Before and After Using a Contract Management Software
A contract management software can streamline various stages of the contract lifecycle, such as drafting, negotiation, approval, signing, storage, and retrieval. Before implementing such software, these tasks may require physical presence, manual coordination, or file cabinet searches. After implementation, the software can facilitate remote access, standardize templates, expedite negotiations, monitor agreement status, enable digital signatures, save documents on the cloud, and allow for smart search.
Contract Drafting
Before implementing a contract management software, there is an absence of uniform terms and formats, coupled with distinct templates for Requests for Proposals, Non-Disclosure Agreements, Service Level Agreements, and other contractual documents, resulting in drafts being exchanged and reviewed through email, thereby impeding the location of the final version.
After implementing a contract management software, you can standardize the library of clauses and templates, with drafts conveniently accessible and reviewed within the platform. Contract history can be accessed at any time, and the final version of the contract is consistently updated within the system.
Contract Negotiation
Before implementing a contract management software, the presence of all parties involved in negotiations is required physically, which can prove to be a time-consuming and costlier process.
After implementing a contract management software, conducting negotiations can be expedited and secured within the platform to increase efficiency.
Contract Approval
Before implementing a contract management software, contacting all parties involved in each agreement manually, usually through email, is required.
After implementing a contract management software, you are empowered to perform simultaneous digital monitoring of the status of numerous agreements.
Contract Signing
Before implementing a contract management software, parties need to sign on paper.
After implementing a contract management software, you can sign using any device wherever you are.
Contract Storage
Before implementing a contract management software, documents are organised using physical storage systems.
After implementing a contract management software, you can save and access documents on the cloud.
Contract Retrieval
Before implementing a contract management software, employees must go through multiple file cabinets to locate old contract records.
After implementing a contract management software, you can utilize a smart search engine to find agreements using keywords and tags.
In conclusion, implementing a contract management software can revolutionize the contract lifecycle process by standardizing templates, expediting negotiations, simplifying approval, enabling digital signatures, providing cloud storage, and enhancing retrieval with a smart search engine. Take the first step towards more efficient contract management and book a demo with Lexagle today.
