Contract Management System for a Business Organization: Its Relevance and Application for a Hybrid Work Atmosphere
by PracticeLeague
Having best practices with contract management tools is far more relevant than what it used to be earlier. Business organizations firmly believe that CLM platforms are here to stay going ahead for the sheer reason of efficiency and as a broad reach collaboration mechanism.
A hybrid work environment indeed calls for a greater degree of efficiency in managing workflows while effectively collaborating with teams and stakeholders. With legal operations all awash with legal technology, the one platform that has seen enhanced role and influence over workflow processes is the Contract Legal Management tool. As a part of our ongoing series on contract management, we have highlighted the need to have a dynamic CLM platform to mitigate risks and alleviate liabilities. With CLM tool in place, organizations have always been able to take prompt action to generate contracts, monitor the terms of contracts, and take timely action in a contract, whether it is about drafting contracts, executing, or renewing agreements. This post will address how CLM has become an almost indispensable tool for Contract managers to collaborate better, unearth hidden risks and liabilities. At the same time, it also ensures timely action in a hybrid work environment of what the future is made of.
The Primary stage: simplifies creation of contracts.
Typically, it takes several emails back and forth to create, make revisions, execute amendments, and draw up the final contract. Legal Department creates contracts for various other departments either from scratch or with readily available templates. Unfortunately, these templates may be redundant, obsolete, irrelevant, while also may fail to consider several valuable clauses, such as the Force Majeure, that has drawn so much of attention in the past couple of months. Needless to mention here, the system is fraught with risks and prone to manual errors.
Come CLM, and the process is more streamlined, effective, in-built with capabilities to save time and automate the entire system.
Updated information for Document Assembly
Use of Clause library for contextual use of keywords
Increasing productivity with Contract Templates
Centralized control for automated workflows, redlining, and vetting of contracts
Overall efficiency in Contract Management system that can simplify contract process and manage risks
Stage Two: Automated collaboration for contractual milestones
Whether it is about negotiations, collaboration, or meeting such other key contract milestones, a robust CLM such as RazorCube, has been a primary port-of-call to improve contract standardization, compliance, and contracts. It helps organizations to define their KPIs well in line with the business goals. As a result, the time spent in collaboration with teams, creating, managing, and executing contracts are well managed with contract management.
Stage Three: Automated collaboration for contractual milestones
Execution of contracts, is the penultimate stage of the contract management process, has been mostly a manual process. Drawing greater efficiency into the contract management processes involves automating the platform with the prompt contract execution tool, such as the e-signature platform.
With value-added features like the e signature for contract management, the CLM platform offers easy-to-use and quick implementation of streamlined contracts from end-to-end.
Relevance and importance of a robust Contract Management system going ahead.
As we built a whole new infrastructure for a hybrid work environment, streamlining workflow processes, collaborating with teams over contracts and agreements essentially includes:
real-time status tracking of contracts-in other words, contract visibility, and control
timely collaboration in a digital environment that can avoid the exchange of multiple emails and communication
creates a contract repository system for authoring, storage, retrieval of contracts from time to time.
doing away with the paper-based processes that can help save money, save time, while also offer enhanced security
a central and secure contract repository for document storage, improving accountability, increasing productivity, and fix the shortcomings for manual workflow processes
an end-to-end mechanism for contract lifecycle management -right from the stage of request and authoring to a stage of execution of contracts
Bearing these in mind, essentially, the relevance of a prompt Contract Management tool is pronounced all the more during recent times and going forward. Offering the best-in-class features is PracticeLeague's RazorCube that has helped organizations automate contract management systems and align the organization's performance with those of the stakeholders' and internal teams.
PracticeLeague offers a unified and an integrated modern legal technology ecosystem that automates and streamlines the complete legal operations. Adopted by several legal departments across the globe, this secure Enterprise Legal Management is designed to enable seamless collaboration across business entities, stakeholders & technology systems to boost efficiency, visibility & control.
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