Simplifying contract lifecycle management through automation

Contract managers have many things to focus on. From drafting contracts to approval, management, and renegotiation. That's where automated contracts come in.
How can you simplify contract lifecycle management?

Contract managers have many things to focus on. From drafting contracts to their approval, management, and even renegotiation, these professionals need a system that can keep up with the demands of legal work in a constantly changing business landscape.

That's where automated contracts come in. Automation brings simplicity and efficiency to contract lifecycle management (CLM). It streamlines the entire process from creation through negotiation, approval, and more through one interface that requires minimal training or user adoption time.

Why should you automate contract lifecycle management?

1. Contract automation brings simplicity and efficiency to contract lifecycle management (CLM).

Automated contracts are the key to simplifying and streamlining contracting lifecycle management (CLM). Automation can be applied at all contract lifecycle stages: procurement, planning, negotiation, and execution. Automated contracts can help improve security by reducing human error and risk. And a computerized contract platform allows contracts to be accessed more easily through digital channels such as mobile devices or tablets.

2. Contract lifecycle management software streamlines the entire process, from creation to negotiation, approval, and more.

Automation can be applied at all stages of the contract life cycle. Automated contracts streamline the entire process, from creation to negotiation, approval, and more.

  • Creation: Step-by-step contracts are assembled using an automated wizard that guides you through each contract section by asking pre-defined questions. You don't have to know what's in a standard form or any legal jargon—we've done all the work for you! We even have pre-drafted clauses that you can utilize.
  • Negotiation: Once complete, our platform - White Pipe -  allows your team to review and edit contracts before signing off. We'll also provide feedback on terms and conditions that may need to be updated or changed based on industry best practices and localization.
  • Review and Approval: Your team will receive alerts when new contracts are ready for inspection. As such, there's no need for tedious email chains or manual reminders from managers about pending documents in their inboxes. Approved documents automatically set up reminders for due dates such as renewals or payment cycles, saving valuable time during busy seasons like tax season (and beyond).
  • Signature: Your customers can quickly sign contracts online through the platform, eliminating the need to print and scan documents back and forth between your team. This saves time and reduces the risk of misplacing important documents.

3. From approval workflows to clauses, automated contracts can be found at all stages of the contract life cycle.

Automation can be used to create approval workflows, clauses, and documents. It can also be used to manage and draft contracts. This can help to streamline the contract creation process and ensure that arrangements are consistent and accurate. Automation can also execute contracts by tracking key dates and deadlines, sending notifications for renewals and expirations, and automatically renewing contracts as needed. This can help ensure that contracts are properly managed and maintained over their lifetime.

4. Contract managers can create approval processes tailored to their organization's needs with automated approval workflows.

Automated approval workflows are easier to use than manual processes because they require fewer steps and reduce the risk of human error. They are also more efficient since their predefined rules allow you to focus on the most important tasks without sifting through document pages. Automated approval workflows can be customized to meet your organization’s specific needs.

In addition to being more efficient and quicker than manual processes, automated approval workflows can be used for multiple purposes:

  • To streamline contract execution or management by automating everyday tasks like routing approvals.
  • To streamline administrative tasks so that employees spend less time on paperwork and more time on their core responsibilities.

5. Standard clauses also benefit from automation, ensuring accuracy and consistency across all documents.

When creating a contract or modifying an existing one, there are specific clauses you'll want to include in every contract. These standard clauses make it easier for everyone involved to understand the agreement and track how long each party has been working on the project. Automating these processes will ensure consistency across all contracts and make it simpler for your employees to maintain this standardization.

Standard clauses also benefit from automation, ensuring accuracy and consistency across all documents.

6. Responsive design makes contracts accessible, enabling all parties to sign electronically and securely in any location.

Responsive design makes contracts accessible, enabling all parties to sign electronically and securely in any location.

With responsive design, the layout of your contract will automatically adjust to fit the screen size of your device. This adaptability means that contract content is easily read and selectable on any device — whether a desktop computer or mobile phone!

Responsive design also ensures that your contracts are secure. If you're using HTTPS encryption, you can easily ensure that no one can intercept or alter the data sent between users on the network while they're viewing or signing off on their contracts with you. With this in mind, we recommend using HTTPS-enabled versions of our plugins rather than HTTP (non-secure) versions whenever possible!

7. In addition to being simpler and more efficient, automation also improves security.

Automated contract management systems can also improve security. Because automated systems make it much easier to track every step of a contract’s life cycle, they allow you to reduce the risk of errors. And by reducing the number of people who have access to contracts, automated contract management can increase data security.

8. By using contract management technology, businesses can overcome contract-related challenges and risks.

By using contract management technology, businesses can overcome contract-related challenges and risks. Automation is a critical component of contract management, but it's not the only one. Contract management software combines automation with other powerful tools that help you identify and manage contracts throughout their lifecycles—from drafting to review, approval and negotiation.

Finally, the contract management life cycle is a well-established process that will continue to be used by businesses. However, it's an area where automation can bring significant benefits. Organizations can streamline their operations by automating various steps in the process while reducing costs and improving security. This approach can help businesses cut down on errors, streamline their workflow, and gain visibility into their contracts at all times.

With WhitePipe, you can cover all these steps, plus much more. Check out our platform and enjoy a 3 months free pilot.

WhitePipe

The platform lets you see and manage all the deals you have in the pipeline or closed to ensure you have complete visibility of your business.
By
Gabriel Pană
February 8, 2024

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