10 Critical Capabilities to Consider for your contract management solution
Contract lifecycle management key critical capabilities will help you determine which contract management solution is most suitable for your organization. Contract lifecycle management (CLM) continues to be a high-priority technology investment for midsize and large enterprises.
Regardless of the industry, contracts are essential to running a business. For your organization to achieve long-term value, contract management is crucial.
There is a growing need for effective contract management. Businesses face the challenge of managing contracts. Therefore, a top priority must be finding a solution that will offer structure and visibility across the entire organization.
Using a contract management software solution, you can effectively manage your contacts from the beginning to the end with advanced contract analytics capabilities that support AI-based contract review, risk assessment, and reporting.
An organization’s contract management efficiency will be determined by how well it manages contracts throughout its lifecycle. To learn more about contract management, see Business News Daily and Agiloft on “contract lifecycle management”.
You don’t need to panic if you’re considering implementing a contract management solution but aren’t confident about it. Below are some of the contract lifecycle management software capabilities to help you on your journey.
10 Critical capabilities of contract lifecycle management software: Here is what you can accomplish with them
1. Centralized repository
A central repository provides an organized location to access and store contracts, reducing office interruptions. Modern repositories include functionality such as one-click contract generation and clause libraries. These features minimise the time staff members spend on recurring tasks.
2. Automated approval workflows
Intelligent routing takes over mundane tasks such as reminders, escalations, and approval assignments. This ensures timely approval of task communication and staff are freed from busy work. Remove bottlenecks with system-driven follow-up to focus on productive activities.
3. E-signature support
Even with a digital contract management system, e-signatures are still crucial to completing the digital transformation of your business. They also increase security by reducing your reliance on printed documents vulnerable to prying eyes. E-signatures make it possible to execute contracts quicker and ensure they are signed electronically.
4. Full-text search
Providing users with powerful search functionality eliminates unnecessary time looking for contact information. Instead of manually looking inside images and PDF attachments, a full-text search incorporating OCR technology does this for you.
5. Granular permissions
Properly regulated access to sensitive contracts and vendor information is vital. The best CLM systems allow permission-based access for teams and groups down to the field level. Precise access controls ensure that only those who need to know.
6. Clause library & print templates
Having a clause library and print templates offers standardization. Fewer clicks mean increased productivity for staff. Standardizing language mitigates risk and helps comply with Sarbanes–Oxley and other regulatory requirements. It reduces the need for manual document production.
7. Flexible charts and reports
Having a system that can turn your unique data points into meaningful information and actionable insight is invaluable. It’s important to have a configurable chart and reporting functionality so that budget and forecast reports capture the right information for business development, marketing and customer service teams.
8. Notifications and alerts
With busy workloads, staying on top of every detail is hard. CLM systems track key contact details, such as renewal and expiration dates, and can alert you when action is needed. Say goodbye to missed deadlines and opportunities.
9. System integrations
Connected systems facilitate the flow of information. Integrations with ERP and CRM systems remove data silos, making information actionable across the enterprise.
10. Data auditability
The technology allows auditors to pull audit logs at will rather than scrambling to document actions after they happen in real-time.
Adaptive has extensive experience leveraging Agilofts’ contract management capabilities. We prefer the flexibility and simplicity of a contract management solution that uses no-code configuration to adapt to your continuously changing requirements. Besides saving money, this also reduces risk and increases productivity for our clients. See the Gatekeeper article on how you can assess your contract management processes.
Adaptive as a CLM provider supports advanced contract analytics supporting AI-based contract review, risk assessment, and reporting. To learn more about contract lifecycle management software, visit our contract management product page, or click here to request a demo of Adaptives’s flexible contract management software.