What is contract management software
Contract management software is a tool designed to automate and streamline the contract management process for businesses.
Contract management tools make it easier for legal and business teams to create, negotiate, sign, renew and report on business contracts by automating the manual work traditionally involved in a contract workflow.
Rather than switching between multiple different tools to manage contracts, contract management software enables teams to manage contracts from end to end - all in one platform. This is because all of the features they need are centralized in one workspace.
Why we need Contract Automation Software
- Contract in-a-box: Generate contract by a click of a button
- Compare existing contracts : Compare existing contract with AI based contract repository
- Digitized: SaaS based automation to allow online access 24 x 7
- Obligation information: automated alerts for efficient contract management post signature
- Contract Analysis: Smart one page contract analysis for efficient risk management
- Integration: Integrate with existing corporate systems
- Customized solution: Customizable to demand based industry standards
- Audit trail: Allow audit trail over the complete life cyle, offer-negotiate-sign-execute.
New contract creation flow
- Basic info includes, type of contract, party information, scope (HW, SW or Services)
- Options to be chosen by user. User provided with guidance (risk rating based on the guidance in the tool).
- Online approval system from each stakeholders using automated email system for alret
- User and Approver can assess the online report for quick scanning with focus on deviations (green-red-yellow)
- Draft contract can be downloaded for sending to other party
- Analysis stored online
- The same process can be repeated for each stage of contracting “offer-negotiate-sign”
Existing contract assessment flow
- Contract is uploaded on the tool
- Tool identify relevant clauses for each topic based on RPA (Robotics Process Automation)
- The user identify and choose options (risk rating based on the guidance in the tool)
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