The health of your contract lifecycle relies upon efficient contract task management. Manual methods for completing contract tasks relating to pre-award and post-award contract lifecycle management can be error-prone, inefficient and tedious – potentially decreasing your organisation’s ROI. Read on to find out how your organisation can embrace streamlined and future-minded contract task management with AI-powered contract management software.
Establish intelligent automated contract workflow
By choosing a contract management software solution that supports full contract workflow automation, your organisation can keep the right users engaged at the right time – thanks to virtually unlimited automated alerts, notifications and contract task reminders. Your team can configure a process that leverages user-defined fields, contract process management, data extraction and data mapping, advanced reporting and analytics and comprehensive audit trails.
You can easily manage tasks relating to contract authoring, contract collaboration, contract negotiation and contract approvals with an automated workflow process that helps your team keep track of every stage of the contract lifecycle. Automated alerts can help your users easily meet key dates, milestones and contract renewals. Additionally, full audit trail history provides an up-to-date, easily-accessible record of contract changes. Reports related to contract tasks and contract statuses etc. can provide your key stakeholders with relevant, scheduled information at a glance.
You can easily reduce approval cycle times by overcoming potential delays and promoting contract task accountability with automated, intelligent contract workflow.
Transform contract writing with a workflow-initiated process
Leading-edge contract management software can streamline and automate contract writing tasks.
A well-organised and centralised process leverages intelligent contract writing with automated merging of field data with dynamic clauses from your pre-approved clause library. This dynamic clause library can equip your team with specific document templates. It also helps you seamlessly add line items within contract document templates. With the help of robust contract management software, the task of inputting new contract, request, vendor, solicitation, employee and purchase order records can trigger the merging of that data with a previously-approved document template for swift contract writing. Your team can easily write and assemble contract documents and export them as standard file formats (MS Word and PDFs).
Experience easy and efficient contract negotiations
The best procedure for contract tasks that improves collaboration with vendors, users and external stakeholders leverages contract negotiation automation with contract management software.
You can simplify and organise document collaboration and version control with a detailed log of changes and numbered version tracking. Your team retains control by allowing collaboration parties to easily manage up-to-date versions.
Clause ownership can offer your organisation contract content control. You can configure robust contract management software so that clause or section changes can trigger a notification to clause owners and subject matter experts. If a given clause is assigned to a contract or agreement and a stakeholder tries to edit said clause, the clause owner will automatically be added to that agreement or contract’s approval process and will be prompted to approve or reject the version. This helps your organisation to ensure that relevant parties are added in contract approval processes.
Your contract management software administrators can configure a rules-based process for contract stakeholders.
Stakeholders can be configured to receive an alert that transfers them to a contract negotiation portal, or a place where pertinent documents can be accessed for review. On this portal, necessary parties are involved in a negotiation process without the need to be granted access to software features irrelevant to their involvement. Important documents can be isolated for the parties that need access and editing permissions – straight from a negotiation portal.
Transform contract negotiation tasks with dynamic contract management software that provides a user-friendly, organised and efficient contract negotiation phase.
Rapid electronic signatures
You must have a stable electronic signing process for proper contract task management automation in an ever-changing technological landscape. An electronic signature is a digital depiction of a written signature – or so-called ‘wet’ signature – that enables stakeholders to sign contract documents online without needing a physical copy of that document.
Signature bottlenecks can trigger delays in meeting obligations, adhering to compliance standards and the execution of a contract. Your organisation can positively transform its signing process with powerful electronic signature software that significantly alleviates such challenges and can cut send-to-sign time by up to 20%.
If you are tired of wasting time managing signatures manually and relying on email to do so, you can implement an efficient signing process with electronic signature software that allows your team to:
- save time: rules-based workflow automation can expedite the process and keep stakeholders in the loop and on track so that less time will be sacrificed focusing on administrative contract lifecycle task expenses involving sending out, storing, tracking and following up upon contract documents that have been sent for signing
- strengthen security: your organisation can reduce processing errors and confidentiality breaches with legally binding electronic signatures that feature audit trails
- heighten visibility and foster better business relationships: the signing process is quicker and easier to access both in and out of the office.
Take back control of your signature processes by adopting contract task automation for signatures to transition from an antiquated, inefficient process to a rapid, hyper-efficient and fully compliant process that leaves wasted time, tedium, breached compliance, and wasted revenue in the past.
Transform contract tasks and contract administration with Contract Insight
The contract management software landscape is evolving in favour of contract automation for contract tasks. Don’t get stuck in the past of contract management with an outdated contract management process that requires hours of tedious work that risks oversights, errors, wasted time and missed revenue. Instead, implement contract management automation with Contract Insight.
Contract Insight offers user-friendly and low-friction features that provide organisations with the tools they require to manage contract tasks more efficiently, centralise and secure contracts, easily collaborate, comprehensively oversee compliance, track contract costs, receive notifications and alerts, efficiently and quickly sign with proprietary IntelliSign® electronic signature software, boost productivity and reduce needless expenses.
Contract Insight from Four
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.