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Automated Contract Management
Contract management (CM) software is vital for managing your business relationships and getting the right system or software which can automate and simplify your processes, saving save time and money
An out-of-the-box Contract Management system will often meet the needs of business more effectively and cost effectively, than building a custom solution from scratch.
Contract Management software is designed for storing and managing legal agreements (such as contracts, leases and licensing agreements) with your vendors. Automated Contract Management is used to streamline admin tasks, reduce a businesses overheads and provide a single, unified view of each contract.
Contract management software can be used to manage the process from start to finish. The creation of a new contract request, capturing data relevant to the contact, document authoring, creating the contract and negotiation. The automated software will then follow the contract through its entire lifecycle, as it goes through each review and approval process. Relevant documentation is created and the ability to provide digital signatures makes the process more efficient.
Contract Management software provides companies with improved visibility on the status of specific contracts, it also facilitates ongoing tracking and reporting improving compliance.
EBC Group use the M-Files platform to deliver a fully automated Contract Management solution. It is a purpose-built, cloud based solution that enables the the creation, review and approval of contracts. It’s an out-of-the-box solution for contract automation which makes the whole process simple and cost effective by creating simple workflows which move contracts through their lifecycle. The software is flexible enough to suit a wide range of contract situations, meaning it’s relevant for all types of organisations.
Features and benefits
Contract creation & drafting
Make content creation easy with pre-built contracts and content locking helping to prevent inaccuracies.
Internal review & approval
Internal processes are made simple, thanks to features such as intuitive singing orders and auto reminders for when contracts are waiting.
Contract Management
Amendments, attachments and other related documents can be linked to contracts, with dashboards tracking statuses and milestones.
Contract Negotiation
Includes all actions that follow a contract including, sending contracts to 3rd parties directly, and using outlook for editing & saving and keeping track of versions.
Contract signing
e-signature software ensures each signature is secure and legally binding, saving time on obtaining a physical signature.
Contract termination & renewal
Automate manual renewals and archive processes, with proactive alerts on expiration dates meaning you never miss an opportunity.
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The Contract Management software enables companies to automate key contract processes, increasing the visibility of contracts to ensure that they don’t expire, or that important opportunities, such as a discount or a renegotiation period, are not missed. The software is integrated with DocuSign to make document signing even more efficient. The software can be accessed whilst out of the office using the M-Files mobile app.
Users can setup automated notifications related to specific contract events, such as expiration and renewal dates; and secure access controls can be configured and enforced by roles, teams, and projects to ensure that important contracts and agreements can only be accessed or modified by authorised team members.
Automated Contract Management also includes features for contract initiation, drafting and negotiation, review and approval, digital signing, lifecycle management with assignments, notifications, contract renewal and archiving, as well as highly efficient search and retrieval, and the ability to organise contracts by clients, vendors, and projects with dashboards to view contract status and milestones.
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Without visibility into the contract process corporate counsel, procurement teams and contract managers risk eroding the value of agreements. Automated Contract Management unifies contract and contract data into a single source for viewing into existing contracts, exposing sourcing terms and conditions and managing maverick spend.
Enforcing and operating on the latest contract terms, conditions, versions and policies improves overall organizational compliance. Automated Contract Management ensures traceable audit trails and complete policy and regulation monitoring.
Notifications can be sent related to key contract events, expiration dates and renewal dates. Additionally—on the buy side—organizations can retain a higher percentage of identified savings by reducing “off contract” spending.
Tracking rebates can safeguard that savings negotiated during sourcing are captured.
Finally, Automated Contract Management gives you permission-based security by role and by metadata so that access can be controlled on an individual basis or by groups such as “visible only to procurement” or “read-only to everyone, editable by HR Manager.”
There are a wide variety of tasks associated with each stage of the contract lifecycle. Automating the contract management process is crucial for organisations to increase efficiency and streamline workflows.
The good news is that Automated Contract Management requires no customisation and little configuration! Contracts and approvals move seamlessly toward completion. Notifications are sent to alert staff to new tasks or inform authorised personnel that the contract is ready for signing.
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