Reading and reviewing contracts can be very demanding and time-consuming. This results in legal teams constantly juggling between contractual documents. Keeping that in mind several legal personnel are on the lookout to bring in speed and agility in the way they work. Manually reviewing documents are taking a toll and delaying the contracting process. So how can you overcome this problem? By getting a contract management software that fits perfectly with your needs and complies with your organization’s goal.
At times the transition from manual ways to a contract management tool can be overwhelming but the benefits that come your way outweighs the challenges.
Benefits served in a platter!
Here are some of the many benefits that you can avail with the adoption of a contract management tool.
Master contract authoring with templates
Legal teams are the real MVPs when it comes to drafting contracts. But writing a contract from scratch is not the best way to go. What if you can create a template and use it as a base for multiple document creations? Well getting a contract management tool will enable you to do so. Get a head start with templates and create lengthy documents much faster and get your time back. There are many tools that have a template library, giving you options to create multiple documents using those templates. You can also customize them as per your need or create one of your own to use.
Collaboration made easy with just a few clicks
We all know that contractual documents keep going back and forth in the creation and review stage. With teams and individuals distributed across the different locations, keeping everyone on the same page can be a difficult task. A contract management tool enables seamless collaboration and lets you interact and work with other teams in tandem. You can add comments in the documents and address people directly in notes. These comments and notes can be viewed by everyone working on the document making collaboration easier. It also avoids duplication of effort and ensures more productivity with quick results. Certain tools also let you create different versions of a document and compare version changes on the go.
Review and approve like a pro
It is very critical that the documents are well-reviewed before it is sent to the customer. Attaching approval workflows with trigger notifications lets you set up guardrails to the process. The tool will allow you to set conditions and attach approvers to review any condition that is met. For eg - Any contract that has a termination period of more than 6 months needs to be reviewed by the senior management. This ensures that no clause is unreasonable to either of the parties to the contract. It validates that all the critical points are reviewed and the contract has minimal possibility of errors. Approvers usually get notifications on their e-mail or the inbox within the product so they don’t miss out on any pending approval of documents.
Identify bottlenecks with a dashboard overview
If you want to run fast, the best way is to identify the bottlenecks in the process and go after solving it. But the bigger question is how do we identify that? A contract management tool can give an overview of your process by sharing data of the different stages that a particular document goes through. If you can spot the bottleneck in your process for eg- a process view that shows that your document is pending with Mr. A for approval, you can prioritize your tasks and work with him to get the document moved to the next stage. This brings in agility to the process.
‘All in one place’ ensures easy management
Finding all the documents in one place is a blessing in disguise. People who don’t use any specific tools, frequently find themselves in a spot where they can’t seem to locate documents on time. It’s a nightmare to go through hundreds of documents to find the one you need. A central repository with full search functionality makes it much easier to find and store your documents and averts the chances of losing them too. Mastering the art of managing is taking a step in the right direction towards setting up an efficient and agile process in your organization.
Legaltech is an important concern for legal teams as the world progresses towards digitalization. The adoption of a contract management software will help you and your organization by turning static documents into strategic corporate assets that can accelerate, protect, and optimize your business process. So get the right tool that will help you get your time back by allowing you to shift your focus to high priority tasks. Be judicious with your decisions and get the right tool for your organization.
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