The adjustment to Covid continues to change the workplace. Software such as contract management systems have increased demand and usage in the remote work setting. Employees working from home have participated more as a daily user of contract management software than pre-Covid. As employees return to offices, or begin hybrid work environments, contract management systems will continue to be an important software for every company. According to the Wall Street Journal, Microsoft began a hybrid work environment on March 29, 2021.
The sudden switch to remote work has forced us to find new and innovative ways to deal with our daily tasks. Countless solutions have been introduced in the market to tackle the daily organizational activities. These solutions include intranet portal, project management solution, helpdesk solution, contract management etc. Among these solutions contract management has proved to be the most useful and handy for enterprise organizations in the remote work handling.
Contract management is the most important process in an enterprise organization. The process requires precise planning and execution throughout its lifecycle to make sure that contract execution is successful. Mistakes are not affordable in contract management because mistakes will lead to other major issues, and could even lead to legal troubles with contractual parties. Even before the Covid pandemic, companies were dependent on automated solutions to manage their contract management processes. Due to their effectiveness and low risk rates automated solutions are always favored by enterprise organizations. Covid created a high frequency of searches related to contract management solutions.
Below are excerpts from the 5 best blogs from 2020 from Dock 365, covering the major benefits to companies that use a contract management system.
7 Reasons to Consider a Compliance & Contract Management System
This Dock 365 blog from February 2020 discusses why your enterprise companies should consider using a compliance and contract management system. The blog leverages on points like what is at stake in the contract management processes and the effect of contract management system in organizations financial values, etc.
Here is an excerpt from the blog:
“Contract management is a sophisticated process that requires close supervision. Companies cannot afford any blunder in the process. Even one slip-up or a breach of contract could inevitably lead to a drop in revenue, increased expenses, non-compliance with contractual terms or you can find yourself in litigation with one of your contractual parties.
This is where an automated contract management system is used to help you in a risk-free and hassle-free management of your contracts, all in one place. With a contract management system built on a Microsoft SharePoint tenant, your data is secure. SharePoint brings together all your files. Risks in the contract management process that are reduced when using a contract management system built on the Microsoft SharePoint tenant include:
- Failure to meet deadlines
- Failure in compliances
- Unproductive workflows
- Unsuccessful reporting
An automated CMS eliminates the possibilities of human error. An investment in an automated contract management system would only benefit your organization. You might be wondering how this investment affects the revenue and financial value of your organization. We have an explanation for that as well.”
Read the full article here - 7 Reasons to Consider a Compliance & Contract Management System.
6 Industries that Can Benefit from a Contract Management System in 2021
The blog drafted later in February last year discusses about the industries that can benefit from a contract management system. Some industries discussed in the blog include healthcare & life science, consulting firms, technology, among others.
Here is an excerpt from the blog:
“The healthcare sector in the US deals with a hefty number of contracts daily. Millions of contracts and agreements include those between patients, physicians, and other departments. Contracts involve third parties like insurers, medical equipment vendors, and other healthcare providers. All of these 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). Microsoft SharePoint is HIPAA compliant, and contain different levels of access restrictions, unique user identifications and authentications, and other key security measures. Additionally, a contract management system 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.”
Read the complete blog here - 6 Industries That Can Benefit from a Contract Management System In 2021.
5 Strategies for a Successful Contract Management System
This blog provides insights on strategies that have been used and proved to be effective for enterprise organizations in the contract management process. The strategies you employ along with automated systems are equally as important in achieving the results you expect.
Here is a quote from the blog:
“Keeping track of the large number of contracts in your organization can be a challenge. Many companies lack a proper database or an efficient way to find and extract all the relevant contract information. Additionally, many of the contracts they create and manage are done so manually. Both come together in a way that means companies often waste a lot of time on contract management system. That is why we recommend adopting artificial intelligence to help manage your contracts. Studies have shown that companies that invest in machine learning-based contract management see a boost in productivity. AI contracting software can quickly sort through a large volume of contracts and flag relevant information – making your whole platform smarter than ever before.”
Here is the complete blog for you to read - 5 Strategies for a Successful Contract Management System.
What are the Differences between a Document Management System and a Contract Management System?
It is important to understand between a good contract management system and a document management system. This blog from June 2020 provides clarity on the definitions of both the solutions and helps you choose what you want.
Here is an excerpt from the blog:
“While a contract management system shares a lot of functionality with a document management system, it is a distinct piece of software. Where a document management system is focused on your company's broader body of documents, a contract management system is focused purely on your contracts. However, a contract management system will also be able to track far more about your contract documents than a document management system. A contract management system will pull the analytics and life cycle data of your contracts so you can track your important data. You are also not just sorting your contracts out by name; you are also sorting them by important milestones and each stage of the contract management life cycle. A contract management system will also provide you with the ability to set notifications and automatically renew important contracts, as necessary.”
Read the complete article here - What Are the Differences Between a Document and Contract Management System?
The 7 Stages of a Contract Management System
Contract management has many processes throughout its lifecycle. This blog discusses the seven most important stages.
Read this excerpt from the blog:
“The planning stage is one of the most important stages of contract management. You need to create a contract management process that suits your company's needs and resources. Your contract management strategy needs to be a flexible, streamlined process that accounts for creating all kinds of agreements. When developing your strategy, you need to think of things such as what kind of contracts your company is working with, who is responsible for what stages of the process, what issues have occurred in the past, and what resources are needed to implement the strategy. Once your contract management strategy can answer these questions, you'll know that you're ready.”
Read the full blog here - The 7 Stages of a Contract Management System.
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Written by Adarsh Dorai
Adarsh is a SharePoint expert with hands-on experience developing various SharePoint and Office 365 solutions.