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Contract Management Explained

A contract management system is software that allows you to manage the complete life cycle of a contract from creation to ongoing management post implementation. A contract management system is a central repository where all of your contracts, drafts, and templates are stored in a way that easily allows you to sort through and find what you are looking for. Its use is primarily concerned with the creation, negotiation, amendment, signature, and analysis of all of your company's legal contracts. The ultimate goal of a contract management system is to automate much of the contract management process and make your contracts more efficient.

Once a contract is signed, a quality contract management system will provide you the ability to track the analytics and life cycles of your contracts. It will automatically compile the data for you and provide you with a dashboard that you can view important data. This allows you to track in real time any issues that come up and what changes need to be made. The same goes for life cycle tracking. You can tell if anything needs to happen with a contract - review, renewal, etc - and make sure that it happens in a timely manner. Again, all of this would be tracked automatically for you by the contract management system.

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Contract Management Software

Human error minimization is a main accomplishment when choosing a software to manage contracts, instead of a manual process. As an organization grows and its contracts pipeline expands to involve multiple parties, using software to manage contracts will save time without losing awareness of the workflow status of each contract. Furthermore, as personnel within an organization changes, the contract management software system remains the same. This allows new users to pickup where old users left off. In contrast, a manual contract management or an email contract management scenario includes setbacks in contract progress, as new personnel are trained to know what past personnel knew or managed. Software use to manage contracts is the preferred method to reduce human error in contract management. 

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Contract Management Software

With a digital contract management system that provides automated notification on important dates, expiry dates notifications are sent to pertinent party decision makers. Vendors in your supply chain have access to the vendor portal in your contract management system. This is a win-win for both parties.

Without a binding procurement management process and contract management software you run the risk of compromising sensitive contract documents. With the assistance of a contract management system, you can centralize all your documents and control access to the documents. This decreases the chances of any data leak or unauthorized accesses.

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How does OCR work in Contract monitoring tools

The OCR process starts with scanning a document.  Then, the OCR software transfers the image from just a single image that is made up of a single datum to a collection of data points, each point with multiple capabilities.  Every letter, word, number, phrase, becomes a separate data point.  OCR turns the same single datum image into hundreds or thousands of data points.

If your contract monitoring tools has OCR, then a hard copy of a contract or document can be scanned and read (using OCR).  Then, these contracts and documents act like “live” files in your computer and in your contract monitoring tools.  Live files can use the “search” and “filter” options in your contract monitoring tools to find either a short list of contracts or documents, or one specific contract or document.

Live files save each word or integer separately in a gigantic database, as part of your software system.  Then, when a “search” or “filter” of all documents and contracts is performed in your contract monitoring tools, the AI tools scour your entire database to find which contracts or documents include each individual word and integer in your search criteria.  Next, ORC sorts all your files into two categories, files with the search criteria, and files without the search criteria.  The files that include your search criteria are listed on your contract monitoring tools interface in seconds.  Then, you can narrow your search even further, or read each document knowing that it is relevant to your search purposes.  Further refinement can isolate a single contract or document with a longer or more detailed search phrase that matches your needs.

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What is Effective Contract Management?

To put it in simple terms, contract management is the process of managing contract agreements from their creation to the execution and finally till the expiry of the contract that is made with customers, partners, vendors, or employees. This thereby helps to increase the operational and financial performance of an organization giving importance to risk management.

The management of a contract always starts exactly at the time when two parties legally sign a contract agreement. This process lasts till the completion of the legal time allowed for both parties in the contract. That is the drive why many organizations are recommended investing in an automated contract review software, as contract management proves to be a very time-consuming factor in the business world.

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Contract Repository: Relevance

Organization is key for effectively managing all of the different contracts your company works with through their life-cycles. One of the best ways to do this is to use a contract management software procurement with a central contract repository. This offers users quick and easy access to contracts and contract data. Your team can now spend less time searching through OneDrive and email inboxes and more time working with contracts. This allows users - and your organization by extension - to be faster and more flexible in the work they do.

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The Importance of a mobile Contract Management Software

The term "contract lifecycle" refers to a contract as it moves through the different stages of the contract management process. It's important that your business be able to effectively move contracts through the contract lifecycle. Companies that exhibit poor contract management risk losing 9.2% of revenue each year. Conversely, companies that show effective contract management show a 20% higher lead conversion rate. Basically, your company can't afford not to look for ways to improve contract management. There are tons of ways to improve the contract management process, but the best way is to implement a mobile contract management software.

