Contracts are the foundation of your business. They function as the most important source of revenue, they mitigate legal risks, prevent conflicts, and ensures compliance. Additionally, contracts are pivotal to your company’s relationship-building since they make your commercial activities binding as well as legally enforceable by serving as records of commitment and agreement. In other words, contracts are important assets to almost any business.
However, they are not always treated as assets. For many companies, contracts management is still a manual process that is scattered over different professional departments. Too many contracts are neglected once they are signed: stored in unorganised ways, managed with unfit software, and regarded as boring risk-reducers that you only need in case of disputes. But if you manage your contracts with care, you will be able to use them to generate value throughout their entire lifecycle.
In the past years, digital first-movers have adopted contract lifecycle management software to maximise the value of their contracts. Nowadays and in the years to come, this trend will spread to the mainstream.
The advantages of using contract management software are numerous
- You reduce the cost of a contract and increase your efficiency by using easy drafting and automation tools. Even using a digital signature saves you valuable time.
- You establish compliance by having a clear overview of all active and inactive contracts. A well-organised data room ensures that deadlines are kept, tasks are solved, and all obligations are fulfilled.
- You enhance your security by using state-of-the-art cloud-based services with encrypted documents storing.
- You can generate more value if you go from an operational approach to contracts to a more strategic approach. You can also make sure to stay on top of re(negotiations) and the short time-to-signature caused by the use of digital signatures increases your closing rate significantly.
- You can improve your performance by streamlining the data. Keep track of the outcome your employees generate and get more insight into your most important trading partners. Such features empower you to analyse your efforts, locate improvements, and boost your business performance.
- You can professionalise your current setup. Using a well-functioning contract management system gives you a modern vibe when negotiating with partners, hiring new talent or closing sales deals. Contracts are relationship-builders and the younger, digital-native generations will expect contract management software of a professional business.
- You future-proof your workflow. First of all, because you spare the environment by digitising your document flow. Secondly, because organised data will prepare you for the promising opportunities of artificial intelligence.
In order to receive all those benefits, you must be able to manage the entire lifecycle of a contract in a single flow. The more platforms you use and the more the data is scattered, the harder it gets to keep track of your contracts. That is why you need contract lifecycle management software.
What is contract lifecycle management?
Every contract has a lifecycle with different phases. The cycle begins with the creation of a draft, then moves into a collaborative phase with negotiations and reviews before it is signed. Once it contract is signed and approved, it is stored somewhere and most likely also executed according to its contents.
Contract management softwares, Contractbook included, have mainly focused on the creation, signing, and storing of contracts since these are the most common and basic phases in a contract lifecycle. Our vision, however, is that you should be able to manage the entire lifecycle of a contract in a single workflow. This is why we have developed team-related features. These features promote collaboration and post-signature management which helps you organise your legal efforts and maximise the value of your contracts. In other words, team-related features help you achieve better contracts
Now, Contractbook’s advanced contract lifecycle management platform covers all 5 phases of a contract’s lifecycle:
Author a contract from scratch in a flexible editor, use an automated contract drafter to generate an outline, or pick a template from your organised template library to save time and mitigate risks. By creating a team, you can manage and collaborate on your templates to assure that you always work in the same legally updated versions. This enables you to exercise central control of your templates and easily update them for all team members when you change policy or new legislation is passed. You can easily grant and withdraw access to documents, and you can decide authoring capabilities such as editing rights with total flexibility.
With Contractbook’s contract lifecycle management, creating contracts becomes faster, easier, and less risky.
The draft you have created can easily be shared to colleagues, signing parties, and relevant third parties, such as your lawyer or legal department. In this way, you can have your work reviewed and gather second opinions from your peers to optimise the contents of the contract. When you are ready to negotiate with the other parties signing the contract, you can share the document inside the platform and use our comments feature to negotiate an agreement that everyone is satisfied with.
All these collaborative features enhances the chance of better contracts.
Digital signatures drastically improve your time-to-signature which has a positive influence on your closing rate. There is no need to print, mail, and scan the document manually as everything is managed in one flow. On Contractbook you can chose between to types of signatures: our advanced two-factor signature that applies a unique link issued in an email and a secure one-time password sent by SMS. Or certified national signatures such as the Danish National Signature (NemID). Regardless of the solution you chose, you will be able to track the status of the contract through the entire phase. Digital signatures are perfect to prove your case in a dispute as they include timeand location stamps that verify the identity of the signature.
Gather all your contracts - both the new ones and old legacy contracts - in a single organised flow to gain a greater overview. Make sure they are sorted in folders and filtered in tags, so you have all your contacts available at your fingertips. Storing your contracts in a secure cloud makes them accessible from anywhere while you still make GDPR compliance easier when you store personal data in an organised manner. By digitising your contracts and keeping them in a JSON-format, you will be able to easily employ data and assemble different data analytics. Hence you can locate potential risks, rights, and obligations as well as determine the performance of your agreements.
The overview gives you peace of mind and the insights you receive empower you to optimise your efforts and improve your performance.
Once a contract is signed and stored in an organised manner, they often generate certain tasks and obligations to be executed. On Contractbook you can define tasks directly in a document, write your own notes, delegate work to colleagues and set reminders so you are notified before the due date. These post-signature features make way for a more proactive contract management. They make sure you are always on top of obligations and never miss a deadline which limits your exposure to risks.
By having this complete overview of your tasks, you are always one step ahead in potential re-negotiations. That empowers you once the wheel is completed and a new contract lifecycle begins.
About Contractbook’s contract lifecycle management
Contractbook has developed a leading contract lifecycle platform. Sign up to our Collaborate plan to get access to the full contract lifecycle management platform where you can create, collaborate, sign, organise, and execute your contracts in one digital flow. Or try our Basic plan where you get the basic contract management features. Regardless, we will help you get a great overview of your documents, make you more efficient, and maximise the value of your contracts.
Book a demo to learn more about our solution. Or compare the different plans and features at our Pricing page where you will also find a calculator to determine what plan is best for you.