The centrepiece of every transformation effort is frequently technology. However, with so many contract management options available on the market, companies who choose without any direction risk being confused.
In spite of the fact that the majority of organisations polled (92%) are attempting to change how they handle contracts, the majority of respondents are having difficulty doing so due to significant roadblocks, according to a report by EY Legal.
These 5 essential contract management features can assist your company avoid any mistakes when selecting a digital contract management tool.
1.Better ways to manage contracts:
While enterprises may have different technical needs when choosing a solution, all parties involved seek a better approach to manage contracts.
Because of this, your company requires a solution that boosts throughput without raising workload, simplifies cumbersome procedures, and improves daily efficiencies.
A central repository is a function of contract management software that provides your company with a solid basis through which they can make smart and efficient business decisions.
2. Artificial Intelligence Integration
Artificial Intelligence not only digitises operations, but also improves them. With AI important departments like legal are given less work to do while information about important dates, commitments, and particular contract conditions is more accurately captured.
Finding contracts is significantly simpler when reliable data is centralised. Search capabilities should come first when evaluating the contract management tools you need.
3. Providing you with your preferred redlining solution:
Redlining involves correspondence between various parties. Without the ideal solution in place for your requirements, the company can encounter:
Difficulty in Version control tracking when multiple agreements are created and saved.
Difficulty in Comparing markups and determining who made what change.
Significant increase in Time spent downloading, editing, and reuploading agreements.
4. Automation of Workflow
Businesses that continue to use manual, disjointed processes put themselves at higher risk for contract risk, missed renewals, and non-compliance problems. This is brought on by a lack of process visibility, non-standard working practices, and bottlenecks that impede the progress of contracts.
With the CLM system, you may automate straightforward notifications or whole procedures like contract reviews, supplier onboarding, or risk management procedures.Workflow automation optimises internal procedures, gets rid of human overhead, and keeps teams one step ahead of their contracts.
5. Compatibility with existing tech-stack
CLM solution itself, can not be of much help if it has no compatibility with your existing tech stack. After all, introducing a new solution in the workspace always leads to a learning curve for team members. Therefore, make sure you use a CLM solution that fits in with your existing tech-stack.
The top contract management features never force you to pick between different working styles. Instead, they are intended to streamline your current procedure. They connect entire systems, facilitate safe data interchange, and allow all parties to the contract to carry out their necessary tasks without being hindered.
All of these can be found in DOQFY, a SaaS platform that helps you digitize your documentation work.