A SharePoint contract management solution is a great tool for automating your contracts and making the contract management process more efficient. A recent study by Aberdeen Research found that the administrative costs of contracts are reduced by 25-30% when using an automated contract management system. However, there are more benefits that a SharePoint contract management system offers than just reduced prices. Let's take a look at 9 of the biggest reasons that you should adopt a SharePoint contract management system.

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Contract Management Software for Healthcare and Life Sciences Industry

The healthcare sector in the US deals with a hefty number of contracts daily. Millions of contracts and agreements including those between patients, physicians, and other departments; contracts involving third parties like insurers, medical equipment vendors, and other healthcare providers; and other assorted documents need to be handled with care. The healthcare sector also must cope with the unique compliance requirements related to the sensitive personal data to stay compliant with the Health Insurance Portability and Accountability Act of 1996 (HIPAA). By implementing a SharePoint based contract management system, this all becomes a piece of cake. Why? SharePoint is HIPAA compliant, features different levels of access restrictions, unique user identifications and authentications, and other key security measures. Additionally, a contract management software offers a standardized contract management process, centralized repository for documents, automatic alerts, and more. All of this comes together in a way that makes a contract management software a must-have for any organization in the healthcare sector.

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Managing Supply Chains

Supply chains are the most important part of a company. The relationship between company and supplier is defined by the contracts between them. When the amount of the supply chain increases globally, the need for better contract management between these supply chains will also become necessary. A major challenge that can come up is fluctuating prices for raw materials involved in manufacturing. This means that cost of doing business can fluctuate roughly based on the current circumstances and factors which will not be in your control.

The solution that any experienced professional would recommend for the above scenario is to enter into a well-drafted contractual agreement for your supply chains. These contracts need to be continuously managed throughout their lifetime. The contract drafting features of a contract management solution will enable drafting up a solid contract for the company’s supply chains and manage them throughout their lifetime efficiently.

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What is Safety Management System?

A system that is designed solely for the purpose that is, to manage safety risk at the workplace. It should reduce the risk to a level that is as low as is reasonably practical or ALARP, thereby preventing harm to people. The system should be able to identify, assess and control hazards to all people involved, employees and the public. There is a substantial body of evidence that an efficient safety management system can reduce any financial exposure or damage to the reputation of the company by bringing down the number of accidents.

Every employer has a moral obligation placed upon them to ensure that the working conditions and environments are safe. There are also requirements by the law on how this safety is to be achieved.

An ideal safety management system should have the following modules:

Define the risk management strategies of the organization.

Implement suitable measures by identifying workplace risks.

Effective communication across organization.

Strategies to correct non-conformity and non-compliance issues.

A recursive improvement process implemented.

Efficient risk management should be the foundation to your safety management system.

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Contract management

Document sharing is a very important part of an enterprise organization. In fact, many studies have even shown that easy access to documents or information for an employee, information, or document that they need to work with, drives productivity and engagement. Easily sharing information with people while ensuring that the information is not being over shared or seen by any unwanted eyes contributes to the organization’s success. SharePoint is a great platform for organizations looking to share documents and sensitive information with ease and controlled access. Since its inception in 2001, SharePoint has gone through a lot of changes that made it the best in industry collaboration software. SharePoint’s reputation can be attributed to the innovations it has brought around in secure content collaboration and sharing. It can also be attributed to its unique flexibility. SharePoint has become a reliable platform for companies to collaborate on a daily basis, over 300,000 companies worldwide are using SharePoint and that is including 85% of fortune 500 companies.

Companies are given total control over the design and behavior of their SharePoint environment using a SharePoint server which is installed on the client’s IT infrastructure. Like most of us know there are three different SharePoint server editions Standard, Enterprise, and Foundation (discontinued in 2016).

SharePoint is primarily used as an enterprise content management solution owing to its,

· Safe and secure storage

· Search and retrieval features

· Archiving features

· Effective tracking and management of electronic documents and records

Since SharePoint is integrated with Microsoft’s other services like Office 365 and OneDrive for Business, collaborative real-time editing is made possible. It is also interesting that SharePoint has built this collaborative environment around various legal, information management, and requirements in enterprise organizations.

SharePoint’s custom development capabilities allow rapid prototyping and development of integrated enterprise solutions. SharePoint development is a very growing trend in companies, the flexibility that SharePoint offers allow companies to develop a collaborative environment that is unique to their company culture, business solutions. like contract management tools, that are unique to their requirements.

