Why you should need to automate your Enterprise Contract Management process?

Why you should need to automate your Enterprise Contract Management process?

Almost all industries such as legal, public sector, banking, hospitality, healthcare, pharma, insurance, education, oil and gas, automobile, etc. treat contracts as the lifeline of their business. The legal and contract management teams need to have a quick turnaround process incorporated in their enterprise in order to effectively manage and execute their contracts. One of the essential activities in managing enterprise contracts is to maintain a centralized control of the contracts. An enterprise manages multiple contract types such as NDAs, IT vendor contracts, sales agreements, purchasing agreements, support contract, annual maintenance contract, lease agreement and so on. Having a centralized place for such contracts gives your enterprise the complete visibility of critical contract management processes such as contract requests, authoring, negotiation, review by stakeholders and counterparties, and amendments. But do enterprises really have the complete visibility of their contracts? If your enterprise is currently managing the contracts manually then it is facing contract visibility issues. Gartner’s recent report on contract lifecycle management states – “Contract Lifecycle management (CLM) is evolving from an operational record-keeping system, primarily used for legal audit purposes, to an enterprise-level core system addressing business risk, costs and the pursuit of revenue maximization. CIOs and line-of-business management need to identify the right solution for their needs.” We can all agree that contract management automation tools need to be leveraged by enterprises to gain total visibility of the contracts. Why Automate Contract Management? Imagine yourself as the contract manager. Your company CFO asks you these questions – Do you know where the NDA contracts are? Can you give me the annual maintenance contract agreement with XYZ Company?...
8 reasons why Microsoft SharePoint and Office 365 are perfect for Enterprise Contract Management

8 reasons why Microsoft SharePoint and Office 365 are perfect for Enterprise Contract Management

Choosing a contract management tool for your enterprise can be a daunting task and it requires careful consideration. Enterprises should spend time doing a thorough evaluation of the contract management vendors available on the market. There are numerous contract management vendors that are platform independent and there are vendors that are dependent on platforms like Microsoft SharePoint, Office 365, Microsoft dynamics, Salesforce and many others. There are enormous advantages of choosing a contract management solution that blends with your existing IT platform infrastructure to deploy the contract management solution. By utilizing your existing platform, enterprises are able to achieve greater cost efficiency than spending on another third party platform. Microsoft SharePoint and Office 365 are the core products that are used for collaboration by most of the fortune 500 organizations. Collaboration is the success key for driving the contract lifecycle management process in a holistic manner and nothing beats SharePoint and Office 365 when it comes to collaboration. The global acceptance of SharePoint and Office 365 by enterprises makes it easy for legal and contract teams to work with tools that they are already comfortable with when it comes to managing sensitive data such as contracts. Association for Information and Image Management (AIIM) states that one in two corporations use SharePoint for their enterprise content management (ECM) purposes. The best part of using SharePoint and Office 365 for managing enterprise contracts is the integration with Microsoft tools such as Office, Outlook, Active Directory and Azure which allows for effective data storage, power document search functionality, collaborative workflow and data security. Here are 8 good reasons for choosing SharePoint and...
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