Dealing with Contracts: Making It Simpler and Smarter

Handling contracts is all about keeping track of them, from the moment they pop into existence until they’re all wrapped up or, you know, kicked to the curb. This whole thing involves checking out important stuff like KPIs and making sure they gel with what the contract says so that everything runs smoothly in terms of operations, money matters, and getting stuff from point A to point B.

Now, even though managing contracts is super crucial in the whole lifecycle of a contract, the process usually involves just two sides: the sellers and the buyers. In the world of managing contracts, you’ve got stuff like asking for contracts, writing them up, keeping an eye on them, getting signatures, and giving the thumbs up to the final deal.

The folks managing contracts and the legal eagles need to find slick ways to make this often tricky and time-sucking process a bit more breezy. Why? To dodge any buying blunders and to handle any hiccups that might pop up during the buying stages.

Seven Ways to Make Contract Management a Breeze with Automation

1. Asking for Contracts: You can totally automate this bit by using some nifty software. This means you can have super user-friendly forms that make the buying process a piece of cake. Automating this step means you’re off to a great start in the whole contract-making and approving dance.

2. Filling in the Blanks: Typing in details is key in managing contracts. Usually, organizations fill out order forms and send them off using tools like Excel or PowerPoint. Doing this by hand can be a real drag, cost a bunch, and means dealing with tons of paperwork and redoing the same stuff over and over. Plus, humans can mess up, which makes the whole buying thing a bit shaky. Automation to the rescue! It lets you whip up and send off contract requests in a flash.

3. Tweaking Contracts: Changing stuff around is super important when you’re trying to strike a deal. Making sure everything follows the rules and meets standards means keeping track of who changed what and when. In the old days, folks would download docs and use MS Word to make changes, then email them around. But hey, with automation, you get to streamline all that, making sure everything’s compliant and up to snuff in negotiations.

4. Keeping an Eye on Contracts: Every deal or contract has dates, deadlines, and big moments to watch. If you’re not careful, you might miss something important. Imagine juggling thousands of dates and goals in just one contract, and then multiply that by all the contracts you have. Phew! Automation software is a lifesaver here, helping you keep track of everything and making sure you stick to the rules.

5. Reporting on Contracts: These days, there’s a lot of scrutiny on how sourcing is done, both from the government and customers. So, more and more, organizations are leaning on super advanced software to make their reporting slicker. For buying and supply chain stuff, reporting has gone next-level with really cutting-edge software. So, keep everyone in the loop – like clients, bosses, investors, and managers – by automating your contract reporting.

6. Signing on the Dotted Line: If you’re not on top of the signing process, things can get messy. The whole process of signing contracts and finalizing deals can be complex, with lots of paperwork and reviews. And sending documents around for actual ink signatures can slow things down and risk spilling secret financial and personal info. But, guess what? You can go digital with e-signature tools. These nifty tools speed up signing big time. While some companies go for standalone signing solutions, most find it better to have contract management tools that include e-signature options. It’s smart to go for a solution that fits all your buying and supply chain needs. By automating your contract process, you get to enjoy a whole suite of automation features in one place.

7. Negotiating and Approving Contracts: Negotiations are full-on efforts that involve face-to-face meetings and virtual get-togethers. Thankfully, digital tools now let you automate a lot of the negotiation process. Contract management software comes packed with features that make negotiating easier and quicker, like working together on documents, keeping track of versions, and overseeing contracts. Plus, they’ve got advanced stuff like tracking changes and managing who’s in charge of what clauses.

When it comes to giving the green light to contracts, you need to gather info and nods of approval from all the key players: department heads, legal teams, and the buying squad. Running after these teams through emails, calls, or other ways can be a drag.

But, here’s the cool part: contract management software includes an eApproval tool. This feature handles all the yeses and