How Contract Management Systems Rev Up Contract Negotiations
Contract management systems have evolved to help businesses keep track of a multitude of contracts with various stakeholders. By storing contracts in their electronic format, businesses save time and money. Contracts can be accessed easily and storage does not occupy valuable space, especially when a business opts for a Software-as-a-Service (SaaS) model.
With increasingly more businesses choosing to use contract management software, service providers have anticipated the needs of enterprises and included electronic software solutions in the package. Here is how a contract management software solution embedding an electronic signature solution, can rev up your contract management processes
Ease of Communication
A digital contract management system starts being useful even before the contract is finalized and signed. It helps ease the negotiation process by offering a host of tools that enable the negotiators to communicate more easily even if they are located in different countries. The tools help negotiators indicate which clause they are talking about by highlighting it or marking it in some other way.
Contract management solutions now include an electronic signature solution. By allowing all parties to a contract to append electronic signatures to contracts in an electronic format, negotiations can be concluded much faster.
Avoid Shipping Delays
Software solutions for contract management systems enable quicker conclusions of negotiations as one need not print, ship, fax, sign, ship, and then file contracts. Every activity in the traditional method takes both time and money. When the distances involved are long, the shipping time can cause delays that impact business decisions. While electronic modes of communication are open 24×7, shipping can lead to delays because of local and other holidays as well.
Electronic signature software provides an additional degree of security as well, as the document can be accessed only from specified email accounts. The reliability of the system lays to rest various security related concerns of the negotiators
Other solutions such as calendar management ensure that you are prompted to respond to the other party’s offer as scheduled. You can also track tasks and use email alerts to ensure that all the people in your negotiation team are kept abreast of the latest developments.
Contract management systems also typically offer templates for various types of contracts, so negotiators have a starting point from which they can work. The templates have a set of fields that the negotiators can use and then add or delete fields to customize the template for their unique needs.
Multi-party agreements are easier to finalize as special software solutions support unique party designations for greater control of the entire process. Contract management solutions provide online negotiation facilities with filter views so that even a busy executive will be able to recall all relevant information quickly before moving the negotiations further.
A contract calculation feature ensures that negotiators can easily check if the offer is within their budgetary limits. Most electronic solutions support multiple document formats enabling easy exchange of information. Powerful search and inquiry tools ensure that all negotiators can easily locate relevant information – a plus point when dealing with long contracts
Contract management solutions enable negotiators to digitally highlight texts, add notes, use sticky notes, edit with different colors, and more to enhance clarity of important issues. Software solutions also enable users to print the contracts at various stages or scan documents that need to be included in the negotiations. By having access to a variety of tools and functions at the touch of a key, users can focus on the important issues relating to the contract
Businesses that use contract management systems with electronic software solutions such as e-signatures will be able to conclude negotiations much faster gaining them another advantage in any highly competitive scenario.