A contract management guide can help you determine how to automate the lifecycle and processing of your contracts through a streamlined process. Through the contract lifecycle management software, you will be able to manage, create, store and negotiate the contracts, enabling you to close your deals fasters, without any errors that can prolong the process. A CLM software helps you to remember the key milestone in your contract lifecycle, by sending you timely notifications and renewal alerts, as well as maintaining compliance practices to boost good business practices.
Here is a comprehensive outlook of the contract management guide, which will help you get the most out of it!
1. Negotiation of the Contracts
Contract management can help you automate the negotiation of the contracts, enabling you to send and receive the highlighted contracts through a secure portal. This can be a crucial characteristic of contract automation as you will be able to re-route the contracts to the desired personnel, whether it’s another department or a key stakeholder, which can considerably speed-up the approval and reviewing process of the contract. The software can also help in tracking the changes made to the contracts that can improve them.
2. Approval Process
Manually reading each and every report can be a menial task and can take a lot of time. Contract management and automation can help you route the contract to appropriate departments for approval. There will be no more need for personally sending the contract through a secure network, which can also create an auto-escalated communication between the legal staff and your business clients. This parallel contract workflow can considerably speed up the approval process, thus allowing the legal and financial team to review a contract simultaneously. Adhering to company policy will be much easier with contract management, regardless of user, contract criteria or type.
3. Centralized Data Storage
Sales teams spend a lot of time accessing data and requesting other departments to provide data that is needed by them to complete the contract approval process. This can waste a lot of resources. Contract management and automation can eliminate that manual task all together by creating a centralized storage repository, that provides all sales personnel a safe and secure, as well as a fast way to transfer and access data. Not only that, but it will enable them to search for any file and appropriate data by a simple text search, and with customized security settings, there will be no danger of having a security breach.
4. Contract Renewals
Whenever a contract is due for renewal, contract management software alerts the user by sending them a notification. It uses an initiating point of the software to be used as a starting point to predict its renewal date. It also identifies the points which can be improved upon, to add value to the contract.
This contract management guide can help you understand the importance of automation in your business. Start automating your negotiation and contract management process today with CallidusCloud. Test the software today and don’t miss an opportunity to take advantage of our free trial.