In the dynamic business landscape, legal teams play a critical role in corporate decision-making, particularly when it comes to contract management. By leveraging the functionalities of a contract management system, legal teams can streamline contract processes, gain real-time visibility into contract data, and improve collaboration.
In fact, according to a study by the Association of Corporate Counsel, 70% of legal departments that use contract management software say it has improved their ability to make informed decisions. By improving visibility and transparency, automating workflows, providing data analytics, and facilitating collaboration, contract management software can help legal teams make better decisions that can ultimately improve the company's bottom line.
In this blog, we will explore how legal teams can further improve their decision-making with contract management software, focusing on key strategies and best practices to optimize their workflow and achieve better outcomes.
Did you know? The average law department saves $10,000 per year by using contract management software.
When selecting contract management software for your organization, your legal teams need to address themselves with the following inquiries:
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What are the biggest challenges your legal team faces in making decisions about contracts?
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How do you currently track and manage your contracts?
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What data would you like to see from your contracts to help you make better decisions?
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What are some of the best practices you've seen for using contract management software to improve decision-making?
By asking these questions, you can get a better understanding of the challenges and opportunities that legal teams face in using contract management software to improve decision-making.
Benefits of improving corporate decision-making with Contract management software
Contract management software can improve corporate decision-making in several ways. Here are some of the most important benefits:
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Improved visibility and transparency:
A study by Thomson Reuters found that 67% of law firms believe that contract management software has improved their visibility into their contracts. This can be done by providing a central repository for all contracts, as well as features that allow users to track the status of contracts and identify potential risks. -
Automated workflows:
Contract management software can automate many of the manual tasks involved in contract management, such as contract creation, approval, and renewal. This can free up legal teams to focus on more strategic tasks, which can help the law firm to operate more efficiently and effectively. A study by LawGeex found that law firms that use contract management software are more likely to meet their deadlines and deliver high-quality work. -
Data analytics:
The software can provide legal teams with access to data analytics, which can be used to improve decision-making. For example, data analytics can be used to identify trends in contract terms, identify contracts that are at risk of expiring, and track the performance of different vendors.
Features in ConvergePoint contract management software to improve corporate decision-making
Some specific features in ConvergePoint contract management software that can help to improve corporate decision-making for legal teams include:
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Version control:
The software allows legal teams to track changes to contracts over time. This can be helpful for identifying potential risks and ensuring that all parties are aware of the latest terms.
Read More: Why Version Control is Important for Contract Management?
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Clause libraries:
With the ConvergePoint software, you can conveniently store and recycle frequently used clauses. This can save time and ensure that contracts are consistent with the company's policies and procedures. -
Reporting and analytics:
This feature allows legal teams to generate reports and analytics on contract data. This information can be used to identify trends, risks, and opportunities. -
Collaboration:
Your team can collaborate with others within your organization. This can be helpful for brainstorming ideas, sharing information, and making decisions.
Related Article: 5 Ways To Create Legal Team Cohesion With Contract Management
Conclusion
By centralizing contract data, providing insights into contract performance, and helping legal teams identify risks, Contract management software can help legal teams make better decisions about how to manage their contracts. By taking the time to assess your needs and choose the right solution, you can improve the efficiency and effectiveness of your legal team. If you are interested in learning more about how ConvergePoint Software can help your legal team, we recommend you to request a demo.