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Why you need a Contract Tracking Software for your Business?
Contract tracking proves to be a time-consuming element of business and this requires an effective and automated contract tracking software. When two organizations desires of engaging in a business activity with the other, a contract expresses the activities that are to be engaged in by both organizations and the terms by which each party will fulfil their part of the agreement. If a contract is not worded or phrased properly, it might result in the organization losing thousands of dollars.
Areas of contract tracking
A business standard contract tracking software typically focuses on the following business disciplines:
Authorization and negotiation;
Baseline Management;
Commitment Management;
Communication Management;
Contract Visibility;
Contract Compliance or governance
What are the challenges faced in Contract Management?
The legal department usually takes care of the contracts that are entered into between parties. unfortunately, when there are numerous files to be managed and that too manually, the contract management process is bound to face bottlenecks.
Also, manual contract tracking is bound to introduce errors. A lot depends on the legal team and if they are not able to catch the mistakes, then it might lead to the creation of a havoc situation for the entire firm. The common mistakes that are bound to occur are as follows: legal compliance; revenue leakage; extended sales cycle times; jeopardized customer relationships.
1. Consolidation:
Have one central repository for managing all aspects of the contract, which includes templates, clauses and exceptions. Single source of view can help in viewing, managing, updating and searching contracts for necessary and accurate information.
2. Task automation:
Have an automated manual process that helps in freeing time for lawyers to focus on more essential and special case contracts which are relevant to their expertise. Task automation helps in increasing control and reduces the number of errors and also helps in speeding up the contract cycle time.
3. Process Efficiency:
Efficiently handled process frees up more time for all involved stakeholders - like the sales, finance and legal departments and thus allows them to spend more time on those tasks that correlate to their expertise and job profile.
4. Contract Performance:
As a company, one is always expected to grow but the level of performance delivered to be remaining the same. Having an automated contract tracking software will help in providing more visibility into the contracts and also help identify the gaps and pain points, thus helping in providing the best service to your customers.
To conclude, while the tradition normally is to manage contracts manually, that practice is riddled with inefficiencies that can only deter a company's overall profitability. Integrating with an automated contract management system will help in reducing countless man hours and automate associated processes and build up the value of the company.
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Why you need a Contract Maintenance Software for your Business?
Contract management proves to be a time-consuming element of business and this requires an effective and automated contract maintenance software. When two organizations desires of engaging in a business activity with the other, a contract expresses the activities that are to be engaged in by both organizations and the terms by which each party will fulfil their part of the agreement. If a contract is not worded or phrased properly, it might result in the organization losing thousands of dollars.
Areas of Contract Maintenance
A business standard contract maintenance software typically focuses on the following business disciplines:
Authorization and negotiation;
Baseline Management;
Commitment Management;
Communication Management;
Contract Visibility;
Contract Compliance or governance
What are the challenges faced in Contract Management?
The legal department usually takes care of the contracts that are entered into between parties. unfortunately, when there are numerous files to be managed and that too manually, the contract management process is bound to face bottlenecks.
Also, manual contract management is bound to introduce errors. A lot depends on the legal team and if they are not able to catch the mistakes, then it might lead to the creation of a havoc situation for the entire firm. The common mistakes that are bound to occur are as follows: legal compliance; revenue leakage; extended sales cycle times; jeopardized customer relationships.
1. Consolidation:
Have one central repository for managing all aspects of the contract, which includes templates, clauses and exceptions. Single source of view can help in viewing, managing, updating and searching contracts for necessary and accurate information.
2. Task automation:
Have an automated manual process that helps in freeing time for lawyers to focus on more essential and special case contracts which are relevant to their expertise. Task automation helps in increasing control and reduces the number of errors and also helps in speeding up the contract cycle time.
3. Process Efficiency:
Efficiently handled process frees up more time for all involved stakeholders - like the sales, finance and legal departments and thus allows them to spend more time on those tasks that correlate to their expertise and job profile.
4. Contract Performance:
As a company, one is always expected to grow but the level of performance delivered to be remaining the same. Having an automated contract maintenance software will help in providing more visibility into the contracts and also help identify the gaps and pain points, thus helping in providing the best service to your customers.
To conclude, while the tradition normally is to manage contracts manually, that practice is riddled with inefficiencies that can only deter a company's overall profitability. Integrating with an automated contract maintenance software software will help in reducing countless man hours and automate associated processes and build up the value of the company.
0 notes
Text
Why you need a Contract Maintenance Software for your Business?
