Now is the time to modernize your contract process. Here’s how.
Are you secretly worried you’re coming up on a few renewal dates, but aren’t exactly sure? Tentative about certain contract terms or where to find them? Still hunting through your repository to locate correct versions?
Companies manage over 20,000 contracts on average, but the majority of businesses are continuing to lose time in contract management, and most can’t access contract terms easily.
There’s nothing worse than “work worry” when you’re supposed to be enjoying the start of this new decade. Say goodbye to yesteryear’s contract management process and follow through with these resolutions in 2020!
Resolution #1:Bring on Better Storage Solutions
Are you continuing to store major contracts (or any of your contracts) in piecemeal, on electronic filing systems, and paper files? A contract lifecycle management (CLM) platform can save you an enormous amount of time and stress in locating and organizing contracts. A CLM platform houses an unlimited number of contracts all in one secure space. Instead of racking your brain for where a correct version is located, or worse, questioning whether you have filed the correct version, it’s a quick search to the right version and terms.
Resolution #2: Cross-Train for Contract Management
Employee turn-over is a fact of business, and there’s only so much information that outgoing employee can impart about all the details they’ve managed. Don’t let important contract terms walk out the door (you know, filed away in their brain).
A CLM platform allows for equanamity in visibility and contract access, so you don’t have to scurry around creating, re-creating, and re-organizing reports, and spreadsheets.
A CLM platform creates reports, tags and deadline notifications so you don’t have to. Cross-train employees on CLM software as administrators so they can easily drive the process that’s automated and already in place.
Resolution #3: Automate Workflows (and everything else)
Speaking of driving the contract management process, automation creates efficiency and results. Right now, a quarter of businesses across sectors face automation gaps, and that same number lack a plan to automate across their business, says Forrester.
Automating workflows on a CLM platform, from creation, to negotiation, to signing is easy compared to the way most businesses execute on contracts now. Automation simplifies requests for signature, and even the redlining process, and you won’t need to leave the platform—do it all in one place. It also creates structure for who has access to each leg of the workflow and visibility for key stakeholders.
Resolution #4: Never Worry about Contract Deadlines Again
A CLM platform is a fear-buster. Get notifications for upcoming deadlines, key contract terms, and renewal dates. Manage those notifications so you have plenty of time to consider renewal terms. Not only that, but run reports on key data, so you really have a handle on sales cycles, time-to-value, and tracking terms.
Make 2020 the year you modernize your contract management process, so this time next year, you can sip that cup of eggnog worry-free.
Concord’s mission is to help companies achieve scalability and efficiency by automating their most central process, contracts. The cloud-based solution enables over 300,000 users around the globe to create, collaborate, sign, store, and manage their agreements all in one place. Founded in 2014 and headquartered in San Francisco, Concord is built by business, for business.