10 Reasons to Choose Contract Management Software on Office 365 SharePoint

Effective contract management is more important than ever for any business. Manual contract processes are ineffective and can lead to errors when dealing with multiple stakeholders, tight deadlines, and compliance requirements. The digital solution that simplifies and automates the entire contract lifecycle is contract management software. Although there are other opportunities, there are special benefits to choosing a content management system like ConvergePoint which is built on Office 365 SharePoint.

In this article, we will discuss the primary benefits of integrating contract management software with Office 365 SharePoint and why adopting this approach is significant for businesses.

Why Choose Office 365 SharePoint Contract Management Software?

Familiarity is one of the greatest reasons for choosing a contract management system that integrates with Office 365 SharePoint. Businesses can easily integrate Microsoft Office products like Word, Excel, Outlook, and Teams with their contract management software, which reduces the learning curve and increases adoption rates across departments.

Let’s explore the top 10 reasons to choose Contract Management Software on Office 365 SharePoint:

1. Integration with Office 365
2. Task and Deadline Tracking
3. Streamlined Workflow
4. Analytics and Reporting
5. Centralized Repository
6. Compliance and Risk Management
7. Advanced Search and Retrieval
8. Security and Permissions
9. Enhanced Collaboration
10. Scalability and Customization

Now, let’s delve deeper into each of these in detail.

Integration with Office 365

“How many hours do employees spend jumping between applications?”

Integration with Office 365 eliminates this inefficiency by allowing users to work within the tools they already know. ConvergePoint’s contract management software works natively on SharePoint and integrates smoothly with Word, Excel, Outlook, and Teams. This means employees can draft, review, and approve contracts without leaving their familiar Office apps.

With Microsoft Word integration, users can easily insert pre-approved clauses, analyze contract language for missing elements, and manage version control. Collaboration is enhanced through real-time document sharing and built-in comments. With Outlook integration, contracts can be sent for review directly from an email. These integrations streamline tasks and reduce errors, all while improving productivity.

Task and Deadline Tracking

Contracts contain multiple important deadlines, such as milestones, renewals, and compliance dates, and missing any of them may result in penalties or missed opportunities. Contract management software can automate task and deadline tracking. The software sends reminders through Microsoft Outlook to ensure that the appropriate parties are notified well in advance of important dates.

This feature has been enhanced for companies that use Microsoft Teams, as it allows notifications to be issued without leaving the software, thereby simplifying communication. Automated task management ensures that all parties involved in the contract lifecycle stay updated and on the same page, eliminating the possibility of missed deadlines.

Streamlined Workflow Automation

“How can businesses reduce the amount of time and work required to manage contracts?”

Automation of workflows offers a solution.

A contract management system built on Office 365 SharePoint streamlines the processes of contract requests, creation, review, approval, and renewal. Instead of depending on spreadsheets and emails, users may speed up tasks and save effort by automating these processes.

In addition, ConvergePoint's technology offers thorough audit trails that let users track any modifications made to contracts by various parties. This feature makes it simple to find out who performed specific changes and ensures transparency throughout the contract lifecycle.

Also read: From Manual to Automated: How Contract Automation Tools Can Save Your Business Time and Money

Analytics and Reporting

“What metrics are important to track in contract management?”

Improving contract management processes involves the ability to measure compliance, cycle times, and contract performance. The content management system from ConvergePoint provides interactive contract dashboards and customized reports that provide information on key metrics. Contract analysis and the transfer of performance insights within the company are made easier through these ad hoc reporting solutions.

Analytics tools help you track progress and make data-driven decisions, whether your goal is to measure contract value, approval times, or compliance rates. This can mitigate risks and increase contract efficiency.

Also read: 5 Quick Business Intelligence Tips for Contract Management

Centralized Repository for Easy Access

“How can businesses make sure that contracts are quick to find, secure, and accessible?”

The solution is a centralized repository. All contracts are stored in a secure, and central location on SharePoint via contract management software such as ConvergePoint. This makes it easy to access and retrieve contracts because they do not exist across multiple platforms.

Only those with the necessary authorization can see and change contract documents due to the integration of Active Directory, maintaining security and privacy. This centralization helps auditing and compliance checks while providing security, accessibility, and transparency.

Also read: The Importance of a Centralized Repository in Contract Lifecycle Management Platforms

Compliance and Risk Management

“What role does contract management play in ensuring compliance?”

Contracts often contain specific obligations, regulatory requirements, and risk mitigation clauses. Businesses can assign responsibilities to specific people and set up automated alerts for missed deadlines using a content management system.

Throughout the contract lifecycle, this automation ensures that compliance and risk management are given priority. In addition, the content management software maintains track of key regulatory changes, helping businesses adhere to regulations and reduce risks.

Advanced Search and Retrieval Features

“How can businesses quickly locate specific contract details?”

Advanced search features in contract management software enable users to quickly find specific phrases, clauses, or contract information.

For example, you can easily search for the necessary term, and the software will find it in a couple of seconds if you need to find a particular cancellation clause in a contract. This feature reduces the amount of time spent searching for information and reduces the risk of mistakes brought on by missed contact information.

Robust Security and Permissions Control

“How do businesses ensure contract confidentiality?”

Contract managers place a significant value on security, and businesses can take advantage of Microsoft's strong security framework by using a contract management solution based on Office 365 SharePoint. Only authorized users can view, modify, or approve contracts due to the flexible user permissions feature.

Businesses can assign user roles and manage access rights to maintain contracts secure through integration with Office 365's Active Directory. When handling confidential information like client contracts, vendor agreements, and financial conditions, this feature is very essential.

Enhanced Collaboration

“How can contract management software improve collaboration?”

Contract management software fosters real-time collaboration among teams by enabling document sharing, commenting, and version control. Contracts may be sent for approval quickly using Outlook, and document versions can be easily compared with Microsoft Word.

Word's built-in AI tools also assist in analyzing documents to identify missing clauses or compliance requirements and offer suggestions for improvements. This seamless collaboration reduces mistakes, speeds up approval procedures, and enhances the overall contract quality.

Scalability and Customization

“What happens as a business grows and its contract management needs to evolve?” Scalability is a key feature of contract management feature.

As more departments adopt best practices for managing contracts, the platform may easily expand to support more users and workflows. ConvergePoint's software can be customized to meet the evolving needs of your company, whether you need to update templates, add new departments, or modify workflows.

Why Choose ConvergePoint’s Contract Management Software Built on Office 365 SharePoint?

Choosing a contract management solution built on Office 365 SharePoint, such as ConvergePoint, provides businesses with a robust, integrated platform that simplifies contract management, improves collaboration, and ensures compliance.

ConvergePoint's solution offers robust features that help businesses streamline their contract management processes, including automated task tracking and workflow automation with advanced security and AI-powered features. ConvergePoint's contract management is an excellent choice for businesses seeking to minimize risk and streamline contract processes because it can be scaled and integrated with well-known Microsoft applications.

Ready to improve your contract management process? Schedule a personalized demo and explore the benefits of ConvergePoint’s contract management software to see how it can transform your business.