Every successful business relationship begins with successful contract negotiation. The way to get to this point is contingent on the extent of the contract. Moving from a sales proposal until finally signing the contract could be a lengthy process that requires multiple redlines and legal reviews and involves all parties from the Account Executive to the In-House Counsel and Procurement Manager. An efficient and modern method for companies to simplify the legal process is to use cloud-based contract management software.
The different businesses have different strategies in their procurement, commercial, and recruitment procedures. Cloud-based contract management can streamline the entire process of contracts life cycle management (CLM) by increasing the speed of each stage and assisting every business unit within the company. With ever-changing management and compliance framework, having an efficient, centrally controlled, and centralized contracting system in place will lower risk and ease the stress on employees. A contract management online platform like https://www.contractsafe.com/ can simplify the contract management process from beginning to end.
A cloud-based contract management software may aid you in navigating new challenges such as GDPR, CCPA, and DPA while you draft, negotiate, and executing new SLAs and SOWs. MSAs or merger agreements, or employment contracts fast and effectively.
Benefits of Cloud-Based CLM Software
Automatic Backups of Contracts
If businesses utilize cloud-based contract management systems and they will benefit from the automatic backup of their contracts. With automated backups, templates for contracts, active contracts, templates, and completed agreements are stored across multiple locations online, so there’s no risk that a contract will be lost should the server is down or your hard disk is damaged. There is no need to be concerned about somebody who has shut down the computer, thus missing the scheduled backup. Automatic backups ensure that your data is regularly stored without additional effort from you and the possibility of someone interrupting the process inadvertently.
Improved Collaboration Between All Stakeholders
Historically, sellers and buyers and suppliers, vendors, and contract administrators have been required to collaborate via email, shared intranet, or network drives to exchange, review and archive legal agreements. The majority of documents were sent via email, resulting in never-ending correspondence that typically required an agreement meeting prior to the team could write the final agreement.
With the advent of the cloud-based contracts management system, any modification to the agreement could trigger an email notification to team members on the other side to ensure that the final version gets all the feedback needed. Furthermore, all comments, redlines, and messages between the parties (both internal and with third-party partners) can be processed in real-time within the software without sending copies of contracts back and forth.
After the contract is in place, electronic signatures allow the signing of the contract at any time and from any device. The adoption of cloud technology is altering the technological environment for sales, finance procurement, legal and project management, with contract management being a crucial element of all of these processes.
Unlimited Storage, Scalable, Off-Site
With cloud-based Contract Management Software, your requirement for physical and digital storage space within your premises can be greatly decreased. This could result in savings that will offset the expense of using cloud-based software and also provides the advantage of freeing up the space inside your premises.
Don’t worry about the information you share is released. All agreements are secure in an encrypted channel with the other member(s) of that particular contract.
How secure is this gateway?
The content is not shared via email, as there is a possibility of information being lost in the ether or being hacked. This secure gateway ensures that your interactions with the other person are only between you. If you are still feeling scared, you can shut down all sensitive files in the program to further safeguard your personal information. The data is protected each night so that you can be secure.
Collaboration Is Simplified
A digitally-enabled contract management system accessible on different devices and locations facilitates collaboration much faster and easier. Project partners can securely access their required information. Contracts and projects can be monitored in real-time electronically, and electronic signatures could eliminate delays that previously slow businesses down using traditional methods of managing.
Better Organization for Your Contract Management
Additionally, a cloud-based CLM solution will help your teams to become more efficient. With the help of a SaaS CLM platform, your employees can organize clauses in the contract into a standard clause library. You can assign your contracts according to the type (e.g., NDA) and categorize your contracts according to their respective categories. The best part is that most SaaS providers are constantly innovating their offerings and releasing regular software updates. New features and enhancements are incorporated directly into your CLM application, which means that your staff won’t need to touch a single finger.
What your employees were able to do manually in-house could now be outsourced to a reputable SaaS service. Suppose your company has various contract management systems which have negatively affected efficiency. In that case, the cloud can make efficiency, scalability, organization, and security all available with the same platform.
There are many alternatives that could enhance your company’s management of contracts; however, not every platform provides the same features. It is essential to do some due diligence before choosing the most effective SaaS contract management system. Important factors like cutting down on risks, streamlining processes, and automating labor-intensive procedures are only a few of the factors to consider when selecting your future CLM platform.