Quality resources (lawyers) can focus on exceptions (complex or unique strategic agreements that require important negotiations, time, etc.). The legal department can set up an exceptional administration that warns it every time a sales agent tries to pass on a contract to a client with outdated legal language or non-standard conditions. Agiloft Contract Management Suite is a cloud contract management suite suitable for businesses of all sizes. It offers workflow automation, budget and forecast reports, a search engine with optical character recognition (OCR)… Learn more Auditability and dynamic multi-party collaboration are also key and included in many of these systems. The best contract management software allows internal users and external parties to make changes to different versions of contracts, discuss and comment on certain provisions to negotiate terms and go through the signing and execution process – all in one place. To do this, however, a full audit course is required. This monitoring trajectory should include online change management and commentary, version control, and a full transaction log showing any changes to each contract and by whom. Organizations that have agreements involving several internal and external parties may, for example, consider a solution that will allow them, in collaboration with different stakeholders, to develop concepts, automate the authorisation process, send automated alerts to set milestones, impose contractual obligations and integrate into external ERP or CRM solutions. These essential functions are often the outlines of the various contract management systems on the market.
Almost all systems offer a large repository containing copies of contracts (often remotely) in virtual filing cabinets, so documents can never be lost. Systems often offer the ability to enter contract-related data into tags and keywords, so that information can be quickly detected and alerts set to alert managers to important events to come. The data added to the system for tracking purposes is usually used for an additional purpose: to facilitate the search for certain contracts or groups of contracts that meet certain criteria. Finally, this contractual data can be aggregated in a variety of ways to give an overview of the state of the company`s contracts. For example, small and medium-sized enterprises generally work with low margins, which means that it is important for them to maintain recurring cash flows from contract renewals. Contract storage can be a problem, as these companies generally depend on archaic file storage systems or hard drives. A simple, no-frills contract management system is generally ideal for these organizations. In the past, contract managers have often kept all their documents in physical filing cabinets and kept lists or tables of a company`s various agreements, with important terms and data.