Contract management proves to be a time-consuming element of business and this requires an effective and automated contract maintenance software. When two organizations desires of engaging in a business activity with the other, a contract expresses the activities that are to be engaged in by both organizations and the terms by which each party will fulfil their part of the agreement. If a contract is not worded or phrased properly, it might result in the organization losing thousands of dollars.
Areas of Contract Maintenance
A business standard contract maintenance software typically focuses on the following business disciplines:
Authorization and negotiation;
Baseline Management;
Commitment Management;
Communication Management;
Contract Visibility;
Contract Compliance or governance
What are the challenges faced in Contract Management?
The legal department usually takes care of the contracts that are entered into between parties. unfortunately, when there are numerous files to be managed and that too manually, the contract management process is bound to face bottlenecks.
Also, manual contract management is bound to introduce errors. A lot depends on the legal team and if they are not able to catch the mistakes, then it might lead to the creation of a havoc situation for the entire firm. The common mistakes that are bound to occur are as follows: legal compliance; revenue leakage; extended sales cycle times; jeopardized customer relationships.
1. Consolidation:
Have one central repository for managing all aspects of the contract, which includes templates, clauses and exceptions. Single source of view can help in viewing, managing, updating and searching contracts for necessary and accurate information.
2. Task automation:
Have an automated manual process that helps in freeing time for lawyers to focus on more essential and special case contracts which are relevant to their expertise. Task automation helps in increasing control and reduces the number of errors and also helps in speeding up the contract cycle time.
3. Process Efficiency:
Efficiently handled process frees up more time for all involved stakeholders - like the sales, finance and legal departments and thus allows them to spend more time on those tasks that correlate to their expertise and job profile.
4. Contract Performance:
As a company, one is always expected to grow but the level of performance delivered to be remaining the same. Having an automated contract maintenance software will help in providing more visibility into the contracts and also help identify the gaps and pain points, thus helping in providing the best service to your customers.
To conclude, while the tradition normally is to manage contracts manually, that practice is riddled with inefficiencies that can only deter a company's overall profitability. Integrating with an automated contract maintenance software software will help in reducing countless man hours and automate associated processes and build up the value of the company.
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Why Implementing a Contract Data Management System could be a Smart Idea?
There are several brands already adopting AI-enabled contract data management system, worldwide! There are many blessings of victimization such as specialized tool over using the services of consultants.
Advantages of contract data management system
No Risk of Human Errors, Literally
No Lot of Hurried Analysis
Contract Data Management is Easier with CMS
CMS Usage Helps Keep Prices Lower
No Risk of Mistaking
Skillfulness
Pre-Sorting and Analysis
Simplicity of Usage
No Risk of Human Errors, Literally
When you rent a veteran adviser or firm to perform contract analysis for your business, a selected part of risk still exists. The experienced analysts and advisers, after all, are humans.
Unwillingly, or as a result of work stress they can also create mistakes in analyzing contracts. Sometimes, such errors in contract analysis will value a corporation dearly. However, this doesn't happen once a corporation deploys AI-enabled system for examining contracts. The system sticks to specific algorithms and ways to research all kinds of contracts and zip skips its eyes.
No Lot of Hurried Analysis
Saving time is crucial for any business these days however hurrying in reviewing or framing contracts may be quite harmful.
In such a state of affairs, your company overlooks some important clauses whereas reviewing a contract and it will cause issues later. it should cause the corporate defrayal in excess or facing legal hassles. This will be wherever victimization AI-equipped contract analysis system can save the day. This system will scan contracts quicker, however, don't skip something during a hurry.
Contract Management is Easier with CMS
Contract Data Management is easier with CMS just making a contract isn't enough for a corporation, however, managing established contracts are additionally vital. Some corporations have tie-ups with several vendors and partners, and then they have to wear down heaps of contracts year long. this can be tedious once the businesses use manual ways to manage their contracts.
It leaves scopes for errors and confusion because the company grows – managing contracts manually becomes a lot of tedious. Keeping a team will facilitate, however, nothing will beat the convenience of deploying the system designed to handle all kinds of contracts.
CMS Usage Helps Keep Prices Lower
Contract data management prices are one thing a corporation cannot simply overlook. Imagine a state of affairs once your company has to analyze many contracts a year and desires to border new contracts too. Every time, hiring a veteran adviser or agency to handle such tasks isn't aiming to be cost-efficient for the corporate. Besides, finding such adept consultants, whenever your company wants analysis, might not be that straightforward. once your company invests during a dedicated Contract data management answer, the running value is borderline.
