Regardless of the type of products or services that your company provides, it's likely that you will sign several contracts on a regular basis. As your business grows, so will the amount of contracts it needs to manage.
Today’s stakeholders need visibility of and access to their contracts wherever they are. Keeping contracts under lock and key is no longer viable. Working in silos is no longer conducive to good outcomes.
Your business can simplify and streamline its processes by implementing cloud-based contract management software. In this article, we take a look at some key reasons your business should move to the cloud if it hasn't already done so.
1. Securely access contracts from wherever you are
Cloud-based contract management software allows stakeholders to access their contracts from wherever they are, on whatever device they are using. Remote cess can be controlled based on roles and seniority. Permission to make changes can be given to particular individuals, rather than entire teams. This secure accessibility helps businesses to digitally transform while keeping agreements protected.
Hosting contracts in the cloud doesn’t need to create a security risk. Choose a CLM solution that is ISO 9001 and ISO 27001 certified.
Contracts that are stored in solutions such as Excel or using methods such as paper and pen pose far greater risks than cloud-based CLMs. Manually managed contracts can be easily lost, edited and shared with inappropriate parties. Each of these situations contribute to increased contract and risk and non-compliance.
Not only does cloud-based CLM provide stakeholders with secure access, it also:
- Tracks all changes made to a contract, storing revisions against the Master Record
- Keeps a complete, auditable history that is time and name-stamped
Managing contracts within the cloud has never been more secure. By giving stakeholders the opportunity to access their agreements from wherever they are, your business can maintain business continuity.
No more waiting around for people to return to the office, spending time locating paper and pen files or delaying sign-offs because an outdated contract has been sent.
2. Eliminate manual tasks and associated administration
Businesses still using manual contract management methods face issues such as:
- Specialist teams spending time on contract administration rather than strategic activities
- Bottlenecks caused by chasing stakeholders and waiting for their reply
- Important dates and events being missed as teams are overburdened
Relying on internal teams to manage multiple contracts without giving them the time, technology and visibility to do so will result in poorer outcomes. Cloud-based CLM software offers automation that can streamline internal processes. Emails and phone calls can be replaced with notifications. Dates can be used to trigger proactivity.
Cloud-based CLM ultimately drives efficiency. It saves teams time so they can focus on getting maximum value from agreements."
When teams are manually managing high volumes of contracts, there is more risk a contract may slip through the cracks. There are only so many plates an individual can spin without dropping something. Cloud-based CLM makes life easier for everyone.
3. Increase time-to-contract with Electronic Signatures
The sign-off process for an agreement lends itself to delays where manual processes are involved. Sending agreements, waiting for a signature, prompting third-parties if needed and waiting for it to be returned all delay time-to-contract. Delays can impact your business and services or goods may not be delivered on time.
Cloud-based CLM eliminates all of this. Rather than investing time and money in sending agreements, businesses can invest in solutions that offer electronic signatures.
A solution that uses integrated eSignatures allows up-to-date contracts to be sent directly to third-parties to sign. These signatures are legally-binding in and compliant with ESIGN, UETA and European eIDAS standards. Agreements that are signed electronically are stored within the CLM solution against the Master Record. No more silos and approved agreements that are impossible to find.
Stakeholders that take a while to sign an agreement can receive a reminder straight to their inbox. This saves time otherwise spent picking up the phone or manually chasing stakeholders via email. The sooner a contract is signed, the sooner your business can execute the agreement and start seeing results.
4. Automate and standardise contract management workflows
Manually monitoring each phase of the contract lifecycle process requires dedicated resources. If contract monitoring is not given the right level of attention, scenarios such as delays, missed renewals and non-compliance are likely to increase. However, dedicating internal resources to this activity takes specialist knowledge away from strategic endeavours.
A cloud-based CLM solution that offers a Kanban Workflow Engine helps businesses to visualise and automate their processes.
All stakeholders can see where a contract is, what’s been completed and what’s left to action. It allows the easy identification and resolution of bottlenecks. Every department has visibility of who owns what stage of the contract and stakeholders are automatically alerted when they need to contribute to the process.
Cloud-based CLM is designed to alleviate unmanageable workloads. If your business currently has someone dedicated to manually tracking contracts, their time and value can be redirected once the CLM is implemented. Your teams can work smarter rather than harder, while having confidence that they are still in control.
4. Scale easily when the time is right
Running an on-premise solution requires updates each time your business grows. This can include adding new users, training them to use the solution and making security updates. If the volume of contracts being processed increases, it may also slow your solution down if system updates aren’t regularly made.
Managing contracts with an on-premise solution can become cumbersome, making business growth painful.
You won't have to be concerned about storage if you use CLM software hosted in the cloud. ContractNow makes it possible to scale the amount of storage up or down depending on the requirements of the business at any given moment. With space for unlimited contracts and users, your business can choose when to scale and how quickly.
Conclusion
Manually managing contracts leads to unnecessary risks, increased workload and slow growth. It naturally leads to silos, which can have a detrimental effect on overall outcomes. By digitally transforming your contract management process within the cloud, your business and its teams will be better placed for success.
If you're ready to find out more about cloud-based CLM, get in touch today.
