An infallible contract process has two variables: a trustworthy team and reliable contract management software. Although one of these variables can perform without the other, having both will result in the best performance.
Managing contracts effectively can be difficult without the right resources. Your team can be well-versed in contract management best practices, but without a contract management system to track their actions and process workflows, bottlenecks could be occurring, tasks may be overdue, and you have no way of knowing if you are losing out on opportunities. How do you know what’s going on within your team’s processes? If you’re not sure, it may be time for an upgrade to contract automation. Learn how to create an infallible contract process for your organization.
A successful contract management process has multiple factors involved to make it seamless and efficient, including contract automation, user security permissions, audit trails, and trustworthy, informed team members. Learn how, in addition to your trustworthy team, contract management software can help ensure your process is secure and running smoothly.
Contract Automation
Contract automation can take contract management to the next level with automated workflows and email and calendar alerts. Workflows track the status of each step in your process to ensure users are completing tasks when assigned to them and alerting the appropriate individuals when a contract is ready for review, needs to be signed, and is up for renewal.
For more details on how contract workflows can help your team improve processes, check out our blog post, “How to Execute a Contract Workflow for CLM Success.”
User Security Permissions
Security permissions allow organizations to control which team members have access to view, modify, or manage contracts and associated data stored within your contract management system. System Admins can make changes to these rules within the system as needed to ensure the right individuals have access to the documents they need.
For more information on setting user permissions, read our blog post, “Flexible User Permissions Strategies in Contract Management Software.”
Audit Trails
Advanced contract management software tracks user activity with audit trails so you can identify the source of process bottlenecks, compliance risks, or team members who are not completing tasks they are assigned to. This can be helpful when trying to optimize your contract process.
To avoid process bottlenecks, learn how to escalate tasks to other team members in the blog post, “Why You Should Utilize Contract Workflow Escalation.”
Trustworthy, Informed Team Members
While automation and audit trails can help create an infallible process, you must ensure your team members understand expectations with using the software and follow through with their duties. Contract management software can help management identify issues early on so their process gets minimally affected and opportunities are not missed.
To ensure your team understands the software functionality and is fully prepared to take advantage of system features, it is often advised that you provide your team with contract management software training.
Creating An Infallible Contract Process With CobbleStone
CobbleStone’s award-winning contract management software, Contract Insight®, helps leading organizations create a better process with the resources needed such as intelligent contract workflows, user-defined rules, automated email and calendar alerts, secure login, and more. To learn more about Contract Insight, and to schedule a free demonstration, contact us today.
