How to Improve Contract Management: 5 Proven Ways

How to Improve Contract Management: 5 Proven Ways

Why learning how to improve contract management necessary? Why is contract management process needed? This administrative task is vital for the success of your business deals. Managing contracts can be complex and time-consuming — from creation to execution.

That’s why industries such as construction, manufacturing, and IT services have long used contract management software, especially when collaborating with working with third-party vendors. In this article, we’ll give practical tips for dealing with contracts. You will also learn how you can enhance this process by using Fill, a feature-rich contract management platform.

 

5 Tips for Streamlining Contract Management

  1. Use Contract Management Software
  2. Automate Where Possible
  3. Set Up a Central Database
  4. Utilize Templates
  5. Keep Up-to-Date Records

 

1. Use Contract Management Software

There are several ways to boost your contract management process. One of the best ways to improve contract management is to use software or apps. You can choose from a wide range of online solutions designed to consolidate and simplify how you handle contracts and other documents.

Here are some of the features that you should look for:

  • ability to create and store contracts
  • version control to track changes
  • electronic signatures
  • workflow management
  • customization and branding

2. Automate Where Possible

Manually managing contracts can be a time-consuming and error-prone process. Automation helps you save time and resources, enhance productivity, and maintain consistency across all departments.

Contract management software can optimize a number of tasks such as contract generation, approval, and reminders. Automating these tasks will allow you to:

  • focus on negotiating better deals and building relationships
  • spend less time on administrative tasks
  • avoid duplication of effort

3. Set Up a Central Database

A central database or repository is where all of your organization’s contracts are stored. This makes it easier to find, retrieve, and monitor contracts. It also allows you to see who has access to each document.

You can use one of the following for your central repository:

  • cloud storage
  • hard drives
  • physical filing system

Using a cloud storage system has the benefit of allowing you to access your contracts from anywhere. When you choose this option, make sure that you use a secure and reliable service provider.

4. Utilize Templates

Templates help standardize contracts by providing a preapproved structure for agreements. They can be used for employment, sales, service, and supplier contracts.
These premade documents make it easier to:

  • save time on the negotiation and drafting process
  • ensure that all essential clauses are included
  • maintain consistency across all contracts

Every time you write a new agreement, you put yourself at risk of making errors and being liable for them. But you can cut down on them or even stop them from happening when you use templates.

5. Keep Up-to-Date Records

Records of all your organization’s contracts include:

  • a list of the contracting parties – who they are and their contact information
  • contract term – the duration of the agreement
  • a summary of the contract’s key provisions – what each party agrees to do
    amendments or modifications that have been made – changes that have been made to the original contract

Keeping records helps expedite contract management by:

  • providing a complete history of the contract
  • allowing you to track changes
  • ensuring that everyone is working off the same agreement
  • making it easier to find a specific contract or clause

Why Is Contract Management Important?

Contracts set clear expectations that help businesses avoid misunderstandings and disputes. This is the reason contract management is an essential tool for defining professional relationships and transactions. It also allows you to:

Protect your interests

The business interests of all parties involved in an agreement must be represented and protected during negotiations. They should have a clear understanding of what they’re trying to achieve and what’s at stake if the deal falls through. Contract management ensures that an organization is getting what it needs out of an agreement.

Enforce timetables and deliverables

Clear deadlines and deliverables are essential to ensuring that both parties uphold their end of the deal. Delays can cause a ripple effect that can impact the entire agreement. Contract management ensures that both parties are held accountable for meeting their obligations.

Minimize risk

Organizations need to identify and assess the risks associated with an agreement before signing. Contract management ensures that all hazards are identified and mitigated. For example, if a client doesn’t pay on time, the contract management team can take the appropriate measures. It will protect the organization’s interest by preventing financial losses and legal disputes.

Monitor compliance

The different parties involved need to ensure that they are adhering to a contract’s terms and conditions. This is essential when agreements are regulated by a government body with strict standards.

With contract management in place, transparency and accountability are enforced, and any deviations can be quickly addressed. It gives companies visibility into the performance of their partners, allowing them to identify non-compliance quickly.

Fill’s Key Features for Contract Management Strategy

Contract management is critical for any organization that wants to stay ahead of the competition. Fill provides a much-needed solution for an effective strategy that will save you time and money.

You will benefit from these Fill’s key features:

Secure and unique esignatures

Fill uses the latest security features to ensure that your documents and esignatures are safe. With 256-bit encryption and signer identity verification, you can be assured that your contracts are protected from fraud.

Cloud-based repository

Having a contract repository is a great way to keep your important contracts organized and accessible. Fill keeps all your documents in one secure place. Since everything is in the cloud, you can access your files so long as you have a stable internet connection.

Real-time audit trails and logs

An audit trail is an invaluable tool for keeping track of document activities and ensuring compliance with regulations. Fill provides an up-to-date record of all activities, including who accessed the documents, when they were accessed, and what changes were made. It increases visibility and tracks every stage of the contract lifecycle.

Third-party integration

Transferring data between multiple apps can be a hassle. Good thing that Fill makes it easy to integrate with other apps using our developer API or Zapier. With just a few clicks, you can connect the app with popular document-sharing solutions.

Free customizable templates

Fill offers free contract templates that can save you time and effort. There’s no need to draft a new one from scratch. Our contract templates help ensure that your agreement is legally binding. Whether you need to sign a simple contract or a more complex agreement, there is sure to be a template that meets your needs.

An efficient contract management strategy is the key to success for any business.

With Fill, you can easily manage your contracts and optimize your document workflow.

Get a demo today.

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