How to Find Your Contract Information Fast!
If you’re involved in managing your business’s contracts, then chances are you field a lot of questions about those contracts from a wide range of people and departments. And, if you aren’t using the right digital tools, tracking down answers can be a burdensome process that takes you away from other important activities.
The good news is that with Contract Logix’s contract management software, finding all the information you need about your contracts is fast, easy, accurate, and efficient. That’s because all your contracts and documents are securely stored in a centralized and cloud-based repository. This makes all your contract data such as names, dates, legal language, terms, values, vendors, customers, and more completely searchable and reportable so that you can get answers to all your questions with the click of a mouse.
Let’s look at few examples.
Tracking Down Legal Language
Let’s say your General Counsel asks for a report on all agreements that contain an “Indemnification” clause. If you manage contracts by storing PDFs in shared drives, then gathering that information is usually extremely difficult and time-consuming. Plus, how do you know all your agreements are in the shared folders, anyway?
In Contract Logix, there are several ways you can find this information. One fast and easy approach is by doing a quick search for the word indemnification. This returns the results in real-time for everything with that clause. From there, you can easily filter the results to only show Contracts and even create contract reports or export them into a PDF or Excel report to share with the right people.
Gathering Contract Details by Organization
Another common contract management activity that can often be inefficient or tedious is gathering information for vendor management purposes. One important datapoint to support that involves the need to track down all contracts and contract details such as dollar amounts, dates, etc. you have with a certain vendor. Again, sifting through document centric CLM approaches like folders and PDFs makes this an absolute pain.
However, with a data-driven CLM platform like Contract Logix, getting this information is as easy as going to the Organizations section in the software and selecting that vendor’s record. From there, you have access to all that vendor’s contracts and related information such as stage and status, contract value, supporting documents like certificates of insurance, and much more.
Visibility into Contracts Expiring or Renewing
Finally, what about keeping a close eye on all your contracts that are expiring or renewing? That’s a question in-house legal and contracting teams get asked about all the time, especially from a financial perspective. What agreements are expiring when? And, what agreements are up for renewal and do we want to proceed with them?
For example, what about if you need to analyze all your contracts that are expiring or renewing in the next 30-days. This is another task made completely painless using Contract Logix. Here, you simply go back to your home screen and all that information is right in front of you. You get a complete list of all contracts expiring or renewing with all the details about them that you need, and you can report on that information by any timeframe required by the business.
Takeaway
Anyone involved in managing legal agreements gets asked a lot of questions about those contracts. There’s just no avoiding. However, getting answers to those questions by finding the contract information you need fast should not be a challenge.
Contract Logix is a data-driven CLM system that makes all of your contracts and data easy to search, report on, and analyze. With Contract Logix, what used to take you hours, days, or longer can be done with the click of a mouse.
If you’re interested in seeing how Contract Logix can help your business, please schedule a contract management software demo today!