Few companies are good at managing contracts, even though contract management is critical to business success. Contract lifecycles can be very complex, so contract management software must be intuitive to add value. This article explains how a workflow feature from a contract lifecycle management software can make the process more transparent and easier to understand. It also covers what you should look for in a high-quality workflow feature.
Make the contract lifecycle more efficient
With intuitive workflows, you’ll be able to reduce the time that your team spends on contract management and compliance. This will help improve productivity, so you can focus on more important things like negotiating better contracts or reviewing existing contracts for renewal and termination.
Reduce manual workloads
A major advantage of contract management software is that it reduces manual workloads. Contract lifecycle management can be complicated and time-consuming, especially for large companies with numerous contracts. When you use a contract management tool, your employees will spend less time managing the contracts themselves and more time on their core duties, which lowers cost and increases productivity.
Contract documents are centrally stored in one place so that they’re easily accessible to everyone involved in reviewing or modifying them, eliminating the need for duplication of effort as well as any errors caused by human error when multiple individuals are working with the same data set. This also means that any changes made to a given contract will automatically be added to all other contracts based on it (as long as they’re using this same software).
Reduce the risk of non-compliance
A well-managed contract lifecycle can help reduce the risk of non-compliance and improve overall efficiency. Contract management software can provide visibility into all contracts, reducing the likelihood that obligations are forgotten or overlooked. It also makes it easier to track the execution of a contract’s terms, ensuring that all obligations are met within a specified timeframe.
The right software will make it easy for you to:
- Receive an up-to-date overview of your entire portfolio at any time.
- Create and send new requests in seconds with automatic alerts if deadlines approach.
- Receive notifications when work is completed so you don’t have to chase down contractors yourself.
Simplify the process and make it more transparent
To make your workflow management more efficient, it’s important to break down the contract lifecycle into its distinct phases. This allows you to see where risks and points of bottlenecks are likely to occur in a given time frame, which is especially important if you have multiple contracts in progress at once. In addition to making sure you don’t miss anything important during these stages, breaking down the process also allows you to focus on what needs your attention most at any given moment. By prioritizing tasks based on their urgency and importance, contractors can keep everything running smoothly without getting bogged down by unnecessary distractions or tasks that aren’t as urgent as they seem.
A good software solution will allow users with different levels of access permissions (i.e., managers vs employees) so that everyone can follow along without getting lost among other people’s workflows or being left out entirely when they need information quickly later down the line—which brings us back around full circle: transparency means less confusion across teams.
Conclusion
Tracking and managing contracts is an integral part of any business. So, if you are looking to simplify your contract management workflow, then it is an ideal solution for your business needs. It’s quick and easy to learn with an intuitive design that makes it simple for anyone in the company to use effectively. And even better, there are no expensive licenses required.
