WHAT IS CONTRACT MANAGEMENT?

The process of arranging a body of contracts, contract terms, templates, and clauses to facilitate uniformity and effective retrieval is known as contract management.

LIMITATIONS of traditional CONTRACT MANAGEMENT

Many businesses still divide the contract management process into legal departments, procurement teams, financial teams, legal teams, and sales teams.

Some groups save the contract information on SharePoint. Others have systems that they developed themselves. Excel spreadsheets and traditional filing cabinets are still used by some.

These stand-alone contract repositories typically have considerable system-specific variations and are exclusively available to specific people and groups.

This fragmentation causes contracts to be dispersed throughout the organisation, with fragmented workflows, inconsistent terminology, and inadequate contract performance analysis.

On occasions, people have trouble simply locating their own contracts, much less contracts from another department. This manual contracting method of tracking commitments and deadlines is prone to human mistake.

WHAT IS CONTRACT MANAGEMENT SOFTWARE?

Contract Management software offers a unified platform for creating, editing, tracking, and renewing contracts across their entire lifecycle.

By maximising a contract’s performance, assuring the enforcement of commercial terms, speeding cash flow and time-to-revenue, and lowering the risk of noncompliance, contract management software helps organisations ensure that every contract’s intended purpose is completely accomplished.

Contract management software is becoming a necessity rather than convenience due to the growing business complexity and uncertainty of today.

Speed up contract generation and management

Digital contract management offers a secure way to manage all your contractual documents. Relevant information can be accessed from a single place. Contract workflows automate processes in a single system, improving interdepartmental collaboration and optimising productivity.

• Automatically create contract documents
• Assign permission-based user roles
• Automate approval processes
• Access contracts on the go

Contract maintenance and governance

Digital contract management offers an efficient and secure way to maintain and govern all your contractual documents. Relevant information and documents are easily accessible in a central repository, where you can monitor deadlines and timelines.

• Configure the contract duration with notifications and alerts
• Renew or terminate contracts manually or automatically
• Monitor contracts on a dashboard
• View deadlines as a timeline

Another key aspect involved in digital contracts and their issuance is the use of digital signatures.

The use of digital signature is intended to solve the problem of tampering and impersonation in digital communications. Moreover, digital signatures are legally accepted and are used extensively to provide proof of authenticity, data integrity and nonrepudiation of communications and transactions conducted over the internet.

Crown’s APIs integrate easily with an existing ERP / CRM system to enable automated signing. Workflows-based signing allows internal and external signatories to collaborate and sign documents.

Our digital signature solutions are compliant with global standards and prevalent laws worldwide.

The adoption of digital signatures is on the rise as it offers a wide range of benefits:

1. Reduced costs and time – The most obvious benefit is the elimination of time spent by your staff on creating, printing, and signing documents. Regardless of industry, a contract management process that requires documents to be printed, manually signed, and physically filed consumes time and labour unnecessarily.
2. Signatures on the go – Signatures used to have to be coordinated – requiring both parties to match schedules, arrange a meet-up, and come to a quick agreement or risk having to redo the entire process. E-signatures aren’t just convenient, they’re vital to enable businesses across industries to deliver a solution to the signer’s desk – no matter where they might be.
3. Heightened security – Digital Signatures work based on Public Key Infrastructure (PKI), ensuring that digital signatures offer ironclad security and authenticity standards to documents. Digital signatures authenticate the user’s identity, preventing the document from being altered or tampered with. Encrypted keys in digital signatures further link the signer with this document, offering another level of both authentication and security.

Benefits of Contract Management

• Efficient process – Automating processes improves productivity and reduces costs.
• Powerful search – Smart search tools ensure that all the information you need is at your fingertips.
• Integrated third party systems – Seamlessly integrate with third-party applications and enable information exchange between systems.
• Lower overheads – Do away with paper-based filing systems, which are expensive and labour intensive.
• Risk and compliance management