As we are over halfway through the year of 2021, we can take a comprehensive look at some of the most popular technology trends in contract management software. Your business can leverage several of these revolutionary features to stay on track with your competitors. Propel your business’s contract management processes towards success with an automated, modern approach to managing contracts. Let’s discuss some of the most prominent and user-friendly contract management software trends that will streamline your business’s contract management.

Contract management software solutions provide businesses of all sizes a way to automate, systematize, and standardize contract management. This allows you to confidently store, edit, and send your contracts, providing you a sense of consistency and reliability in your contract management system. Contract administrators and other departments involved in the various steps of contract lifecycles can work efficiently with software features that automate tasks and create uniformity in contract processes.

Now, we will cover the top 2 trends in the technology found in many of today’s contract management software solutions.

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Trend #1: Advanced Contract Collaboration Features

During the contract lifecycle, several parties are required to review and complete specific steps on the contract draft. Contributors to contracts can be separated by thousands of miles, so having features that allow for effective collaboration on your company’s contracts is crucial. During the year of 2020, many contract management professionals transitioned remote contract operations. Embracing contract management software can help increase the quality, speed, and overall effectiveness of your collaboration and communication when working with others on contracts. It’s clear that utilizing leading contract management software will greatly improve the productivity and efficiency of your remote contract management efforts.

Dock offers several advanced features, including:

  • Secure storage in a centralized, cloud-based contract repository
  • Automated expiration and renewal notifications
  • Simplified contract generation
  • Automated workflow templates
  • Unlimited user support
  • Microsoft Teams app
  • Customized contract request forms
  • Sertifi eSignature integration

Implement user-friendly, results-focused contract lifecycle management software to manage and store your contracts with ease. Today, many contract professionals continue to work remote, meaning that adopting optimal contract lifecycle management software is the key to continued growth and success.

In addition, there are several community-based features provided in leading contract management software solutions. As many companies worldwide digitally collaborate on contracts and complete contract-related tasks, it’s necessary to understand how these trends will shift and change along with the continued technological advancements made in contract management software. In this manner, electronic contract management systems, such as the Dock 365 Contract Management System, can be the key to your business’s growth, success, and ability to maintain competitiveness.

To have a successful contract management approach, it’s important to examine how contracting processes are performed in team and community-based working environments. We recommend automating several critical processes of your contract management system, including the following:

  • Implement preapproved template and clause libraries for accurate, rapid contract generation and negotiations
  • Utilize data lakes for your contract management department to assimilate into their contract lifecycle management system to conduct analysis of structured data in comparison to their organization’s data (such data might include vendor qualifications monitoring, financial information, counterparty intelligence, client profile building, litigation data, etc.)
  • Leverage integrated chat features to improve internal and cross-department communication and collaboration
  • Centralize contract data and information in a secure, cloud-based, digital contract repository

What to Look For in a Contract Management System

Trend #2: Contract Automation

Automation of contract lifecycles has forever changed the contract management game. With contract automation, business owners and contract managers can easily accomplish regularly occurring tasks in an efficient and systematic way. Here at Dock, we continue to refine the most user-friendly tools to make contract management painless and simplistic. Some key automation tools include the following:

  • Automated contract generation capabilities such as preapproved contract templates, a comprehensive clause library, and auto population to allow for accurate and rapid contract creation
  • Assimilation of critical contract information and data to reduce repetitive, manual data entry and the risk for human error associated with it
  • Rules-based merging of contract clauses, providing businesses with confidence in their clause selection
  • Risk-mitigative, automated inclusion of addendums according to potential business and legal risk markers
  • Electronic signature integrations (such as our integrated Sertifi eSignature solution) to speed up signature and contract execution, allowing for signers to receive, sign, and send off documents using an electronic signature on any device, at any time, any place
  • A comprehensive contract management dashboard and proactive risk management tools, allowing you to identify both areas of risk and of opportunity (i.e., pricing changes, compliance measures, obligations, cancelled contracts, etc.)

By automating various tasks involved in the different stages of the contract lifecycle, you improve the effectiveness, collaboration, and overall value of your contract management processes. Leveraging robust contract lifecycle management software can provide your business with the ability to use customizable, flexible automated contract workflows. With automated contract workflows, your contracts will be systematically guided through each stage of the contract lifecycle, sending notifications to various stakeholders at appropriate times.

Automated contract workflows send digital contracts and related documents through a predetermined sequence of steps that require specific actions. During the lifecycle, the technology notifies select individuals of what actionable steps to take for the contract in question before it is able to progress to the next step within its lifecycle. Automated workflows can be enabled on a single contract or to an entire category of contracts or clauses located in your centralized contract repository. With the myriad of customizable automated contract workflow settings available, you can approach contract reviews, planning, negotiations, signing, and contract execution with more flexibility and user-friendliness.

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Modernize Your Business’s Contract Management in 2021 and Beyond

Implementing several smart collaborative tools and workflow automation is critical to maintaining competitiveness and increasing the value of your company’s contract management system. Keep clients and vendors coming back by developing future-minded contract management processes that will keep your business’s moving forward and reaching objectives. We welcome you to book a complimentary demo of our Contract Management System today.

Conclusion

Maximize contract lifecycle management with advanced contract collaboration features and contract automation. Here at Dock, we are experts in SharePoint and Office 365 and want to help businesses utilize their features to revolutionize and streamline contract management.

Our Contract Management System is equipped with several amazing features that will help improve the quality of your contract management processes with the help of a SharePoint and Office 365-based collaborative software interface. 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 our contract management software.

Ready to get started today? Reach out to us to learn more about our  Dock 365 Contract Management System.

If you would like more information, we welcome you to schedule a free demo with us today.

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