Contract management, or contract administration, regulates the process and procedures by which companies negotiate, execute, perform, modify, and terminate contracts with various stakeholders including clients, suppliers, contractors, distributors, and employees.
Contract management includes contract creation, negotiation, adherence, service level agreements, and documentation.
Let’s say that an organization has a slew of contracts with multiple channel partners. And, all of them are managed manually- meaning there is an assigned person to handle each contract throughout its lifecycle. Implementing an electronic contract management system will allow automation; where stakeholders can be informed automatically when contracts expire. They even get notified when other deadlines are approaching, avoiding missed dates, and other potentially costly issues.
Contract Management Solutions For Any Business:
An organization’s workflow would not be complete without contract management. After all, contracts govern business relationships and help meet and exceed expectations with customers and vendors.
The lifecycle of a contract is the set of stages an agreement goes through during its natural development. A contract lifecycle begins when the legal department receives a request to draft a new contract.
The most common scenario is when a salesperson wants to bring on a new customer and requests a new contract. Based on the deal details, the contract is drafted, negotiated, reviewed, approved, and finally signed by the involved parties.
Each of these processes is an example of the different stages in the contract lifecycle. Contract management software makes this process as streamlined and efficient as possible. This way, contract management platforms help reduce the time and human effort required to advance from one stage to another.
It should go without saying that organizations have an inherent need to simplify the complexity of contract lifecycle management. And, the only way to achieve this is through innovative user interfaces, robust automation, and user-friendly self-service tools. Moreover, corporations need progress tracking, obligation management, and active compliance monitoring to quickly identify and eliminate performance bottlenecks, eliminate risks, and run an ethical business.
Contract Management with Legodesk:
With Legodesk’s contract management module, teams have access to powerful, customizable tools that streamline contracts, workflows, and processes.
Managing dynamic business scenarios calls for speedy contract negotiation, reconciliation, and approval. Legodesk allows these teams to work faster and more efficiently. It provides them with the visibility and insight to better manage risk and enforce compliance across contract categories.
It is possible to lose revenue and contract renewal opportunities with manual contract management methods. A company can identify and create new contracts by adopting technology-based contract management, such as the one offered by Legodesk.
How does Legodesk Contract Management works:
With smart, self-servicing, and configurable contract creation wizards, corporations can allow individuals access to contracts. Based on the access level, the user can then easily adjust workflows, authoring rules, and approve workflows without needing additional development or IT resources.
Moreover, with OCR and API integrations, Legodesk makes it much easier to collaborate with third parties. Teams can use the platform while interacting with widely used tools- Microsoft Word, Adobe PDF reader, and google docs. Legal teams can directly pull outside contracts into the platforms and seamlessly identify clauses and terms that deviate from the predefined ones.
With features such as version tracking, localization, eSignature, one-click approvals, and platform adaptability, Legodesk ensures the entire contract workflow works in sync.
Legodesk offers a comprehensible dashboard. The dashboard provides real-time reports and aids decisions, resource planning. This is the best way to better navigate the business landscape.
One of our clients, a large technology company, followed a traditional manual contracting process. The turnaround time of 45 days (on average) for each contract. While trying the free version of the Legodesk contract management solution, they noticed their improved efficiency with a reduction in contract signing timing to less than 25 days. Moreover, through the smart dashboard, with valuable business intelligence, their approval cycles were reduced from days to minutes.
- Close deals faster– With a reusable, easily accessible set template, the company reduced its turnaround time by almost 50%.
- Less time on administration– As most of the contract lifecycle management was automated, employees could focus more on doing their actual work rather than focusing on emails, data entry, follow-ups, and status updates.
- Following a standard approach– By setting up a systematic process, the Legodesk contract management system eliminated variables associated with wording or information presented in a contract. It is safe to say that, without any pre-defined template, earlier, each contract followed the wordings put forward by the individual lawyer rather than following unique business rules
Introduce automation to your workflow:
The challenges of completing more work in less time are already straining organizations’ resources. A contract management service can free up countless man-hours and automate countless processes, thus improving a company’s bottom line.
The Legodesk contract management system, developed especially for in-house legal departments, increases efficiency, effectiveness, productivity, and profitability while at the same time eliminating risk.