Why SharePoint is Optimal For Contract Management

Topics: SharePoint, Contract Management

Written by Lindsey Paulk

Have you implemented SharePoint into your contract management system?

SharePoint offers numerous benefits that certainly set you apart from competitors. SharePoint is a revolutionary software solution that will enhance workplace collaboration. With SharePoint, you can effectively manage contracts, create team portals, maintain content, set automated reminders, reduce legal expenses, eliminate unwanted renewals, and improve spending visibility. SharePoint is a fantastic option that many of today’s industry leaders use to achieve core business objectives.

In terms of contract management, utilizing a contract management system powered by Office 365 and SharePoint can reduce unnecessary contract management hassles, noncompliance issues, and contract inaccuracies. Here at Dock 365, our Contract Management System does just that.

While we love the capabilities of Microsoft Office 365, we will be giving SharePoint a bit more spotlight in this blog so you can gain a better understanding of what this modernized platform has to offer.

 

Why SharePoint is the Best Option for Contract Management

If your business currently uses Office 365 or SharePoint, then leveraging both software solutions as an integrative tool is an easy and seamless transition. By using them as a basis for your contract management system, you can increase efficiency, productivity, collaboration, and results.

With SharePoint, your business can easily store, manage, and link contracts within the SharePoint system. You will be able to efficiently create and sort contracts and related documents in customizable folders. Without SharePoint, you typically store documents in different places on a network. However, SharePoint offers the ability to link contracts and documents in specific folders, making them easily accessible for other members on your contract management team. An example of how simplistic SharePoint is in practice is the one-click feature. With a simple click, a user can click from a client contract to the client’s contract and document file.

 

SharePoint: A Leader in Collaboration

Contracts require a high-level of attention to detail and intensive collaboration. During the contract life cycle, a contract will require approvals from various parties within your company – thus requiring collaboration. With SharePoint, your employees can collaborate proficiently with different tools and apps including Microsoft Word, Teams, and Excel. In this way, your team can work together in software environments they are likely very familiar with, allowing for an easy and painless transition.

 

Why SharePoint is Beneficial to Your IT Department

Leveraging SharePoint for your contract management needs will greatly benefit your IT department. This is because SharePoint acts as a centralized system, as opposed to several individual software products. In this way, your IT team is able to focus on optimizing SharePoint for your company so you can reach business goals together on single platform. By developing SharePoint to its maximum potential, you can reduce training and maintenance expenses while maximizing results.

 

Ensure Proper Implementation of SharePoint

SharePoint offers various features, including document libraries, web-sources lists, calendars, web portals, and much more. However, without a proper comprehensive contract management system or with a system that improperly implements SharePoint, you will not be able to effectively maintain documents and contracts in document libraries. Instead, the software platform will rather function as a glorified Excel sheet.

Without proper integration of SharePoint into your contract management system, you may encounter a few challenges in your contract management processes.

Potential challenges include the following:

  • Inconsistent data
  • Miscalculations in deadlines and termination, renewal, and cancellation dates
  • Failure to use automated reminders, alerts, and notifications
  • An inaccessible, yet centralized contract list
  • Improperly authorized and/or unauthorized employees
  • Lack of visibility of contract details (notes, deadlines, costs, tasks, reminders)
  • Scattered information
  • Lengthy and inefficient data searches
  • Manual document linking (resulting in inconsistencies, lost time, and unnecessary work)
  • Inconvenient and inefficient reporting

 

An Effective SharePoint-Based Contract Management Solution

In your contract management solution, we highly recommend regularly monitoring deadlines. In addition, we recommend that your contract management solution is equipped with readily available and visible contracts for authorized users. In this way, you can optimize your contract management software interface by inserting various graphics and features to make the solution fully functional for your contract management team.

 

The Importance of SharePoint Backup and SharePoint Restore

Thankfully, you can now miss out on numerous needless headaches thanks to SharePoint Backup and SharePoint Restore. Be it user error, a mistaken click, power outages, a dead computer battery, or a natural disaster – you can recover data with SharePoint Backup and SharePoint Restore. At any time, you can recover and restore important contracts, documents, and other data in SharePoint Backup and SharePoint Restore, where all of your data is readily available.

 

Accessible Functions in the SharePoint Contract Management User Interface

  • Manage, edit, and create contracts
  • Set automated notifications, alerts, and reminders
  • Use filtered search capabilities to find contracts, contract details, and clauses
  • Employ audit trails
  • Oversee contract lifecycles
  • Archive contracts and related documents
  • Track changes
  • Utilize e-signature integrations to create efficiency and streamline the signing process

 

What does a comprehensive contract management system look like?

A contract management system that will optimize your business results must include the following characteristics:

  • Transparency and visibility of documents, contracts, contract details, clauses, etc.
  • A functional software platform that can conduct customizable filtered searches quickly
  • Automated workflow capabilities
  • Contract templates and library
  • Clause library
  • Easy handoffs of documents and contracts throughout the stages of a contract’s lifecycle
  • Microsoft Outlook integrations
  • Scanning capabilities
  • Reporting and data analytics functionalities
  • Reliable backup and restore features

 

Conclusion

You can design the best contract management system for your business’s unique needs, key goals, and objectives. By creating an effective and functional contract management solution with SharePoint and Microsoft Office 365 integrations, you can take your contract management process to the next level.

SharePoint can greatly enhance your contract management system. SharePoint can amplify the functions of your contract management solution with its various features that will increase collaboration, productivity, efficiency, and results in real-time. For secure, accessible, and efficient contract management, we highly recommend adding SharePoint to your business’s system.

We welcome you to leverage all the benefits that our Dock 365 Contract Management System has to offer. Maximize results, increase collaboration, boost productivity, and improve return on investment in your business with our SharePoint-based Contract Management System. If you would like more information, we welcome you to schedule a demo with us today.

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