Ways To Get More Value Out Of Your Contract Management Software

Ways To Get More Value Out Of Your Contract Management Software

Written By
Joy Cunanan
Updated on
December 16, 2022
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minutes

Innovation in contract management does not stop with simply having a computerized system. The trust is that  many clients using contract management systems (CMS) are squandering potential savings, unfortunately.

Depending on where you are in your contract management transformation, contract management technology like Lexagle offers a multitude of benefits. A CMS is more than just a repository; it also has capabilities that make it simple to create contracts and manage renewals. The integration of this type of digital platform with the rest of your workflow will make it simple to use contract data in other parts of your workflow, saving important employee time.

The procedure of managing contracts is quite systematized, meticulous, and repetitive. Any organization's contract management procedure must adhere to a fairly high level of uniformity due to the legal ramifications and nature of contracts. But how can one business set its contract management procedure apart from another's? 

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Get the most out of your CMS through optimization. 

Contract Storage Management

The significance of simply knowing where your contracts are kept cannot be emphasized. Ideally, all of your organization's contracts are kept in a single repository that is accessible to all departments. Contract repositories offer centralized document storage and give you the option to tag, classify, and organize the metadata about your contracts.

A central repository provides organization and accessibility in addition to transparency and a single source of truth. There are no more disputes over what was agreed to and when once everyone has access to one final version of the contract. By maintaining a consistent message between your organization and theirs, this kind of clarity can help to improve supplier relationships in addition to internal collaboration.

Reports and Actionable Insights Generation

Creating a reporting system and conducting data analysis is the second important step toward realizing the advantages of your contracts solution. By providing answers to important questions about your contract portfolio, reporting and analysis enhance the functionality of your contract repository.

The minimal minimum is having signed agreements readily available and arranged. You might start to find best practices and inconsistencies among vendors by conducting a bulk analysis of them. You can begin to use more uniform language in all of your contracts when it's time for renewals.

Extract information directly from contracts and balance it against supplier performance. By doing this, you can easily determine who is adhering to the parameters set forth and who is falling short of them, regardless of whether the metrics in question are bulk discounts, on-time bills, or any other important company metrics.

AI-Powered Contract Authoring

How much time does each document that your contract managers write take them to complete? Because a CMS may use Smart Templates to automate the creation of contracts, authoring is no longer a tedious task. Simply choose the type of contract you require, and the system will extract information about suppliers from their profiles and predetermined templates.

This method speeds contract generation while lowering risk. By using clever authoring techniques and understandable templates, you may standardize language while lowering the possibility of accidentally omitting crucial clauses or terms.

With intelligent automated authoring, artificial intelligence systems are enhancing the capability of contract management by predicting which provisions a contract could require based on the supplier's location, size, industry, and other factors.

Procurement Process Optimization

The contracting process can undoubtedly be made simpler by tools like smart authoring. The way your procurement team functions, however, can be dramatically transformed by connecting to the full digital source to pay process. The procurement lifecycle can be streamlined by connecting your contract to your upstream and downstream procedures to ensure compliance. This will allow you to take advantage of crucial data at every stage.

Not only may contracts contain supplier data to simplify the drafting process, but your procurement technologies can also automatically apply agreed pricing and provide priority to contracted suppliers, resulting in overall organization-wide cost reductions.

The options are limitless, and you can further improve them based on your organization's requirements. Here is when your contracts tools can really start to add value.

Mastery of E-signatures

The use of electronic signatures has skyrocketed in recent years. Businesses utilize electronic signatures to swiftly sign documents and execute contracts, regardless of the parties' respective locations. Electronic signature software is widely used in the context of contract administration. By using electronic signature technology that is integrated right into your program, you may adopt an e-signature solution to streamline discussions and approvals. To assist you and your clients in signing papers on any device, at any time, and anywhere, contract management softwares should make use of its secure platforms to provide ease and convenience to its users.

Continuous and Consistent Improvements

The perfect time to reevaluate and take into account all of the components of your system is right when you believe you have created the best system possible for contract administration. Never become complacent since there is always room for improvement and advancement, whether it is in a small or large area. This not only increases the overall productivity of your business but also enhances the client experience! You can optimize and raise the value of your contract management solution over time by keeping track of improvement. Finding the right course of action for your company requires an understanding of patterns and trends, whether they are positive or negative.

To find bottlenecks and other serious issues and to make adjustments, you need complete visibility and a thorough study of your contract management processes. Once you've determined which areas require work, you can launch targeted efforts for improvement and value expansion.

Never let your contract management processes make you feel smug or satisfied. Instead, stay in touch with important figures and your contract management team to gain a variety of perspectives and a complete grasp of your system.

Redefine Your Business With Lexagle.

By utilizing a central repository, gathering reports and analyzing data, creating contracts using templates and preapproved terms, utilizing an eSignature solution, and continuously enhancing where it is possible, you may increase the value of your contract management system. With the aid of a collaborative software packed with useful integrations and furnished with a number of other incredible features, you can raise the caliber of your contract management process as well as overall business operations. Lexagle can help your company transactions become more efficient while also increasing contract compliance, decreasing bottlenecks and turnaround times, enhancing risk mitigation efforts, and drastically increasing the productivity of the contract management team.

Book a demo with Lexagle and discover how we can help your company withstand the test of time and technology.

Ways To Get More Value Out Of Your Contract Management Software
Author
Joy Cunanan
Joy is the Digital Transformation Manager at Lexagle. As a marketing professional in the Tech and B2B industry for over seven years, she is always on the lookout for the next best solution in the ever-changing online world. With a passion for helping businesses thrive and optimize operations, she shares her expertise in the power of contract lifecycle management and its capacity of easing the contracting process for busy organizations worldwide.

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