How Does A Customizable Contract Management Dashboard Aid Legal?

The traditional approach to contract management means sifting through office drawers to get contract-related information. Organizations dealing with countless business agreements will find it neither timely nor efficient. Hence, customizable dashboards are must-have features for contract management software.  

A contract management dashboard is a systematic method for organizations to visualize the contract lifecycle. It enables users to access fast and accurate contract data within seconds. The contract management solution gathers all the crucial contract information and converts it into searchable, usable, and up-to-date data available on the dashboard. They give a thorough overview of contract performance, value, and processes. Let us look at how customizable dashboards can assist businesses in navigating contract lifecycle management.  

What are the various types of contract management dashboards available? 

Every business has different specifications when it comes to contract lifecycle management. For this reason, organizations need a flexible contract management dashboard configurable to meet their requirements. Moreover, with Dock 365 contract management software, companies can create and assign any number of dashboards specific to their departments, projects, or parties.  

  1. Contract Dashboard 

The contract dashboard provides a comprehensive overview of an organization’s active contracts. It enables users to track the progress of business agreements at scale throughout the contract lifecycle. Users can utilize this information to gauge overall efficiency and contract performance. The dashboard offers a visual chart of the following pertinent information:  

• Active contracts 
• Value of customer and vendor contracts 
• Review, renewal, and termination deadlines 
• Approval status 
• Duration of each contract lifecycle stages 
• Lifecycle duration of each contract type 
• Contract status 

   2. Vendor Dashboard 

Organizations that emphasize the procurement process require a separate dashboard to manage their contracts. For efficient contract management, businesses need the means to filter and access the contract portfolio. Contract management solutions offer vendor dashboards to enable users to oversee the entire procurement contract lifecycle. It provides organizations with quick access to the following data: 

• Vendor contracts 
• Vendor questionnaire status 
• Compliance status 
• Vendor scorecard 
• Contract status 
• Vendor risk 
• Vendor contract types 

   3. Customer Dashboard  

The customer dashboard automatically and systematically structures all the customer contract data. Users can observe the total number of sales agreements in the contract management system to compare their performance with last year. Additionally, organizations can determine the overall effectiveness of the sales contract lifecycle with readily available information on: - 

• Customer agreements 
• Client rating 
• Customer agreement types 
• Client contract value 
• Top contracts and accounts by revenue 

Apart from these popular templates, users can keep adding and removing widgets to get a contract management dashboard perfected for their business needs.   

What are the features of the Dock 365 contract management dashboard? 

Overseeing the contract lifecycle is a full-time job, and businesses require all the help they can get to simplify the task. Organizations can examine contract data and processes all in one place with a contract management dashboard. They provide a real-time view of contract metrics, essential to maintain the competency of the contracting process. In this segment, we will examine all the contract navigational aids offered by Dock 365 contract management dashboard. 

• Obligation tracking 

While creating a contractual agreement on Dock 365 contract management platform, the users can set up obligation tracking to stay on top of all the relevant terms and stipulations. The automated reminder enables organizations to monitor contractual obligations. The contract management dashboard also compiles all active contracts' obligations in one location. As a result, businesses can quickly spot when parties fail to adhere to the requirements outlined in an agreement.  

• Contract milestones 

When organizations miss key contractual events, it can lead to financial and legal risks. The contract management dashboard is a quick and efficient method for users to keep track of contract milestones and deadlines. They get an extensive overview of renewals, reviews, and terminations. The dashboard displays a list of all the contracts due for renewal or expiry. Businesses can set up a pre-defined deadline for the milestones.   

• Task management 

Organizations can set up tasks to trigger contractual processes in legal contract management software. Whether it is the negotiation, review, or approval process, the automated workflows ensure that the contractual agreement gets to the right person at the right time. The users can keep track of all these contractual tasks through the contract dashboard. It lists the task number, contract name, due date, and status.   

