What are the benefits of digital contract management ?

At the forefront with modern software

By this point, file folders in which contracts have been filed over the years have become quite dusty. As dusty as the analog filing system that is still used in many companies.

Digital contract management digitalizes and automates the processes of an entire contract cycle. Processes thus become faster, simpler, more efficient and more secure. A digital contract management maps the entire contract process from the first to the last step. It not only saves time in searching and creating, but also space in the archive and thus costs.

Are you still searching for your contracts, or do you already manage them?

The advantages of digital contract management

“We’ve always done it this way.” Humans are creatures of habit, so why change something that has worked well so far?

If you don’t take action now and address the issue of digitization, you will quickly fall behind.

5 compelling arguments for a DMS (document management system) for contracts

  • You save time

How long do your employees spend each day searching for important information from stored documents? In a DMS, you can reduce the time spent searching by using the search function or the special search for metadata.

Documents arrive via e-mail or scan in function directly to a workflow defined to your company.

  • You save money

With a paperless office, you save money on paper, material and printing costs, rental costs for archive rooms, and do good for the environment at the same time.

Digital workflows make it much easier and more efficient for employees to collaborate.

Deadlines are no longer overlooked or missed.

  • You maintain an overview

All contracts and documents are visible at a glance. Important information is easily retrievable. Contract data can be exported quickly and sorted, organized and prepared for analyses and reports.

Contract deadlines are displayed thanks to the reminder function.

Because all files are digitally available and searchable, you can respond more quickly to customer inquiries. If several employees are responsible for one customer, having all documents stored digitally proves to be an advantage. Employees can respond immediately.

In case of illness or if a colleague is on vacation, substitutes are stored and responsibilities are thus clarified. 

Status management, e.g. the clearance of contract documents.

  • Security

Data resides on your server (on premise) or in a cloud. With ShakeSpeare Software you can use either options. To ensure that contracts do not simply disappear, it is important to make sure that the software for digital contract management ensures audit-proof storage and archiving of documents. This means that documents are not deletable and enables the retrieval of the processing history and logging with user and time stamp.

Compliance in your company is ensured by the central and holistic setting of roles, rights, responsibilities, rules and reminders. All contracts, contract types as well as deadlines and reminders follow internal and external regulations.

  • Flexibility

Special requirements, company structure and workflows can be adapted to quickly and easily.

Documents can be edited at any time and from anywhere, whether on business trips or from the home office. Access is independent of time and location.

Interfaces to other programs are possible, e.g. MS Dynamics NAV, SAP, etc.

Die Vorteile eines digitalen Vertragsmanagement

Full control over your contracts – a necessity nowadays

With enterprise-wide contract management, you’re definitely on the fast track, leaving your Excel lists and binders just waving in the rearview mirror.

The important thing is to use the right software that works reliably and fits your company’s processes.

Analog binders and manual tasks in the office disappear when documents are digitized with the help of a document management system. From now on, the software will take care of contract management for you..

How do I find the right digital tool for me?

Good software ensures that you keep an eye on your contracts throughout their entire lifecycle. From the first steps of initiating a contract to signing and closing, the software accompanies and supports through the digitalization of business processes. All relevant data and the associated tasks, such as payments, terminations, etc., are observed and monitored.

What else should the software for “contract management” include?

Central contract management

  • Simple capture, management and archiving of contracts
  • One system for all departments, sites and companies within a group of companies
  • Individual read and write authorizations according to contract types and / or individual departments as well as individual authorizations

Contract creation and draft approval

  • Standard contracts that need to be created frequently can be created quickly and easily with the help of contract configurators
  • The draft contract can be released via an internal workflow by the departments involved

 Digital signature

  • With providers such as DocuSign, contracts can be sent from the system for digital signature and automatically filed after signature

 Deadline and reminder management

  • Automatic reminder for notice periods and contract expirations
  • Resubmission to a to-do list
  • Automatic e-mail reminder
  • Color coding for overview
  • Escalation levels by e-mail

Flexibility

  • Contract types can be freely selected and created and added by yourself
  • Definition and extension of contract and master data
  • Adaptation to your requirements
  • Access from everywhere, independent of time and location, also from mobile devices

Support

  • Good availability during business hours
  • Quick solution in case of problems

Are you looking for a suitable digital contract management software?

What else can digital contract management do?

What else can digital contract management do?

Contracts not only have to be stored and archived in a DMS, but can also be created with it.

Frequently created contract documents, such as NDAs, employment contracts, data protection declarations, etc., can be easily stored in a standardized way using a so-called contract configurator. This saves the contract creator a lot of time.

There are two options for using a digital contract creation software:

The software can be configured by the user, so in addition to the creation logic, legal knowledge is also stored. The user, e.g. a legal department, is completely integrated in the creation process and passes on his knowledge through the algorithm of the software.

The second variant is to make the software available to the knowledge carrier. This person then directly accesses the software during the creation process.

The simpler the use case, the easier it will be to implement.

As you can certainly see, it is worthwhile in any case to consider the topic of digital contract management in order to continue to be competitive and to optimize one’s processes in the company.



You want to digitalize your contract management?

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