Microsoft 365 SharePoint for Contract Management Software
Your organization has made a significant investment in Microsoft 365 SharePoint. Making the most out of your organization’s SharePoint IT ecosystem can be highly useful when it comes to managing your contract management processes. Although SharePoint provides some functionality in dealing with contract management, it does not fully encompass the wants and needs of contract managers and legal departments.
SharePoint has a tremendous array of tools available for users to take advantage of, and contract managers have certainly noticed. No matter the amount of contracts within an organization, compliance experts understand SharePoint is the best platform for contract management with its elaborate features. The default function provide a basic set features businesses can begin using and using a tool like Microsoft SharePoint Contract Management Software can be easily expanded upon to add contract management best practices to the organization.
So why exactly is SharePoint the perfect tool when it comes to contract management?
Out-of-the-box Microsoft SharePoint Functionality
1. SharePoint Document Libraries and Contract Management
Creating and storing contracts in a SharePoint document library has a tremendous amount of upside. Not only are contracts stored in one central location, they also enjoy added security measures to ensure roles-based and permission-based access control.
2. Microsoft SharePoint Document Library Storage
SharePoint’s document repository has the ability to manage large files and allows organizations to store a large number of documents and contracts.
3. Integration with Microsoft Office
Since SharePoint is a member of the Microsoft Office family, users can quickly take advantage of the collaboration features right within SharePoint. For example, users in SharePoint can edit Office files (Microsoft Word documents , Microsoft Excel sheets) and save their progress without having to download the document onto their computer. Features like track changes, check in / check out and quick part fields prove very useful when editing and drafting contracts.
4. Document Version Control
All of these features help retain proper version control within SharePoint, ensuring no matter the amount of users viewing and editing a document, all updates will be saved.
5. Access Control and Security: SharePoint offers robust access control options that enable administrators to define who can view, edit, or share documents. This is crucial for contract management, where maintaining confidentiality and controlling access to sensitive information is paramount.
6. Scalability:
SharePoint is highly scalable, making it suitable for organizations of all sizes. Whether a business needs to manage a few contracts or thousands, SharePoint can scale to meet its needs.
7. Active Directory Integration
This allows for the seamless synchronization of user data and permissions across the entire organization. This means that when a user is added or removed from an AD group, their access rights in SharePoint automatically update, ensuring that permissions are always aligned with current organizational roles and policies. This integration streamlines the management of user credentials and permissions, making it much easier to maintain a secure and compliant environment.
8. Single Sign-On (SSO)
This complements the Active Directory Integration by enabling users to access SharePoint and other Microsoft 365 applications without needing to log in multiple times. With SSO, users authenticate once, and this authentication is trusted across all connected services. This not only improves user convenience but also reduces the potential for password-related security issues. SSO reduces the overhead of password management and decreases the risk of phishing attacks, as users are less likely to enter credentials repeatedly across platforms. Together, AD integration and SSO provide a robust framework for secure, efficient user management and access control within SharePoint for contract management.
Expand SharePoint’s Functionality For Contract Management
- Create, Review and Approve Contracts
Tools like ConvergePoint’s Contract Management Software on Microsoft Office 365, have extended the SharePoint platform to incorporate contract management best practices. It allows for contract documents to be uploaded quickly, edited within SharePoint and have multiple subject matter experts collaborate to create, review, negotiate and approve the contract. With one central repository, all of the collaboration happens in one place.
- Custom Workflows
Custom workflows help contract managers better manage the drafting, reviewing and approval phases of each contract. By streamlining the entire contract management lifecycle process, contract management workflow seamlessly funnels contracts and documents through each of these phases, while alerting the necessary parties via email if their input is needed along the way.
Once a contract has completed the negotiation and approval phases, contract managers are able to use wet signatures or integrated electronic signature tools like DocuSign to ensure that documents are signed quickly and efficiently.
- Audit Trail, Version History, and Activity History
SharePoint maintains detailed logs of all activities, including who accessed documents and when, what changes were made, and by whom. This comprehensive version history and activity tracking ensure that businesses can meet compliance requirements by maintaining a clear, auditable record of every action taken on a contract document. A complete audit trail of all activity is maintained to ensure that amendments and future revisions are easily addressed.
- Contract Library and Unique Links
One central contract repository With SharePoint and contract management software, all contract documents are stored in a central repository, ensuring that everyone accesses the most current and correct version. Unique links for each document prevent duplication and confusion, simplifying document management.
- Renewal and Expiration Alerts
OInce all contracts exists within a central repository, the software will use Active Directory and Microsoft Outlook to alert the right users of upcoming renewals or deadlines as they approach.
- Permissions and Role-Based Access
SharePoint allows for granular control over who can see, edit, or share each document. Permissions can be easily managed without IT involvement, allowing project managers and team leaders to adjust access as needed.
- Enhanced Searchability and Reporting
All contracts are stored in one central location, which can be accessed from anywhere. SharePoint's powerful search capabilities, including filters and content search, make finding specific documents or terms within documents quick and easy.
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Scalability and Export Options
SharePoint scales to support any number of users and documents, making it suitable for businesses of all sizes. Contracts can be exported as CSV or ZIP files for easy data analysis and sharing.
- Word and Outlook Plug-ins
The integration with Microsoft Word allows for direct editing and management of contract documents within the familiar Word interface. Automated workflows can be triggered from Outlook, facilitating quick task responses and management through email notifications. Added plug-ins from ConvergePoint software streamlines the process further.
- E-Signature Integrations
SharePoint in conjunction with contract management software integrates with major e-signature solutions like DocuSign, Adobe Sign, and others, enabling electronic signing of contracts directly within the platform. This streamlines the approval process and further enhances the utility of SharePoint.
- AI Features
SharePoint and the broader Microsoft 365 suite are increasingly incorporating AI tools, such as AI-driven content tagging, property insertion, and document comparison, which facilitate more efficient document management and error reduction. With additional custom contract management specific AI features from ConvergePoint, AI becomes a formidable tool to streamline the process.
In conclusion, Microsoft SharePoint stands out as the perfect tool for contract management to create, review and approve contracts, streamlined workflows and audit trails, with version control, contract repository and revision control. By choosing Microsoft SharePoint for contract management, businesses empower teams to work cohesively, ensuring a reliable solution for the entire contract lifecycle management process.
Talk to a contract expert to learn how our Contract management solution can be applied to your business by scheduling a demo now.
