Contract Lifecycle Management

Every business wants to find, sell to, and keep customers. But contract management can complicate the process for a salesperson. A new customer goes through stages before becoming one of your clients. Sometimes they sign a contract for you like a legal document that says what they agree to do with your company—using Contracts to ensure that. If you don’t have a contract, it would be hard to get what you want. But contracts can cause problems when it comes to making deals.


Contracts are essential to business. They help you protect your company from different risks. For example, contracts can help you prevent legal issues, Brand risks, and financial problems. Carefully manage the arrangements. If you do not address them, then you will miss important deadlines. You will also not keep your customers happy or make sure that you comply with the law. It is hard to do a good job managing contracts, but it is vital if you want to make money and have happy customers and partners. A successful company will find a way to keep customers from going cold at the finish line. They do this by using contract management software.


What Is Contract Management Software?


Contract management software controls contracts. It helps people know the arrangement. It is a digital tool that contains legal agreements and data associated with them. Legal teams, financial teams, procurement teams, sales teams, and contract administration teams use this software to control the process of managing contracts. Contract management software allows you to create, negotiate and approve contracts more accurately. It also keeps all of your arrangements in one place. It is making the process easy. It is accessible and able to be reported on quickly with a user-friendly interface.


Most businesses can use contract management software and a customer relationship management tool (CRM) to deliver a good service. With the contract management software, companies can reduce their risk of losing contracts, increase the speed of their contracts, and remain compliant with regulations. Contract management software helps you manage the whole contract life cycle. This software is for contracts, and it can help you with sales, leasing, procurement, intellectual property, licensing nondisclosure, and more.


The Salesforce platform will use contract management software to help you manage contracts. It should align with the two phases of the contract lifecycle: pre-execution and post-execution. You can use it for either or both phases.


Pre-Execution Phase


Tailor making the Salesforce platform as per the need of the organization. For the capabilities of the solution, there are many steps before a contract is signed. These steps include everything from requesting to signing a contract. You need to make sure that you have all of this work done before you sign anything.


The main aspects of the pre-execution phase are as follows:


Intake of Contract Requests and Drafting Contracts


The process begins when someone requests a new contract. Clients will fill out a form with any questions, then send it to the right person. Using the data from the is used to make a new contract. You can also dynamically populate contract data into predefined document merge fields, including the details about the goods or services you are contracting for, delivery dates, and other milestones. You are using data from the previous conversation to make a new contract. You can also dynamically populate contract data into predefined document merge fields, including the details about the goods or services you are contracting for, delivery dates, and other milestones.


The company can decide which clauses to use depending on the situation. For example, if someone who does not have permission tries to see what they cannot know, it will appear as “Access Denied.” For drafting contracts, it is faster to use pre-approved contract clauses and template libraries. This process will make it easier to assemble the documents. They also eliminate any legal terminology that might be different in your contract.


Contract execution with Approvals and Signatures


After you make a first draft of the contract, you give it to the people negotiating with you. There is software that helps people review and redline drafts while they’re dealing. This software makes it easier for executives to make any changes, comments, accepts, or rejects. They can do this by redlining the document directly in the software with their permission. The architecture of some contract management software solutions offers better features that facilitate real-time contract collaboration and call-and-response negotiations. This software helps all the stakeholders work together on creating a version for final review. Once the contract is approved, it goes to people. If you use e-signature technology for them to sign, then you don’t need paper.

 

Workflow Automation and Process governance


Contract management software controls all the processes in a contract from the time you request till the end. This software helps keep everything organized and can help you do your job better. Companies can use programs to make workflows. These workflows are different for each company depending on what is suitable for that company. Workflows help you have a set of standards to follow. They ensure that everyone is doing what they agreed to do.


Post-execution Phase


Signing a contract does not finish the process. You have to be careful that you do many things after signing the contract. This software is when you need to use an app to manage your contract. The post-execution stage includes figuring out what to do with your property. You might need to store it until someone wants it. Or you could sell it.


The main aspects of the post-execution phase are as follows:


Storage and security


Businesses can use contract management software to store all of their contracts, documents, and other papers in one place. Companies can use contract management software to keep all of their contracts, documents, and other documents in one place. The platform that helps manage contracts protects the data. It is safe from hackers.


Organize and compliance


Contract management software helps organizations keep track of their contracts. If they do not follow the contract, they will get in trouble. It is good to use this software because it will help you know what you need to do. Also, to ensure that everything is perfect for compliance, you can add automated reminders in your contract management software. These will remind people about deadlines and when to take action.


Reporting and Auditing


The old way of working was to share files and spreadsheets. It’s hard to find the correct file when you want it or when someone else needs it. The new way is better because everything is in one place – in a program that helps you work. Contract management software allows businesses to organize their contract data. They can use the reports and dashboards in this software to find helpful information. OCR (Optical character recognition) technology automatically scans the content of your documents. This platform is suitable for finding data in the search results.


This software helps you to know where all of your contracts are and what is happening with them. It also lets you filter things like the date or type of contract. Contract management software allows businesses to show other people their contract history. It helps them stay in compliance with the law and auditing purposes.


Conclusion


Today, contract management software is beneficial. It is more effective than the old ways of doing paper-based or had a subpar digital version. In today’s business world, contract management software is necessary. It is complex, and people do not know what will happen with the economy. It is essential to have contract management software. People will know what you agreed to in the past so they can make better decisions. This platform will be good for business because it can help you see your competition’s contracts. It will also help with cash flow because people won’t forget about the money they owe to you. Every company needs a different CLM. Get started by talking to people from Pivotaleap. They can help you get started with your CLM journey. Talk to one of them today!


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