As more and more organizations are upgrading their contract management systems to include heightened levels of automation, we look at several prominent benefits and features of such automation.
Many companies use a variety of different tools for analytics, communication, and so forth. Using a centralized CLM software means that integration is now a possibility. CLM software can be integrated (and, in many cases, already is integrated) with such things as Dropbox, Google Drives, Box, and Salesforce. Not only do the benefits of CLM management now become available to your company, but also any other tools with which you can integrate your automated system.
Increased Visibility and Analytics
High level analytics, such as those espoused by automated CLM software, create a new level of involvement and understanding in your CLM process. The reports generated automatically by your CLM software keep you and your employees updated on the progress of the contract, compliance, the amount of revenue generated by your contract, and the overall efficiency of your process.
This new level of available information and visibility gives your team the upper hand as it strives to streamline its process. Your team can analyze the efficacy of the CLM process that they are utilizing, make adjustments, and measure performance again to continually improve the overall process. You can also analyze how much revenue is being produced by each contract, whether a contract has been useful to your company, which contractual terms are not being met by the other party, and which contracts may be useful to renew.
While paper contracts are secured by locks and keys, contracts stored in the cloud are secured by high level encryption, data loss prevention, secure server locations, and file corruption prevention. Documents stored in the cloud cannot be accessed by anyone to whom you do not grant access.
Documents signed with a digital signature are also tamper proof. When the digital signature is applied, the entire document is encrypted so that it cannot be altered without both an alert and a stamp of invalidation being applied to the contract itself. Forgeries are difficult to produce with such high levels of security guarding your document, and all of your information is secure.The following summarizes the direct impact and benefits of and automated contract lifecycle management (CLM) system.
- Decrease the risk of mistakes in the contract draft
- Increase collaboration
- Standardize contract content, language, and application
- Collaborate over large distances in half the time
- Maintain up-to-date drafts and content
- Record and retrieve data efficiently and accurately
Integrations and Approvals
- Integrate with Slack, Salesforce, Dropbox, Box, and Google Drives
- Increase efficiency in the approvals cycle
- Standard clause libraries are stored centrally and accessible by all
- Usage logs track data entry and compliance
- Improve compliance with deadlines, payments, and deliveries
- Summary tools make content easily visible
- Content accessible and searchable by anyone with proper access
Increased Visibility and Analytics
- Reduce errors within the contract
- Maintain a visible audit and transactions trail
- Analyze progress in the CLM process
- Analyze spending and cost allocations
The security, central storage, collaborative plugins, and electronic signature capabilities of an automated CLM system are necessary for any company wishing to get