3-25-2016 | by Benjamin Fleshman
Online contract management though an integral part of business, is where the finance industry was 30 years ago. Despite this, in recent years, the centrality of good contract management software is increasingly being realized. It is being integrated into many of the top-performing enterprises worldwide, and they are seeing amazing results. Having good software and efficient processes has caused time spent managing a contract lifecycle to decrease dramatically. A reduction in the in the timeframe needed for the contract lifecycle, is not the only advantage offered by contract management software though. In this article we’ll discuss some of additional advantages, with a particular emphasis on how they can be applied to colleges and universities.
Higher education institutions across the United States who have switched to online and cloud-based contract management systems have seen results similar to those seen in the business world. Contracts are heavily used both in business and education, and the online management systems available help institutions to maximize the efficiency of their contract lifecycle management processes. Here are a few reasons why using a cloud-based system will benefit your institution.
Decrease Procurement Time
Cloud based systems are generally interactive and equipped with multiple collaborative tools to aid you in your process. These tools allow you to draft contracts swiftly, share them with your team instantly, and negotiate the terms virtually with your vendor. You can even sign the contract electronically, which saves you time in faxing or printing, and it will be just as legally binding as a handwritten signature.
Most systems also come with various templates that your institution can utilize to streamline the process even further.
Contracts that are managed virtually are encrypted and stored in secure data servers. The locations vary, so none of the content can be accessed by anyone other than yourself or individuals you’ve granted access to. Signatures provided by the management system are also encrypted and encoded to invalidate any contract that is altered after the signing date, so there is no way to edit the document after signing without breaching the contract.
Collaborative technology in the cloud makes the contract available to your team whenever and wherever they want. Using a central repository also makes it easier to create visible audit trails, track transactions, manage deadlines, and monitor contract compliance. All of these things provide a greater benefit to your institution, save you time, and improve your ability to manage the contract effectively.
Online systems keep careful track of all deadlines for you, and you can choose to receive email alerts whenever a deadline is approaching. This applies to deadlines for your institution, or deadlines with which your vendors are complying.
You will also receive alerts when contracts are either ready for signature, or have been signed. When you receive these emails, you will be in a better position to act quickly and move forward with the payments or other contractual obligations.
Fully Integrate with Other Systems
Another benefit of online management systems is the API integration. Concord can be integrated with virtually any piece of compatible software, but also comes standard fully integrated with Salesforce, Google Drive, Dropbox, and Box. These integrations allow you to have a lot of flexibility with how you manage your documents. This also saves you a good deal of time with sharing and implementing your contracts, which will help save your institution time and money.
To learn more about how contract management software can be effectively utilized by your organization, visit concordnow.com/pricing and we’d be happy to chat with you.