Contracts are legally binding formal arrangements between a business and another entity created to protect the interests of all parties involved. Contract management includes the making of the contract, signing it, storing it safely, executing the terms, and reviewing the conditions. It is a lengthy process that every business must carry out. Effective contract management shows professionalism and prevents the business from being jeopardized. Without contract management, there can be grave consequences. Misplaced, damaged, or faulty contracts will leave your business vulnerable to any violations committed by the other party. To help you avoid potential issues, here are 6 smart ways to manage contracts efficiently.
Contract Intake For Contract Review
Contract reviewing is a very detailed procedure that requires a lot of time and attention. Making sure that everything is streamlined, with no loopholes or missing information, can be very challenging and stressful. During the process of reviewing contracts, an organized pattern of collecting and placing the information is key. A Close-to-perfect organization is typically unattainable because businesses continuously receive contract requests in various formats, like emails, hard-copies, and ticket, procurement, and sales systems. Collecting information from many different sources is very hard, especially since there are bits and pieces scattered across different layouts.
Creating a contract intake process can help you overcome the obstacles brought to you by the process of contract review. All you need to do is create a spreadsheet so that you can gather data fields about the contract at hand. A structured contract intake process can help you keep track of due dates, other entity and party names, and the position of the contract review. Providing your team with a contract software system can be a great addition. This way, you can generate input fields in a contract input form and have your employees fill in the contract data fields and upload the file. So that you receive an already organized contract request. Some contract management software comes with a built-in contact request form procedure, saving you extra time and effort.
Work In Lists
Implementing a batch processing system within the work environment will prevent your employees from working sporadically. The contract managers at https://www.contracthound.com/blog/ explain that this helps get pressing tasks that need immediate attention done quickly and effectively. For increased productivity, arrange work into batches or queues to create a better workflow. Contract insight software offers you a dashboard in which you can create a record of open contract requests that are listed by status.
Use Artificial Intelligence
The user generally has to search for several key data fields right after a new contract is introduced to the system, which can be tiresome and time-consuming. This is why you should consider using artificial intelligence along with contract insight to automate the process. Artificial intelligence contract management software can help you auto-extract terms and pinpoint key phrases and terms in a document, as well as enter the data into the entry screen’s entry fields.
Draft With Templates
Using contract templates to draft agreements is easy, quick, and highly convenient. Contract insight software can automate this process; all you have to do is set the placeholder fields on the word contract templates and upload them. You can also have the contract data field merged into the contract template and send the contract for approval as well as the electronic signature.
Set Tasks And Reminders
With managing contracts, comes a lot of time windows and deadlines; having an occasional reminder can be of much-needed help. Google apps and outlook have great calendaring and tasking tools that you can use for free. If you install the applications on your phone, you can get notifications and emails reminding you of contract review, expiration, and renewal dates. You will even receive notifications early on, keeping you up-to-date.
Do you ever wonder if you and your team spend more time keying in data than focusing on your contract management strategy as a whole? This is usually the biggest struggle with most contract managers. Using a contract insight software that comes with data integration can allow you to have your suppliers or vendors key in their own essential information. They can even detect supplier duplication, be paired with CRM, and allow customers to register into the customer portal and send new entries to the sales department.
Contract management is not an easy task. Luckily, a big part of the process can be automated, making efficient contract management easily achievable. New tools and software allow you to focus on the strategy and big picture instead of directing much time and effort towards filling in entry fields. With these smart methods, contract management will be a breeze.