Through standards such as REST/ODATA/OAuth, SharePoint enables developers to access corporate directories and data sources and use them to build custom web applications. SharePoint’s access control hierarchy is also favored by many developers and enterprises while developing such custom applications.

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Contract Management: Expiry/Renewal, Turnaround Time, Extracting Key Data

Contracts can be a little tricky sometimes. Contract managers need to be very vigilant about the expiry or renewals of contracts in the organization. A missed expiry or renewal date could result in many problematic situations like not being able to bill for work done on a contract or paying for the renewal of a tool you don't use. What contract management tools do to tackle this solution is creating automatic notifications or alerts that are sent out to stakeholders. These alerts will work as a heads up for the stakeholders to be prepared for the contract renewal or expiry. Automatic workflows can be used for these customized notifications in a contract management solution.

Contracts could get delayed in the process, which is a very common mistake for companies. Such delays will result in a slow turnaround time for the contracts. Companies might even lose some business owing to this reason. The delays might be occurring for various reasons, someone could not find the contract templates in time to draft them, red lines sent back from the supplier could get lost in email threads, or even an approval bottleneck could be the reason why your contract has a slow turnaround time. What contract management systems offer in this situation are tools to speed up contracts and data to help identify any possible bottlenecks.

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Custom SharePoint Contract Management

An effective contract management is an essential part of any successful enterprise organization. In this age, when almost all processes in an organization could be automated, an automated contract management will surely be more effective and streamlined. Organizations are always under the pressure to cut costs, improve company performance, and reduce the amount of legal trouble that company is exposed to, due to all these constraints getting into contractual terms with another company can be crucial.

Contract management is a time-consuming process, a concrete contract management system should be able to reduce the time consumed for a contract life cycle by automating the process. This saves the two contractual parties a significant amount of time and effort. This time save in turn can be utilized to plan and create an effective business strategy and procedure.

Even today there are many businesses that struggle with contract life cycle management, stalled deals due to an inefficient contract processes are always happening in the industry. Companies are always looking to better their processes for more productivity and ROI, so there is room for improvement, in case of contract management the improvement would be the deployment of an automated contract management system. Let us take a look at some of the possibilities and benefits that could come out of using such a solution.

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Ease of Access in Contracting Software

Whether it is an old-school filing cabinet or a software application, effective contract management tools requires you to store all of your contracts in a single, centralized location. Doing so helps everyone involved in contract management understand how and where to find the documents they need at any step of the process.

Storing contracts in a centralized location makes the search process significantly easier, saving everyone valuable effort. There is no need to waste time trying to track down a specific contract, section, or version of an agreement. Especially when you are using a contract management that is based on platforms like SharePoint, you have all your documents at a centralised storage space.

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An effective contract management could change the dynamics of your business to higher level.

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Contract Management Benefits for Enterprise Companies

By Implementing an automated CMS, you are eliminating manual processes and centralizing your document repository, thereby gaining control and improving efficiency in your system. Forecasting functions have improved, with the automated reminders and tools users can schedule as per their convenience.

In addition to building relationships between colleagues, the system also helps improve relationships between your organization and the contracting party. You may ask how this is done. Since you and the counterpart are working off the same software, negotiating a contract and once the contract is signed ensuring compliance with that contract, etc. can be made easy. Furthermore, the contract management system minimizes the chances of any miscommunication between both parties and ensures that everyone is on the same page. All these contribute towards building trust between both organizations and odds are, you will do business together in the foreseeable future.

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Why use a Contract Management System

Contract Management is a sophisticated process, it requires close supervision, we cannot afford any blunder in the process, one slip-up or a breach of contract could inevitably lead to a drop in revenue, increased expenses, non-compliance with contractual terms or even worse you can find yourself in litigation with one of your contractual parties.

This is where an automated contract management system comes in handy, it helps you in a risk- and hassle-free management of your contracts, all in one place. With a SharePoint Contract Management System, you know your data is secure and SharePoint as you might know already brings together all your files. Risks in this process also include:

Failure to meet deadlines

Failure in Compliances

Unproductive workflows

Unsuccessful Reporting

An automated CMS is in effect eliminating the possibilities these failures or a breach of contract occurring. An investment in an automated Contract management system would only benefit your organization. You might be wondering how this investment affects the revenue and financial value of your organization, we have an explanation for that as well.