And in this way, your software solution can be adapted to your company’s unique branding, objectives, and needs.
To take your contract lifecycle management to the next level, choose a cloud-based contract management system. Today, more companies than ever have discovered the utility of cloud-based contract management systems – so maintain competitiveness by adopting one yourself! An inefficient method of managing your company’s contracts will only result in a host of issues that otherwise could’ve been prevented. From wasted time and money, to lost and missing contracts, to data breaches – it’s clear that a cloud-based contract management system is the safe and secure way to go.
Today, you can transition your company to a digital, cloud secure contract management system to gain contract control and peace of mind. To optimize your contracts, our Dock 365 Contract Management System providers all that you need. Here at Dock, we leverage your existing Office 365 and SharePoint infrastructure, allowing you to implement your software and maximize your Microsoft subscriptions. As a Microsoft partner, we have extensive experience in supporting large and small businesses in optimizing contract management with the help of Microsoft tools and integrated business solutions.
For a cost-efficient, powerful, and productive contract management, we’re here to help.
Schedule a free demo with us today for an in-depth and interactive overview of our 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.