The Benefits of Cloud Contract Management
Contracts are crucial for businesses and they must be managed efficiently. Ineffective contract management processes can lead to significant value leakage.
Teams working remotely often face challenges in collaborating on contracts since they must transfer data back and forth between different tools. Switching to a cloud contract tool eliminates this friction and centralizes contract storage for enhanced security and productivity.
| The Contract Management Cycle |
Features
Unlike file drawers and desktop spreadsheets, cloud contract management stores contracts online, making it easy for teams to access them from anywhere. This feature, along with the ability to e-sign contracts and create reports, allows users to work faster and save money on paper and printing costs.
A cloud contract management solution also provides an intuitive and dedicated SaaS platform for streamlined contract reviews, negotiations, approvals, and renewals. The system can also send reminders to team members, reducing the risk of missed deadlines and avoiding costly fines and penalties.
It also enables teams from different locations to collaborate in real-time, which helps increase productivity. For example, executives traveling for business can easily review contracts on their mobile phones and add their e-signature on the go.
This helps to speed up contract processes and improve the overall efficiency of the company. Additionally, cloud contract management solutions are scalable and allow for unlimited storage and access. This makes them a great choice for businesses of all sizes and use cases.
Pricing
Cloud contract management works by hosting software on a remote server. Users access the platform through a web browser or a dedicated desktop or mobile app. This makes it easy for teams to work from anywhere in the world. The centralization of data also improves efficiency and reduces costs.
For example, legal team members can use a tool like Juro to automate admin-heavy processes such as tagging, approving, and signing contracts, freeing up time for more valuable tasks.
Choosing the right cloud contract management solution is crucial to the success of your business. Make sure to prioritize features that align with your unique needs. For example, you may need a contract repository that is scalable to handle your growing number of contracts.
You should also choose a solution that offers robust security measures, including data encryption and granular access controls. You can check the reliability of a product by looking at testimonials, case studies, and customer reviews.
Reliability
A cloud contract management system works on the internet, meaning employees can access data from anywhere and on any device. This increases productivity and accessibility. This also reduces the risk of data loss.
Previously, contract management involved storing physical documents and relying on paper-based approval processes. This often led to lost or damaged files and lack of collaboration and version control.
Now, businesses can use a single, cloud-based system to manage contracts and speed up their sales cycle. A simple, user-friendly interface allows teams to view contracts and generate custom reports. They can also sign contracts using legally-binding electronic signatures and track renewals automatically.
When choosing a cloud contract management vendor, consider the following factors:
Security
Ensure the cloud vendor offers security measures that protect company data. This includes a software license that prevents third parties from reverse engineering the application. Also, the cloud solution must apply a data wipeout and sanitization to all stored media upon contract termination.
Additionally, the system should encrypt all sensitive information. This is important for protecting your company's intellectual property.
Using a cloud contract management platform allows teams to access and share contracts on any device. This streamlines collaboration and reduces the need for back-and-forth communication. Additionally, the system helps teams stay on track with automated alerts and workflows.
When selecting a cloud contract management solution, evaluate the vendor's implementation support, training options, and ongoing customer support. This will help you identify potential resistance from employees and ensure your team can use the system effectively.
Also, ask for a free trial of the system to see how it works. It should also have robust disaster recovery to ensure that your data is safe even if your office building is destroyed by a natural disaster or hacker attack.
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