With a cloud-based contract lifecycle management system, you can develop greater levels of efficiency and productivity for your organization’s contract management strategy. Cloud-based contract lifecycle management is rapidly becoming the norm for companies across a variety of industries within the United States. A contract lifecycle management built on a cloud platform supports businesses and organizations with increased contract accessibility and insights into all contract data.
The cloud infrastructure gives companies the ability to keep up with increased demands – instead of maintaining apps and data via in-house servers, the cloud enables companies to save time and money that is often spent on constant updates to the infrastructure itself. And in doing so, you’ll create increased accessibility to your contracts across your company while boosting collaboration. In terms of security, the cloud is far more secure than overseeing contracts in-house. With your cloud-based contract lifecycle management provider, you won’t have to fret about constantly overseeing security updates and taking extra steps to mitigate risks – this is the job of the CLM provider.
If you’re more than familiar with the bottlenecks associated with subpar contract lifecycle management, and you’re ready to get rid of an outdated approach to managing your contracts, then read on to see what cloud-based CLM software can provide for your business.
#1 Increase Contact Security
With cloud-based CLM software, you can leverage top-of-the-line security features that are virtually unmatched when compared to today’s standard CLM solutions. Because contracts include highly sensitive data and confidential client information, leveraging a cloud-secure solution directly supports your organization in mitigating risk and the financial and reputational damages associated. Contracts are kept secure within the cloud around the clock. When upgrades are made to security, your contracts are kept safe and uncompromised. Because contracts are accessible from the cloud, your teams can collaborate in real-time as well as work independently with easy access. In this manner, you increase the transparency of your contract activities and boost efficiency. Thanks to version control capabilities, every change made to every document is timestamped and notated within your software platform. Audit trails allow you to view complete histories of each contract, containing details regarding downloads, edits, and other actions taken on the contract at hand. We highly recommend that contract managers leverage user permissions features to configure exactly which employees and stakeholders can access and view certain documents – allowing you to have complete control over contract visibility.
#2 Conducive to Scaling Your Contracts
Has your company relied on an internal IT team to maintain operations? If so, then you most certainly understand the myriad of issues pertaining to scalability. These challenges can be applied to your contract lifecycle management approach. As contract volumes increase and more contracts work their way through your organization, your IT team will additionally be required to evolve and adapt to the growing demands on contract storage. Several contract lifecycle management solutions allow contract storage to be scaled according the business’s needs as time progresses.
A cloud-based CLM system is not only ideal for scaling your business, but it’s also incredibly cost-efficient. Instead of paying for physical storage solutions or an on-site server, you can use a completely digital platform that serves as a single source of truth for all of your employees. Many of today’s cloud-based CLM solutions are equipped with the ability to be customized to your organization’s branding – our Dock 365 Contract Management System offers this capability.
Flexibility is key in contract lifecycle management, and it’s necessary to scale. A cloud-enabled contract lifecycle management system offers businesses unique features like contract template and clause libraries, unlimited user support and storage, and even integrations with leading business solutions and electronic signature providers. Here at Dock, our solution offers integrations with DocuSign, Adobe Sign, Sertifi, Microsoft Office 365, Power BI, SharePoint, and much more. With the assistance of a cloud-based solution, your contract management team will be readily equipped for the demands of a steadily increasing contract portfolio.
#3 Centralization of Contract Data
Contracts will continually change as legal language is fine-tuned and as various contract terms are updated. Within your centralized contract repository, you can refer to previous contract drafts and older contract versions to gain insights into how previous negotiations played out. Now as you develop new contracts, your team can leverage these past contract versions within seconds thanks to customized filters and rapid text-based search capabilities. Gone are the days of sifting through stacks and stacks of documents, going from drawer to drawer in discombobulated filing cabinets, or wasting time trying to pinpoint a single document within a shared drive.
A searchable contract repository allows your organization to save time, energy, and resources by having a solution that makes accessing and retrieving contracts easier than ever before. Your employees can take contracts on the go and continue their efforts on any device in any geographical location due to the cloud. And as remote work has increased in popularity, more companies than ever are making the transition to a hassle-free, cloud-based contract lifecycle management solution.
The cloud is affordable and secure, ideal for keeping a contract data in one place. No need to constantly keep tabs on infrastructure maintenance and updates. Now you can allocate those past costs and that time spent into strategic initiatives that will enhance and optimize your organization’s contract management approach. A cloud-based solution additionally supports your legal team with the enhanced visibility and contract accessibility, allowing them to work faster and make well-informed decisions.
#4 Remote Contract Access
Employees can stay connected and collaborate whenever, wherever with remote accessibility. With a cloud-based CLM solution, your team can access contract data remotely as well as capture data in real-time without limitations based on location or time zones. Collaboration remains effortless with the cloud. In the case of an unforeseen event, the cloud can recover and restore documents within your safe and accessible digital contract repository. To be prepared for absolutely any event, look no further than a cloud-based CLM system.
#5 Increased Organization
Organization is imperative when high volumes of highly complex contracts are concerned. This is especially true if your contracts are constantly passed through a number of hands during drafting and reviews. Within your CLM system, you can sort your clauses and contracts in preapproved, compliant clause and contract template libraries. In addition, you can organize contracts by type and category. Contract activities that were previous performed manually can now be automated with the assistance of CLM software, allowing you to maximize the time spent on contract management. With the cloud, you’ll experience immediate benefits in workplace efficiency, contract security, organization, and scalability.
Conclusion
While there are many cloud-based CLM solutions available today, the most cost-efficient and user-friendly solution is offered here at Dock 365. Built onto your existing Office 365 and SharePoint, you can make the most of your investment and leverage an approach that is easy to use and that feels familiar to employees.
Ready to learn more about our Dock 365 Contract Management System? Click here.
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