No Risk of Mistaking
When analyzing a business contract, the right interpretation of legal and business terms is of utmost importance. this will be a difficulty with little or mid-sized brands that can't rent an adviser for contract analysis whenever. They usually use the interior groups for such a review.
If the team fails to interpret such vital terms within the contract capably, the results might not be helpful within the end of the day. they will settle for a contract that isn't appropriate for the corporate or discarding of another that's useful! This trouble doesn't exist if a correct application is there for contract analysis and management.
Skillfulness
A business might have to border differing kinds of contracts, supporting it's business and growth of operations. the truth is, not each adviser will handle reviewing or mounting all such agreements.
Some consultants might specialize in contracts in business mergers whereas others may have skills in foreign growth etc. once your whole features a dedicated system answer for contract-related wants, skillfulness is much higher. These tools are developed to wear down virtually all kinds of contracts.
Pre-Sorting and Analysis
When a contract consultant or a business makes use of specialized solutions, the software lessens their task. The solutions sometimes have their algorithms, which comes in handy within the analysis of huge amounts of knowledge. This ensures the users got to wear down fewer amounts of knowledge} and that they get helpful information at disposal, while not waiting. As a result, the consultants will specialize in a lot of complicated and important components to figure more with efficiency.
Simplicity of Usage
The latest generation of AI-enabled contract lifecycle management software is straightforward to use. These apps feature sleek and straightforward to grasp layout. The users can like very little time to grasp the ways to utilize the feature in such apps, as it is. Besides, the system vendors conjointly provide adequate resources and support materials for the users.
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7 Steps of the Procurement Process
Procurement plays a fundamental role within any organization, as it is used in the process of sourcing goods and services. When a company purchases a product or service, the purchase is subject to a procurement process. While “procurement” primarily refers to the purchase itself, the overall sourcing process is what ensures product/service compliance and quality through expert management. A procurement management strategy based on contract management is conducive to an efficient procurement process, and this is because companies are required to use contracts to maintain internal and external accountability.
Contract management is made up of several steps to properly oversee contract life cycles. And just as contracts require different steps, so does the procurement process. Let's take a closer look at seven steps involved in sourcing.
Step 1: Identify Need
Before purchasing a particular product or service, companies must first determine what the need is. If your company needs to purchase a specific office product, for example, it is essential to collect as much relevant information as possible regarding the exact product needed, as this will streamline the procurement process. For example, by noting the required functions of the particular product as well as the additional costs associated with the ongoing management of the product, you can then inform your purchasing decisions with accurate information.
Step 2: Research
After identifying the need, take the time and attention to research different vendors. During your research, we suggest that you compile a list of potential vendors that meet your needs, then slowly narrow your list by evaluating which vendor offers the most competitive pricing, add-on features, or other features that might also serve your business. A dedicated research process can help you make smart, data-driven decisions while reducing risk. This way you can determine which provider will provide the best value and is the most reliable.
Step 3: Negotiation
Now that you have selected a supplier, you can start negotiating prices, lead times and other factors that may influence your legal agreement. In the case of a large quantity of purchases, some suppliers may offer flexible offers and other advantages.
Step 4: Execution
Once an agreement is reached with your supplier regarding the obligations and conditions, it is time to execute the purchase order. During this step, you authorize your agreement and begin the purchase process. This is where contracts come in, with purchase order contracts between your company and your chosen supplier. The purchase orders will specify the conditions, obligations, contractual conditions, deadlines and costs for the purchase of the product or service. A contract is then executed after each party has accepted and signed the contract.
Step 5: Delivery
When the product or service is delivered, your organization must assess the quality of the product/service and make the appropriate ratings before allowing acceptance of the product/service. This is key to mitigating risk, as identifying issues with the product/service up front will make things much easier in the long run. Why initially accept an inadequate product that did not meet the expectations and conditions detailed in the contract? It's much easier to reject a mediocre product early on than raise issues later.
Step 6: Payment
During this step, the invoice and payment are processed. This payment procedure is often influenced by the contractual duration of the supply. Depending on the terms of the contract, this step involves your organization's finance and accounting teams to ensure payments are successfully processed. Additionally, you will reconcile purchase order documents to help identify potential issues before submitting payment.
Step 7: Records Management
The final step is perhaps one of the most important, as every business should securely store procurement documents after a purchase for effective auditing and accounting. The storage of these documents must comply with the various financial and data regulations. Storing these documents securely will further support your business in future procurement processes.
