No matter the size of your organization and the number of clients and partners you have, it is crucial that you pay close attention to how you manage and store your contracts. Misfiling, mishandling, and breaching of such a crucial document can lead to serious and costly consequences.
If you are quite unsure how to store your contracts securely, we will guide you through the best tips and practices to simplify your contract management system.
Table of Contents
- How to manage contracts effectively?
- How to store your contracts securely?
- What makes a good contract manager?
- Key Takeaway
How to manage contracts effectively?
Although contract management is an integral part of any organization, it is often overlooked and sidelined. Admittedly, this aspect of your operation can be tedious and time-consuming, and it also requires an additional workforce. Organizations with little to no extra resources are left with no choice but to put this aspect at the bottom of their priorities.
If you are one of those that have neglected their contract management for so long, it’s high time that you give it some attention. Before we walk you through how to store your contracts securely, let’s take a look at some easy ways to manage such an important document.
Include contract management into your document workflow
First and foremost, you have to put great importance on managing your contracts. It should not be treated as an afterthought. It needs to be handled with a great sense of urgency. You can introduce contract management as a part of your overall document workflow. That said, you also need to appropriate the right amount of funds. By including this in your workflow, you are ensured that everyone will diligently accomplish all tasks relating to contract management.
Simplify your process
Develop a contract management process that’s easy to understand and implement. It should not be hard for your team to know how to store your contracts securely. Doing things the roundabout way will prolong your workflow and increase the chances of your employees procrastinating. It also helps to create a solid guide or manual, so your team has an official reference to the process and procedures of handling agreements.
Fix issues early on
Don’t pressure yourself to develop a perfect contract management system on your first try. Your process may appear flawless on paper, but there are a lot of determining factors that can affect the flow when you implement it. The best way to go forward is to address all the issues as soon as they arise, may they be small or big. It should be dealt with haste.
How to store your contracts securely?
One of the most essential things to consider when streamlining your contract management is figuring out how to store your contracts securely. These documents must be handled with utmost care and security as there are grave repercussions for mishandled contracts. Here are some of our top tips to prevent such unfavorable circumstances from happening:
Keep your files organized
One of the most common issues many organizations face is misfiling important documents such as contracts and agreements. While this may seem like a minor inconvenience, it can certainly open a can of worms that can lead to very serious consequences. It’s ideal to create a filing scheme that involves creating a standard format for file names. This also makes it easier for you to search and retrieve any files.
Create a document retention policy
When you create your document workflow, also create a document retention policy that determines how long you can store your files. It is also best that you regularly purge your repository. This prevents you from accumulating way too many files. This is another way to store your contracts securely.
Adopt a more digital approach
You need to start adopting a more digital approach to your document management system in today’s modern times. This simplifies how you store your contracts securely and automates many tasks. There are also other advantages to digitalizing how you manage your contracts. For instance, you do not need to have a physical storage device. Nowadays, you can store your files on the cloud. It also makes document signing much easier as there’s no need to print and mail anything. It saves you time and money.
What makes a good contract manager?
Having a contract manager is yet another way to ensure that your team can store your contracts securely. It’s also ideal that you assign one in your organization. Here are some skills that are necessary to make a good contract manager.
It cannot be stressed enough that the key to having a well-running contract management system is organization. If all your files have their own designated space and folder, you are off to a great start. That being said, your champion should be a very well-organized person. They have to ensure that everything is stored safely and properly.
A contract manager is not only responsible for keeping all your agreements safe and secure. It is also their main responsibility to ensure that everyone in the team knows how to store your contracts securely. They need to have strong communication skills to inform the entire organization of the best practices in terms of contract management.
Contract Law Background
When choosing a contract manager, it is important to pick someone who has a good grasp of contract law and everything relating to contract management. A person with such a background can certainly make your workflow run smoother and more seamlessly.
Knowing how to store your contracts securely is just one of the essential elements of a successful contract management system. You also need to have the right set of skills to develop and implement policies and procedures. More importantly, you also need to introduce new tools and software into your processes to ensure efficiency.
One tool that is a worthy investment is Fill, an electronic signature application that allows you to get your documents signed faster. It offers a plethora of features such as real-time audit trail and log, high-level security measures and encryption, cloud storage for your files, and the ability to request signatures in just a few clicks. There is no doubt that Fill can make the way you manage your contracts a breeze.