Transitioning contract management processes from manual to digital requires planning and can lead to a boost in your operational efficiency. Through workflow automation and integration, your contract management system becomes a highly beneficial way to ensure better performance, boost productivity, avoid missing deadlines, and save you time, money, and resources.
This transitioning of your contract management system begins with planning, which includes your transition strategy, defined schedules, and selection of employees or outsourcing to confirm confident completion.
To ensure a smooth and efficient transition, you’ll also need to develop, implement, and monitor detailed contract management processes to ensure contractual obligations are met across the lifecycle of each contract.
Make each essential contract management process as clear and detailed as possible. Include processes for entering contract dates, important milestones, deadlines, compliance measures, access to documents, collaboration, and any other specific contract clauses that need to be analyzed. Also, make sure your process includes monitoring methods.
In addition to transitioning your contract management processes, you’ll also build operational efficiencies so employees spend less time on contract management-related tasks and can focus on other business-related tasks.
Operational features that will increase your efficiency include:
- Transitioning to digital storage instead of relying on a paper filing system or individual files spread out among different teams.
- Including rule-based logic to eliminate manual data organization and handling.
- Providing for centralized repository access to relevant documents
- Streamlining contract creation with accessible standard clauses and a template library to save time and increase consistency
- Creating better collaboration and efficient management
- Allowing for customizable reporting
These operational efficiencies will result in:
- Cost savings
- Time and resource savings
- Improved customer relationships
- Less risk of legal consequences
- Less chance of missing deadlines
- Improved inter-department interaction and communications
Baer Reed offers legal contract management and digital business transformation services to corporate legal departments to help take the burden off internal teams and leave more time for accomplishing goals. Find out more by contacting us online or calling 888-433-1990 today.
- On July 19, 2022
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