Effective contract management is essential for any legal team, and using a dedicated contract management software for legal workflows process can greatly improve efficiency and accuracy.
In an industry characterized by extensive paperwork and a strong emphasis on meticulous attention to detail, the incorporation of contract management software can revolutionize the legal landscape. The IACCM has reported that an average business with 1000 employees incurs costs ranging from $2.5 million to $3.5 million specifically for searching and recreating misplaced documents. Managing legal contracts such as Deeds of trust, Rental lease agreements, Service agreements, or even Litigation documents, especially in large volumes, can be intimidating, given the complexity and risks involved. It is imperative to efficiently manage and monitor this information throughout the entire lifecycle of the contract.
By implementing ConvergePoint contract management software, legal teams can optimize their contract management processes, obtain clear visibility into essential contract data, and automate repetitive tasks like contract creation and approval workflows. This reduces the time and effort expended on contract management while improving accuracy and ensuring compliance.
Access contract templates and clause libraries to save time:
In-house legal teams often get overwhelmed with repetitive work, especially when dealing with numerous contract requests from other departments that are essentially the same. Contracts like NDAs and MSAs, although voluminous, do not require extensive legal expertise. This repetitive nature of the work can leave legal teams feeling stuck and unfulfilled, lacking strategic opportunities.
To address this challenge, a contract automation tool like ConvergePoint Software simplifies contract generation, thereby enabling stakeholders to create contracts using approved Microsoft Word Templates without any limitations. By standardizing contract templates, legal teams are shielded from disruptions, reclaiming valuable time, and allowing them to focus on activities that truly impact the business.
Identify and resolve bottlenecks with visual workflows and reminders:
Visualizing processes and identifying friction points is easier when using ConvergePoint Software. It automates internal processes and represents contract phases with different status indicators, and as the actions or tasks are completed, the contract moves through different phases. This automation enhances visibility, assigns ownership, and promotes accountability, relieving pressure on Legal teams.
Hence, contract workflows like negotiations, routing, approvals, renewals, and compliance updates become smoother with the software. The Stakeholders will also receive automatic notifications for upcoming events, overdue actions, or SLA non-compliance. This allows stakeholders to take a proactive approach to contract management, reducing the need for in-house Legal teams to chase others.
Build a single source of truth with a centralized repository:
You may face a sense of unease when you cannot locate a contract that you know was in your possession. However, having a centralized repository to store all contract data significantly alleviates this stress. In ConvergePoint contract management software, all documents published to the Repository portal will retain the document properties selected on the Creation portal. Documents that are migrated directly into Repository have their metadata properties set at the time they are checked into the software. This inclusive approach ensures that all third-party and legacy documents can be efficiently included in the repository as well.
A contract’s metadata contains basic information such as:
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Contract Type
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Contract Value
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Names of the signatories
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Date of expiration
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Renewal dates
By utilizing this data, it becomes possible to establish reminders and automatically set renewal dates, eliminating the need for unreliable memory prompts or tickler files. Moreover, maintaining this organized and structured information ensures that all individuals involved are well informed at every stage of the process. This seamless flow of information enables participants to effortlessly:
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Locate
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Access
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Change
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Track
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Amend
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Sign
With central repositories, automated workflows, and complete and auditable histories, all relevant stakeholders can access the information they need. Collaboration is thus enhanced without interrupting Legal and taking them away from priority matters.
Conclusion
ConvergePoint Contract Management Software works directly with in-house legal teams in a variety of businesses, in sectors as diverse as finance, technology, and hospitality. Providing the benefits of contract automation, ConvergePoint helps Legal teams to reduce their daily workload and generate revenue for businesses as teams focus on high-value work.
The versatility of contract management software designed for legal workflows ensures adaptability to contract types and compliance requirements. Automation features reduce manual tasks, allowing legal professionals to focus on value-driven activities. The security measures inherent in these solutions safeguard sensitive legal data confidentially. Having a contract management software, let the legal department ready to tackle the challenges of the modern business environment. To witness a new era of contract management software for your legal department, request a personalized demonstration nowv to transform your legal workflows with Convergepoint's contract management software.
If you believe your business could benefit from contract automation, then get in touch today!