Organisations have lots of business relationships dictated by contracts and their terms. While contract managers work diligently to keep track of contract terms, provisions, and obligations in a methodical fashion – there are additional solutions for contract management.
When the volume of contracts is high, using systems and automating contract management is one of the top areas to improve productivity. In fact, when managing organizational risk and compliance, there are 5 best features for contract management to monitor.
Centralised Responsibilities and Objectives Management
The ability to store all your contracts in a central database is vital for effective responsibilities and objectives management. Contract managers require speedy and easy access to contact information. They will appreciate solutions that provide a variety of options to access data – whether at the contract, organizational or contact level, as well as at the document or work level. Spreadsheets and shared documents folders aren’t able to compare to this level of versatility.
Streamlined identification (KYC) and onboarding flow
A good contract management software assists you in these areas by offering an easy and customizable engine. A full-text and advanced search feature allow users to search for contacts on various natural parameters such as the contact title, the author’s name, and business division. This makes contract identification and onboarding easier.
Tools for data validation and contract negotiation
Being wary of upcoming renewals, pending obligations and key provisions of contracts is a critical part of contract management. A good contract management software assists contract managers with data validation and negotiation by sending reminders about renewals and alerts on non-compliance occurrences and pending obligations.
Ability to electronically generate and sign contracts (digital signature)
Executives having signing authority always have high priority tasks at hand. Sending the contracts for signature in the old fashioned way creates a delay in the execution of contracts. Whereas Trakti’s smart contract functionalities such as contract generation and digital signature provide a faster legal way to get stakeholders’ consent on contracts and documents and grants added benefits like security, verification and audit capabilities to the business.
Automation of execution
Template automation saves time by transferring key metadata and selected clauses into the mapped areas of documents. Trakti not only supports standard reports and dashboards but enable users to create their own reports.
Organizations using automated contract management stand a higher chance of mitigating contract-related risks and maintaining healthy relationships with partners. Why? Well, just think of how useful the reminder function is for deadlines and automatic renewals. This creates a transparent environment where everybody always knows what is going on and when.
Furthermore, automating the whole management procedure reduces human errors and makes everything faster. This way you can free your schedule from repetitive and boring tasks to make space for the most important part of the job.
Contract management doesn’t have to be a difficult procedure. One of the best methods to make managing contracts easy is to employ modern, user-friendly contract management solutions that rely on blockchain and smart contracts. Whether you’re seeking a basic contract repository or a complete lifecycle management solution, Trakti fits your organisation’s needs.