In business, time is money. The faster you can get a contract signed, the sooner you can start working and generating revenue. But if you’re still using paper contracts or manual processes to manage your contract, chances are good that it’s taking longer than it needs to.
E-contracting can help you speed up the contracting process while also reducing complexity and risk. In this article, we’ll share some of the top priorities for managing e-contracting so that you can streamline your process and close deals more quickly.
Develop a centralized repository for all e-contracts
Developing a centralized repository for all e-contracts can be important in managing these documents effectively. E-contracts are legal agreements that are created and stored electronically, typically as PDF files. While some companies keep these files in a central location on their own servers, others use cloud-based storage services. Either way, having a single source of truth for all e-contracts can save time and reduce the risk of errors.
There are several benefits to creating a centralized repository for e-contracts:
1) It can make it easier to find specific contracts when you need them.
2) It can help ensure that everyone is using the most up-to-date versions of the contract templates.
3) It makes it simpler to track which contracts have been signed and by whom.
4) For organizations with multiple locations, it provides a consistent way to store and access contracts from anywhere in the world.
5) A well-organized system for storing e-contracts can also be helpful during audits or other situations where you may need to produce evidence of your compliance with contractual obligations
Create searchable tags for each contract type
In the business world, contracts are a dime a dozen. But not all contracts are created equal. Different businesses have different contract needs, and each type of contract has its own unique characteristics.
One important way to keep track of your company’s various contracts is by tagging them accordingly. This will help you stay organized and be able to find the right contract when you need it easily.
There are many different ways to tag contracts, but one system that works well is to create tags for each type of contract. For example, you could have a tag for “employment contracts,” “vendor agreements,” or “lease agreements.” Tagging your contracts in this way will make it much easier to find the right one when you need it.
Another good tip is to focus on e-contracts. In today’s digital world, more and more businesses are moving towards electronic contracting solutions. By tagging your e-contracts appropriately, you’ll be able to quickly find them when you need them.
Implement workflows for approvals and amendments
Organizations that do business electronically can take advantage of workflows to automate their contract management processes. By implementing workflows for approvals and amendments, companies can improve efficiency and accuracy while reducing the risk of human error.
Workflows can be designed to fit the specific needs of an organization, but there are some common elements that should be included. For example, all workflow approvals should require a certain number of signatories before the contract is considered valid. Amendments should also go through a similar approval process before being added to the original document.
In addition to automating the contract management process, workflows can also provide a paper trail that can be used for auditing or compliance purposes. By tracking who signed off on what and when organizations can ensure that their contracts are up-to-date and meet all legal requirements.
Use analytics to identify which clauses are most negotiated, focus on E-contracts
When it comes to negotiating contracts, analytics can be your best friend. By understanding which clauses are most commonly negotiated, you can focus your efforts on those areas and get the best possible deal for your company.
To start, take a look at your past contract negotiations. What topics were discussed most often? Which ones resulted in the greatest concessions? This will give you a good starting point for future negotiations.
Next, use data analysis to identify trends in clause negotiation across different industries. This can help you anticipate what might be up for discussion in upcoming negotiations. Finally, don’t forget to benchmark your own company’s performance against others. How do your negotiation outcomes stack up? By using analytics to understand which clauses are most commonly negotiated, you can focus your efforts and get the best possible deal for your company
The article concludes by stating that the top priorities for managing e-contracting and decreasing complexity are to ensure that the organization has a clear understanding of its business objectives. To develop policies and procedures that will streamline the contracting process, invest in DOQFY a legal platform that allows you to automate contract management.