• Contract lifecycle duration 

Reduced contract lifecycle time is the need of the hour for any business. A quick contracting process leads to increased revenue and satisfied customers and vendors. To accelerate contract lifecycle management, contract managers need a clear idea about which processes, contract types, or tasks are taking up time. The contract management dashboard displays the average number of days a contract takes to progress from one stage to another. It helps businesses accurately conclude the efficiency of the entire cycle.  

• Authorized access 

Not every department or stakeholder requires access to the end-to-end contract lifecycle. It clutters the home screen with unnecessary information and increases the probability of data leakage. But fortunately, the contract management dashboard offers authorized access to all the customizable widgets. Organizations can set user permissions for specific dashboard features to ensure that only relevant parties can oversee sensitive contract information.   

• Contract KPIs

Businesses require measurable criteria to gauge the success of their contractual agreement and partnership. KPIs (Key Performance Indicators) within a business contract are an accurate and time-efficient technique to determine the performance of a contract. The contract management dashboard provides users with real-time data on KPIs like contract risk, contract value, execution, and contract administration time to calculate the contract performance efficiently.  

• Contract value 

An organization's continued sustenance depends critically on the financial worth of a commercial agreement. Contract value helps the company to determine whether the legal agreement should be renewed or terminated. Quick and easy access to the financial viability of a contract is essential to avoid unnecessary losses. That is why the contract management dashboard provides extensive data on the total value of contracts by department and type.   

What are the benefits of a contract management dashboard? 

The contract management dashboard is a consistent tool to gain predictive insights into contract lifecycle management to improve the outcome. An easy and visual overview of contract data can help organizations to streamline the entire contract process. Moreover, they can help contract managers identify trends and positive patterns in the lifecycle. Here are some of the major rewards of opting for a contract management solution with a customizable dashboard. 

• Enhanced visibility 

Clearly, the greatest advantage of the contract management dashboard is improved transparency in the contract lifecycle. It allows the users to easily monitor contract value, performance, deadlines, milestones, and even duration. Automatically capturing relevant information from contractual agreements makes the work easy for the legal department. They do not have to manually go through individual agreements to gather relevant information, they can just easily find it on the dashboard.  

• Contract evaluation 

Adopting a contract management system with a dashboard provides users with a quick rundown of KPIs. They can find extensive data on contract risks, lifecycle time, performance, and approval status. Organizations can aggregate this information to compare contract performance and generate accurate yearly reports. It helps businesses to make data-driven decisions in the future.  

• Oversee contract lifecycle 

For consistent contract performance, the organization needs to stay on top of contract lifecycle management. The relevant parties must have a comprehensive overview of every contract and process. Manually keeping track of countless active contractual agreements is not a feasible option for scaling businesses. But with the contract management dashboard and its customizable features, users can easily monitor each contract lifecycle phase. They have real-time information available on approval workflows, tasks, obligations, and milestones to stay updated.  

• Identify bottlenecks 

When you have a clear overview of the contracting process, it is quite easy for organizations to identify roadblocks. The contract management dashboard provides data on the duration of each stage of the contract lifecycle. It helps users to determine which takes up the maximum time and they can identify the reason for the same. Thus, businesses can pinpoint bottlenecks and rectify them as soon as they crop up.  

• Simplify contract reporting & analysis 

By providing business intelligence into contract value, performance, risk, and compliance, the contract management dashboard empowers businesses to simplify contract reporting and analysis. The users can utilize all the relevant data and insights available on the dashboard to generate accurate and efficient contract reports. They can also set up specific dashboards to collate data useful to their business. 

Conclusion

Legal contract management software empowers businesses to configure customizable and graphical dashboards to oversee contract-related information at a glance. With Dock 365 CMS (Contract Management Software), organizations can easily set up customer, contract, vendor, or project dashboards to optimize their contract lifecycle management. With the advanced OCR and AI capabilities, all important contract metrics are captured within contract smart fields. The users can easily pull extensive data to generate fully accessible contract management dashboards.