An intelligent contract management technology helps transform the contract processes not limited to data and other related documents into dynamic building blocks for improved contract oversight. The technology involved allows for the proactive identification of available opportunities in the market.
It also aids in risk mitigation. Managing contracts without intelligent contract management technology are tricky and sometimes a daunting task that may lead to business closure. The points below explore the role of intelligent contract management technology in your organization's success.
Booking automation
Various tasks are involved in contract management that requires automation to avoid repetition. The technology used should have the necessary features that process different tasks like invoice processing. This will enable the organization to buy an invoice to the contractual agreements. All functions that involve encrypting a recurring invoice manually are canceled.
Also, you can keep track of the invoices booked for all the contracts signed and prevent any instance of unauthorized transactions by the employees.
CLM Gartner magic quadrant will help connect all parts of the business, including procurement and finance operations. SirionLabs have a high level of continuous innovation to build the next generation of intelligent contract management technology and apps that redefine the CLM category.
Digitizing document processes
Contracts tend to be lengthy processes, and they have a lot of documentation that can hardly be handled by paperwork. Intelligent contract management technology embraces many changes in the digitalization of the company's documents. With the digitalization of the documents, there is easy access and examination of all involved contract details.
The intelligent contract management technology supports both desktop and mobile applications. That means it will keep the parties involved in all stages alert even while away from the office through notifications.
Alert notifications on contract expiration
An intelligent contract management technology factors the expiry dates of the different contracts signed by the company and issues an alert notification. Contracts are supposed to be carried out with strict adherence to the set dates agreed by both parties. All employees working on the contract should be notified of all the dates to keep their working pace.
Most of the extensions are caused by unclear expiry dates, and it might not be ok if one of the parties feels like it needs to be compensated for the time wasted. When the alert is issued, the parties involved can review the expiry dates and see the need for a contract extension.
Authoring of contracts
Without intelligent contract management technology, it can be challenging to keep track of the mistakes and the faults that hinder effective contract authoring. A lot of paperwork may be involved, making the process harder as the parties involved have to go through all those documents and sign each of them when needed. Sometimes the organization is forced to print other documents for similar contracts.
This can be avoided by using intelligent contract management technology through template features. It will help to skip all the redundancy that might have been involved in
drafting the contract lots of time by using the standard template.
Evaluation of company’s performance
Without proper insights into the different contracts issued to the company, it can be challenging for the company to detect all processes that led to loss-making. The company will lack supply performance details that help to understand the direction that the company is projecting towards.
An intelligent contract management technology will offer all the insights needed to evaluate
the company's performance adequately. It's integrated with standard protocols that measure the performance of the supplier section. With the details about the supplier, the business will be able to identify the best supplier and reward them accordingly to ensure a sustained profitable relationship.