Contract management in procurement is one of the key features of modern contract lifecycle management solutions. With automated workflows, you standardize the sequence of steps for each procurement contract to ensure it is sent to the right person at the right time, to take the right action. This eliminates the risk of human error due to the configured scheduling of various tasks. When considering procurement, an automated contract workflow can speed up the procurement cycle by moving a given purchase through standardized stages with precision and efficiency.
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The value of AI contract review software is heavily based on its ability to save time and process incredibly high volumes of data with extreme accuracy. With AI contract review software, thousands of contracts can be instantly auto tagged with corresponding data, companies, deadlines, and renewal alerts that can create a well ordered and coherent contracting system. AI and contracts automates contract migration and contract abstraction, which easily organizes and appropriately places information from your contracts.
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Top Contract Management Software Security Features
The contracts contain the most critical confidential information and the terms of the agreements. Ensuring that your contract lifecycle management (CLM) software is equipped with the best security features available is key to secure contract management. And as 2022 approaches, we recommend that you take the time to evaluate the security settings provided by your CLM software so that you can get the most out of your procurement platform.
Contract security should be part of your organization's contract management and legal strategy, where you take advantage of all of the following tools to standardize your contract operations. Clearly, using optimal security procedures from the start helps your business maximize contract security.
As mentioned earlier, all of your organization's most confidential and sensitive data, from financial details to customer information to nondisclosure agreements, resides in your contracts. Most companies restrict access to internal software locations and messaging applications; however, few invest their efforts in the security of the contracts themselves. And the result? Data security and contract lifecycle management breaches in businesses ranging from small businesses to large enterprise-level organizations. You may be wondering how to optimize contract security while maintaining efficiency, good contract accessibility, and appropriate levels of contract transparency. We explore this topic further below.
Now let's take a look at some contract management software security features to keep tabs on when you adopt your next contract management system or when you determine how secure your current system is:
Audit Trails
Keeping complete logs from audit trails is a great way to increase contract security. With these logs, you can view contract communications, user activity, and confirm that your contracts are secure while maintaining an appropriate level of visibility. When a contract is signed and fully executed, contract managers can easily assess a detailed record of every contract version, communication, and user activity regarding the current contract, giving them the control to review the contract for compliance with each step.
Single Sign-On
Has your organization implemented single sign-on (SSO) to increase the efficiency and security of connections in different applications? Otherwise, we strongly recommend that you make the effort to adopt and use this security feature. At Dock, we offer SSO as a key element of your contractual security strategy.
Multi-Factor Authentication
Multi-factor authentication is one of the most common security features adopted by software solutions at all levels. Adding it to your security directory can help mitigate data invasions. Because this security feature is used so widely, many are familiar with its features, which makes it an easy to use feature within your organization.
Passwords
When was the last time you reviewed your organization's password policy? Has that changed since the large-scale transition to telecommuting? We suggest requiring passwords of at least 8 characters long with a mix of characters. In addition, it is recommended that you reduce the frequency of password updates.
Permissions-based Access
Permission settings can help you make sure that only the right people can view and edit certain documents. With this feature, you can assign roles to your employees in various departments and restrict access appropriately.
Software Configuration
I'm sure you are familiar with the puzzle of forgetting your password, trying to remember it, trying to guess, and then being stuck from the system. Has this happened to your employees? Often the software will allow 3 attempts before locking users out of the system. Do you currently know how long your system is locked out? If your organization is facing hacking attempts, the best practice is to set the lockout period to 30 to 60 minutes to reduce the likelihood of continued attempts.
Electronic Signature Integrations
Make sure the right employees have access to your e-signature integrations so they can work independently through all of the steps required during the contract signing phase. Electronic signatures are also highly secure, much more so than manual wet signatures. Electronic signatures leverage data hashing and contain a digital trace and record of who signed what document and when.
Vulnerability Testing
External testing and audits help identify and expose areas of risk that may be exploited by hackers. We suggest adopting a contract lifecycle management solution that tests system penetration and vulnerability on a quarterly or annual basis.
Contract lifecycle management software is the key to efficient and productive contract management. But taking advantage of the security tools of contract management software, understanding the complexity of each, and having the knowledge to use them appropriately can help you take the most secure, weakest possible approach to contract management. your organization. Just as we need to change the batteries in our smoke detectors, we need to regularly review the security features of our contract lifecycle management software.
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