What is Contract Management, and Why Should You Automate the Lifecycle?
What is Contract Management?
Contract Management can take on a variety of meaning, and serve a wide range of functions. For example, contract management can mean:
- Organizing your contracts in one central repository
- Making sure there is a process for creating and approving contracts
- Having a system to notice when contracts will renew, expire, or require action
- Keeping track of conversation and actions surrounding contract creation
- Any, a combination, or all of the above
Best Practice Considerations at Each Phase
Request
- Should a request pass through a manager before making it to legal?
- Does the request contain all pertinent information?
Creation, Approval & Renewals
- What happens if a draft is rejected?
- How do drafters know which version to use? How do they know when they’re needed?
- How should they save supporting documents and discussions?
- How do you keep track of renewals and obligations?
Distribution
- Does everyone know where to look for their contract?
- Who has access to which contracts? When will contracts renew?
- Will you know when an obligation is required?
- How will you search and report on important information?
How Does ConvergePoint Fit Your World
Small and Mid-Sized Businesses (<5k Employees)
- Mid-sized businesses will benefit from automating the entire lifecycle of contracts using your metadata for simplified searching.
Enterprise Sized Businesses (5k+ Employees)
- Enterprise-sized businesses will benefit from automating the entire contract management lifecycle with advanced search functionality, while taking advantage ofcustom real-time dashboards and reporting with the use of important selected metadata.
Benefits of ConvergePoint
- Ensure all pertinent data is included in requests and submissions
- Filtering contract requests opens legal specialist time
- Role based dashboards load real-time status updates preventing status calls
- Automated task notifications ensure priorities are being met in the creation and effective contract stages
- Workflow history and discussion boards allow all interactions to take place in one spot
- Version history control ensures that you will always work on the latest document
- Metadata searching and reporting allows you to find exactly what you need within seconds
- Quick migration allows you to manage existing contracts within days
- Dynamic publishing organizes your approved and active contracts for end users, while keeping supporting documents and amendments together.
- Permission control makes sure contracts are seen by the right eyes
- Scalable solution enables additional users without the additional fee
