Making Contract Management Data More Dynamic
Being the best at managing data is every bit as important as being the best at managing service and cost. When it comes to contracts, savvy companies are learning that they need better tools to turn contract data into actionable items. One of those tools is cloud-based contract management software. The Cloud has increased the ability to share data, which has also increased our ability to measure more than ever before. In this article, we will explore why more and more companies are recognizing the importance of cloud-based contract management systems to improve corporate performance.
Unlike contract management systems that are solely based on productivity tools like Word and Excel, cloud-based systems share information across an organization and provide a real-time snapshot of contract activity. This means that the communication between headquarters and traveling staff is continuous and uninterrupted. When decision-makers across the organization see the same real-time snapshot of contract activity, they can reconfigure their teams to do more value-added services.
Contract management systems do much more than just keep track of the number of contracts in progress or completed. The challenge is to turn all aspects of the contract lifecycle into insights. For example, both the employee and supervisor need to receive an alert when a contract uses unapproved language in a contract so that the details of that clause can be analyzed and corrected to avoid unfortunate situations in the future. The best part is that this happens no matter where the people are located in the world.
Jump-Starting the Contract Lifecycle
As a cloud-based contract management system helps lift the veil on real-time contract activity, firms can turn things around faster than before and accomplish their goals in a more timely manner. Take, for example, the logistical challenges inherent in keeping all documentation related to a specific contract up to date. As documents are mailed back and forth between parties, some even delivered in person to traveling sales staff, no single party is 100% certain at all times what the status is of their documents. By being accessible from anywhere in the world with an Internet connection, the cloud-based system becomes a central repository for all of the contract documents and data. Keep in mind that it is essential to look for a solution with the features you need, such as enhanced document scanning features with accurate OCR.
Also, contract managements systems that are accessible from anywhere improve logistical challenges through digital signature capture or e-signature. Take a look at how much you spend by using expedited shipping to send contract copies to your clients. By offering your clients the option to sign documents digitally, your company is able to avoid a lot of these shipping costs without a significant IT effort or spend. This allows smaller companies to complete on a platform similar to that of their big-budget operators. Relying on this cost-reducing technology doesn’t mean compromising on performance either because digital contracts have been legal since the Electronic Signatures in Global and National Commerce Act was passed by President Clinton in 2000.
Having all the best data does not mean anything unless all members of the organization are able to utilize it. Cloud-based contract management systems can help organizations of any size to get all their contract processes on the same page by placing current data in front of them. By utilizing these systems, managers can then translate insight into action and streamline activities.