As legal, you hold a tremendous responsibility within your organisation – especially with managing internal stakeholders and maintaining efficient processes with external stakeholders. Relying on disparate and manual contract management processes such as spreadsheets, filing cabinets, emails and shared storage drives can create an inefficient contract management process that can waste time, decrease revenue and increase risk. Read on to learn why Contract Insight – our acclaimed contract management software platform – is the top choice for your processes.
With your high level of scrutiny from fellow C-suite executives, an inefficient contract management system can leave you unprepared to answer data-driven questions from your respected peers, decrease your credibility as a trusted leader, unnecessarily increase your legal team’s costs and increase your overall risk.
Fortunately, you can rely on Contract Insight’s legal contract management software to centralise the contract lifecycle management process by helping to drive value, increase revenue, reduce costs, facilitate collaboration, improve efficiency and reduce risk with optimal oversight.
Executive summary
While you can trust our legal contract management software for various reasons, read on to learn how Contract Insight can remedy your most common challenges within the following areas:
- maintaining contract compliance and anticipating key dates
- completing contract tasks and maintaining version control
- mitigating risk and maintaining optimal security
- centralising contract management with searching and reporting.
Maintaining contract compliance and anticipating key dates
When dealing with multiple stakeholders with disparate processes – such as email, filing cabinets and shared drives – it can prove challenging to maintain compliance and track key dates.
Fortunately, Contract Insight allows legal to track each contract through configurable contract workflows that can notify stakeholders of contract compliance tasks and breaches. Additionally, with the ability to assign clause ownership, you can virtually ensure the use of approved clause language. Rather than miss any key dates, you can receive rules-based and automated task alerts to virtually ensure timely renewals, executions, eSignatures, approvals, and other tasks.
Completing contract tasks and maintaining version control
During the contract lifecycle, staying abreast of tasks and tracking contract versions can be tiresome and confusing without a centralised and streamlined contract management process.
Luckily, you can use Contract Insight’s intelligent workflow, eSignatures, and electronic approvals to support timely task completions. With a centralised, web-enabled contract repository, you can host a virtually unlimited number of documents and track their evolutionary processes with optimal version control – including time-stamped redlining – within each contract record.
There’s virtually no need to worry where the contract may be within its lifecycle thanks to preconfigured task escalations and real-time status changes. Legal can easily manage contract negotiations and import third-party documents with the seamless integration of the PC Helper App that includes MS Word and MS Outlook plugins.
Mitigating risk and maintaining optimal security
Mitigating risk and virtually ensuring legal security internally and externally prove paramount to your leadership goals and C-suite expectations. Considering the weight of your responsibility, you can’t afford to rely on manual processes that increase the likelihood of human error – regardless of how stellar your legal team may be.
Fortunately, VISDOM® AI, our proprietary artificial intelligence engine with machine learning, can help you reduce risk by analysing new contracts for clause language that may increase risk and examining existing contracts for risk variables that may be mitigated upon a contract’s renewal. When dealing with many contracts, proactive risk assessments can prepare you for negotiations, renewals, and contract performance reviews.
Considering how legal collaborate with IT to protect corporate and client data, a highly secure software provider whose organisation and system configurations adhere to utmost security standards is best. You can configure Contract Insight with highly secure rules-based user permissions to virtually ensure only the proper people access specific data across ranging devices. You can also negotiate contracts with third-party stakeholders in a secure contract collaboration portal – safeguarded from other sensitive and confidential information.
Centralised contract management with searching and reporting
Disparate contract management processes can cause unnecessary contract lifecycle management bottlenecks. Rather than manage contract information from ranging locations such as email and shared drives, Contract Insight can centralise your entire contract management process from requests to renewals – supporting a low-friction contract lifecycle management solution with holistic reporting features and data analytics.
Contract Insight® offers legal a centralised contract lifecycle management software system that unifies people, processes and technology for optimal contract governance. With its contract searching and reporting, legal teams can find virtually any document and its status within its lifecycle, including who is responsible for its current or upcoming task. The executive graphical dashboards allow you to create custom, visually engaging reports with mission-critical field data – empowering you with the tools to quickly assess data and answer your C-Suite’s questions with unparalleled confidence.
Contract Insight from Four
Streamline your legal contract management process with a leading-edge contract management platform. End-to-end legal contract lifecycle management begins with Contract Insight.
Our trusted, award-winning, fully integrated legal contract management software streamlines the contracting process with optimal governance, reduced friction, and high flexibility from contract requests to renewals.
Contract Insight is a cloud-hosted (SaaS) or deployed (on-premise) contract management solution. The acclaimed platform is trusted by thousands of professionals for their contract management, legal document management, procurement and sourcing needs. Used by many Fortune 500 companies, Contract Insight gives you real time visibility into your contracts. It doesn’t just shore up your security; it will help you meet contract compliance regulations, centralise your contract management and improve your overall contract administration process.
For more information, contact John O’Brien, CEO at Four Business Solutions, global business consultants and software integrators providing business processes improvements in Finance, Supply Chain and Operations, across a broad range of industries.