5 basic tips for saving time in the contract management process
Here are some ways to save time in the contract management process:
- Avoid duplicating tasks and processes and make sure nothing falls through the cracks: Duplicating tasks and processes wastes time. So does having to mop up mess created due to essential duties being forgotten or carried out unsatisfactorily. Here communication is key. One more traditional way to make sure tasks and processes are on track is to hold regular team meetings where all members are required to provide status updates on their allocated tasks. A more modern approach is to invest in an intra-office communication and task management system tool where all your colleagues can chat about the status of their work. Such systems are especially useful when your team is often working externally and otherwise relying on email for status updates. Emails can easily be lost or overlooked when colleagues are drowning in inbox messages. Capterra recently wrote an article with alternative programs to the increasingly popular tool Slack - The Top 13 Slack Alternatives . Newer, more full deal lifecycle systems with AI/machine learning that are replacing traditional contract management software should also provide a dashboard where a manager of a contracting process can see where all people in their team are up to on any designated tasks - a control tower view.
- Have an efficient process for incorporating changes when terms have to be renegotiated: Sometimes circumstances change while a contract is being negotiated or executed e.g. due changes to the law, political or economic shifts as well as changes to the circumstances of all the parties to the contract. This may mean certain terms in a contract/s need to be renegotiated. Having the flexibility to be able to accommodate such changes in an efficient manner can save time and money in the contracting processes. New age deal management systems can allow you to do this so that a change can be made across all related documents with not much more than a click of a button. Not only does this save time but it also prevents mistakes from occurring due to failure to update all affected contracts and documentation.
- Use e-signature and digital signature solutions: When and where electronic signatures are legally binding, using them can save time (and paper), while helping keep track of contract versions and the status of approvals.
- Have system to stay abreast of renewal requirements: Keeping track of the renewal dates for all your contracts is a crucial part of the contract management process. If this part of the process is not automated, not only will more time be spent on ensuring all contracts are renewed on time but also more stress expended worrying that contract renewals will be forgotten due to human error. New age deal management systems will automate renewals not only with reminders but also by automatically generating the new required contractual documents and workflows to have these approved.
- Use optimized standardized contracts: Developing a repository of optimized contract standards, although initially may take some time, in the future will make your organization’s contract management process much more efficient. Optimized contract standards are contracts drafted at a term or modular level that are comprised of the terms and clauses which overtime have been proven to be most effective and have caused the least friction in the contracting process. New age deal management systems can assist you with the process of creating such a repository and assisting you to continually refine it each day. To learn more about standardization of contracts, the modular approach to drafting and why you should use standard contracts but not form contracts refer to these three articles:
So there you have some suggestions for how you can save time in the contract management process. What are your thoughts and suggestions? How have you improved the time spent on your contracting processes?
ContractRoom is an cloud-based negotiation and deal management platform (with multiple modules including contract management full end-to-end lifecycle) that saves time in the entire contracting process by automating many of the manual processes and reducing friction, while leveraging machine learning to make Predictive AgreementTM.
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