INCREASE CONTRACT EFFICIENCY AND CONTROL
Use contract automation to simplify the contracting process
Contract automation solutions solve many major problems of traditional contracting. Managing contracts across departments is complex. Especially since different departments and functions have different priorities. For example, closing deals as fast as possible will be at the forefront for the sales team. On the other hand, the legal department will prioritize compliance. Our state-of-the-art solution satisfies the needs of both.
Your company will be able to create contracts in minutes – with minimal error – and execute on them quicker than ever before.
TAKE CONTROL WITH CONTRACT AUTOMATION
Efficient and secure automated contract workflows
Drafting contracts manually is inefficient, time-consuming and also unreliable. Even with legally compliant templates, there is always a chance that the template can be edited freely by anyone. This can expose your company to major legal risks.
However, by using Precisely’s software for your legal document automation, you can set up templates. Also, edits can be prevented simply by adjusting users’ access levels.
OPERATIVE INSIGHTS WITH CONTRACT AUTOMATION
An automated solution for the entire contract lifecycle
Contract automation covers the entire contract lifecycle. This means from creation to approval, signing and storage. It allows both legal and non-legal parties to create and track every stage of the contract process. And that includes collaboration and negotiations.
E-signed contracts are automatically transferred to the central online repository. While other contracts are easily imported bulk-wise through drag-and-drop functionality. With one intuitive interface, you’ll know which contracts are signed or not. You’ll also know which are about to expire and which are awaiting approvals.
BENEFITS OF CONTRACT AUTOMATION
Creating contracts at maximum speed with minimal error while executing faster than ever, is helpful in many ways. Depending on who you ask, the answer to the biggest benefits of contract automation varies. In general, Legal, Sales, and HR departments use contract automation the most. Here are some benefits for these departments:
When Legal uses legal document automation, then there is no need to be involved in every deal. This is because control over contract terms and wording, plus legal compliance, will be automated. This gives the legal team more time to focus on important legal matters instead.
In any case, having less involvement with Legal benefits Sales as well. Independently creating, sending and executing automated contracts speeds up the process,. In turn, this helps close deals faster and reach goals.
Using templates for your legal document automation, ensures a compliant and consistent contract ready in as little as minutes. And there is no need to involve the legal department. In addition, e-signing lets your new hires view and sign contracts from their smartphone.
How can you streamline the contract automation workflow?
To really benefit from contract automation, every part of the contract management lifecycle should be streamlined for efficiency. This is where digital contracting, or contract management software, really helps. Depending on what software you use, the process will look slightly different. We have identified some key steps included in the process below:
Set up rules for legally compliant templates and allow users to create contracts using a smart questionnaire. Templates enable automated document creation for anyone, making the contract creation process faster than ever. Using contract automation software ensures that the latest version of the template is being used.
By setting up an automated approval workflow, you can make sure those involved get notified when needed. This saves time and reduces delays. Additionally, using features such as document automation may decrease the number of contracts that need approval in the first place.
Keeping all contracts in one place is extremely helpful, both for internal collaboration or external negotiation. It makes it easy for everyone to know what is agreed on and what needs to be adjusted.
No contract without a signature! In this case, manual signing requires both time and resources. To print, manage, index and archive is not efficient when compared to e-signing. Especially when deals are made across cities or even countries. Contract automation software makes your e-signing process smooth and secure.
Metadata helps you keep track of your contracts. Plus, contract automation software makes it easier to ensure your document information is complete. This makes the next step in the contract lifecycle - archiving - so much easier.
No one likes looking for a contract and not finding it. Yet, it happens often. This is why an online repository can be really helpful. Many contract automation software platforms automatically transfer e-signed contracts to such an archive. They also offer simple solutions for archiving other contracts. Some of these also offer features such as smart search and filtering. In this way, you always find what you’re looking for.
Contract automation helps you stay on top. So with instant access to all contracts, it’s easy to know which contracts have or have not been signed. Another additional feature is smart reminders. These let you know when to renegotiate, renew, terminate or take other contract-related actions.
How can you integrate contract automation software with other systems?
Since contract automation increases efficiency, it is essential that it connects to other applications you use. That way, you can also use contract automation functionalities in conjunction with other systems. For instance your ERP, CRM or MA.
To illustrate, if you integrate Precisely with your CRM system, the workflow might look like this:
- Automatically generate a contract based on data from your CRM. Include names, dates, order volumes and amounts
- Post creation, automatically send the contract for e-signing
- Once signed, the contract is automatically exported and backed up as a PDF to your CRM. It may also be sent to all parties by email.
Therefore, when choosing a contract automation software, make sure you keep integration possibilities in mind.