Contract Management in the Cloud: Ways Cloud Technology Simplifies and Improves Contracting

By Stella Stowell

Contract management is often associated with the antiquated system of disorganized, overflowing paper files gathering dust in a filing cabinet or storage room. Contract management does not, by necessity, need to be so tedious though. With cloud based technology, you can transform this overwhelming image of contract management into an image of organization, accessibility, discussion, and revision with the click of a button. Welcome to the age of modern technology with its infinite resources.

Ways Contracting Needs to be Simplified

According to a recent blog article in The Business of Federal Technology, the procurement process is severely hindered by the lack of evaluation and negotiation of contract modification. Modifications are essential for the eventual success of the contract as the contract managers reconsider expectations and pricing. The ability to modify a contract is especially critical when dealing with long-term contracts, as the original contract most often bears little resemblance to the modified contract after the necessary adjustments have been made. For more information see: (https://fcw.com/blogs/lectern/2015/10/kelman-contracting-expertise.aspx).

In an effort to identify the inefficiency of contract procurement within the federal government the blog cites the insufficient expertise of government contract managers. While the blog prompts us to think that the lack of expertise is due to an inadequate number of IT experts within the field of contract management, this solution does not recognize the potential of cloud technology within contract management, which offers the benefits of modern technology without the expense of the IT infrastructure management.

Dispose of your outdated paper files and bulky filing cabinets. It is as we utilize the resources provided through cloud technology that we can transform contract management into a system of efficiency. Contract management companies like Concord Worldwide have recognized the value of online contract management and have adapted online contracting to fit the growing needs of contract management. It is companies like Concord Worldwide that recognize the opportunities available through online contract management.

Cloud Solutions

Concord Worldwide’s online contract management system allows you to track contract revisions throughout the creation process. It also features a discussion box, which allows those involved in the contract process to negotiate online throughout each stage of the process, which inevitably strengthens the contract’s components. Contracts are readily accessible online, as online contracts can be stored for an indefinite period of time. Although your contracts can be stored into the eternities, this does not mean that your contracts will never receive your attention again.

Those cumbersome paper files once used in contract management were almost impossible to locate once they were filed away, yet online contracts have the ability to alert you of their renewal period through online contract management. Concord Worldwide’s notification feature allows you to stay updated on your contract process through automated email alerts.

There is no longer any delay in the signature process with the capability of e-Signature offered through Concord Worldwide. Once both parties are ready to sign the agreement, the process is expedited through the ability to sign the contract online. E-signature offers the same binding value as handwritten signatures, but without the complications of delay experienced through scanning, printing, or mailing.

Experience the ease of contract management, which cloud technology provides through Concord Worldwide. Find an online contract management plan that best suits your needs on this page.

To learn more about how cloud storage can change the way you manage your contracts, fill out the form on this page to chat with one of our contract management specialists, or call us at 844-693-7446.