In the current increasingly digital landscape, should you still stick to traditional contract management?
Searching for an agreement in a shared server or file drawer has long been the tried and tested method of searching for and comparing contracts with each other. With technological tools available, documents are now more accessible and searchable. However, what if technology can make things much easier for you than it is now?
Leaving the Heavy Lifting to Software
Of course, integrating technology to craft a functional document management system took a weight off the shoulders of those handling contracts. But, even with that said, you still have a percentage of the workload to manage. In essence, you’d still be responsible for digesting, selecting, and comparing documents, which is a large part of the work.
The automated contract management systems in the market aim to change the dynamics between humans and software, promising to reduce risk, ensure compliance, and adapt to changing organizational work procedures with less on your plate.
The Best and Most Advanced CLM Solution
An automated contract management system can never replace the capabilities of the human brain entirely. Still, it can significantly impact your processes, streamlining operations and making for a simpler contract lifecycle management.
Unlike traditional contract management that only allows for searching documents, CLM software can analyze contracts, recognize substantive concepts, and even suggest documents relevant for comparison. By leveraging AI natural language technology, the capability of CLM software can help you further understand contractual obligations.
Transforming the Contract Lifecycle
The possibility of using e-signatures has been a great help in contracting, making for simpler and more efficient document execution anytime and anywhere. However, an automated contract management system can offer more than just this innovative feature—beyond the e-signature capability, it can impact contract assembly, negotiation, and execution.
As a solution to everything, CLM software improves your contract lifecycle management by:
Reducing Manual Tasks
When contact management is hyper manual, you sacrifice more time, risk human errors, and fail to produce better results. An automated contract management system in every step of the lifecycle process can streamline your process by reducing the need to rely on human efforts and instead leverage on features provided by CLM software, such as:
- Sending an auto-generated contract;
- Giving approval and renewal notifications; and
- Auto-updating and storing contracts in your database.
Helping With Drafting Contracts
Drafting and assembling contracts take a lot of time and effort, but you may find the task easier to complete with good CLM software. With the right automated contract management system, you could draft contracts from templates or examples from past agreements already in the system.
Prevent Human Error
When you do things manually, you expose your organization to more risks. While risks are part of making business, errors in contract management are something you can avoid by investing in CLM software. By automating and backstopping the process of reviewing for errors, ambiguities, and inconsistencies, you’ll have fewer chances of missing anything that could jeopardize an agreement.
Conclusion
No company will be able to increase revenue, streamline contract processes, maintain security and improve compliance by sticking to what it’s used to. Suppose you want to catapult your business to the top through excellent management of the contract lifecycle. In that case, it’s crucial to embrace technology and invest in the best automated contract management system!
If you’re looking to streamline your contract lifecycle management, integrate your entire team with Anapact! This automated contract management system can reduce risk, ensure compliance and make the most of your contract documents. Get a demo today!
