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.
Precisely’s contract automation covers the entire contract lifecycle. This not only includes smart templates and archiving, but also advanced features. For instance, reminders, e-signing, security and analysis. Your company will be able to create contracts in minutes and execute on them quicker than ever before.
Smart contract automation
By using Precisely’s software for your document automation, you can set up templates tailored to your company’s needs. Our smart questionnaire uses references. These are based on names and dates, as well as contract values. After this, the contract is set up automatically with compliant terms.
In addition, to stay within the legal department’s pre-approved guidelines, contract automation lets you decide who can approve a contract before sending it on for negotiation. Therefore, the ability to set an approval workflow greatly increases the quality of your contracts.
One central dashboard
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.
Contract automation solutions cover 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.
In turn, contracts automated in Precisely’s contract management system have easy access to review and comment. When conducting contract negotiation through a contracting platform, it’s simple to invite parties to negotiate and review.
Another key point is that with Precisely, it’s easy to create contracts and send them directly to clients for an e-signature. As a result, they can quickly look it over, sign and send immediately.
Once the document has been electronically signed by all, both you and the recipient will receive a signed copy by email. E-signed contracts are then automatically transferred to the central online repository. Once there, you will be able to create reminders on contract related actions such as expiration dates, renewals, and renegotiations.
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:
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.
The contract creator tool makes it possible for anyone on your team to generate even complex contracts with minimal error. It ensures compliance and always uses the latest version.
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.
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 platforms automatically transfer e-signed contracts to such an archive. They also offer simple solutions for archiving other contracts. Some of these 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.
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.
Integrating Precisely to your CRM system gives many benefits
- 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.