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An automated contract management process involves 9 “lifecycle” stages: request, authoring, negotiation, approval, execution, obligations management, amendment, audit and reporting, and renewal. Full-featured automated contract management should allow you to have complete visibility and control over any given contract from its inception to its renewal.
THE STAGES:
Before we take a look at the role that contracts play in the end-of-quarter crunch, let’s look at the stages that make up a typical contract process.
1.Request: It all begins here, where users initiate contracts and find pertinent documents from within familiar applications.
2.Authoring: Contract creation becomes much easier with automated contract management, wherein users author with familiar word processing tools, as well as standardized language that can be included dynamically depending on the type of agreement.
3.Negotiation: The ability to compare redlined versions of contracts in various formats side-by-side, and quickly note any discrepancies, reduces negotiation time by half when contract processes are automated and streamlined.
4.Approval: In the stage that causes the most bottlenecks in contract processes, automated contract management allows users to preemptively strike by tailoring approval workflows, including parallel and serial approvals, and keep business clipping along at a rapid pace.
5.Execution: Automated contract execution allows users to control and shorten the signature process with tools such as eSignature and fax support, which associates faxed documents with their proper electronic file via barcode.
6.Obligations management: This stage ensures that deliverables are being met and that value isn’t leaking from contracts. Users maximize contract value with fulfillment tracking, automated alerts linked to expirations, renewals, and key events, post-execution workflows, and sophisticated analytics and reporting.
7.Amendment: Trying to manually gather all documents pertinent to a deal can be a time-consuming challenge. Automated systems provide a single, effective view of a business relationship across multiple contract amendments.
8.Audit and reporting: When you automate contract management processes, you can utilize a full range of valuable audit and reporting tools such as contract compliance alerts, audit tracking at the field level, on-demand report generation, one-click access from reports to contract records, and easy integration with third-party reporting tools.
9.Renewal: With manual contract management methods, renewal opportunities often go unnoticed and potential revenue is lost. By automating your processes, you can quickly identify contract renewal candidates, allowing plenty of time to act, and automatically create new contract drafts based on the previous contract.
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