Contracts are instrumental to a business. That may sound like business sales jargon, but it's true. The fact of the matter is, if a contract is optimized to the very best it can be - for both parties - it will proffer better results as well as a stronger working relationship. Ensuring that a contract is as good as it can be, does not have to be a time-consuming or onerous task, however. By ensuring that you and your business have an efficient contract workflow process in place, you can manage the lifecycle of a contract easily and effectively. It is a win-win situation and a no-brainer of a business decision: improve your contract workflow, improve your business.
Without a doubt, our software can help you do this, but understanding what can make a contract workflow better, and therefore what makes a better contract, is key too. So, we give an example of a process to demonstrate how workflow could be used for contract administration. Doing so means that you will see a massive reduction in the time and effort spent on a contract, while enhancing the final product. Again, a win-win no-brainer of a business decision.
What is contract workflow?
Contract workflow is simply the process it takes to get a contract through the various stages required to have it finalized, signed and stored. Contract management workflow is similar but it takes a much more hands-on and proactive approach to ensuring that all those stages are met and completed to work towards the final product.
Best practices on contract workflow
Just because a contract workflow is getting a contract to a place where it is completed, does not mean that that contract workflow is the best it could be. In fact, our whole business model is based on the fact that most contract workflows are not optimized. Utilizing the best practices possible throughout a contract’s lifecycle and workflow is key to making the most of what a contract can be and bring to a business. Plus, on top of that, optimizing a contract workflow makes the entire process quicker, meaning value can be derived from a contract more quickly than a workflow that is inefficient and left to stagnate.
For that reason, employing the following practices and automations (which our software does as standard) can result in better contracts signed in better time.
Harnessing the data captured in the workflow of a contract is one of the best practices you can use to overhaul your previous workflow practices. In doing so, you are able to produce dynamic documents that can be frequently and constantly updated to produce accurate and timely contracts - time after time.
Plus, harnessing data within a workflow simply makes the logistics of creating a contract far easier. Businesses no longer have to rely on printing out revision after revision or draft after draft of a contract. Instead, documents can be worked on through one single platform - they do not even have to be emailed to relevant personnel. Instead, through the use of our contract lifecycle management platform, you can create an audit trail of all the revisions, edits and modifications that are made on a draft. All, simply through harnessing the data captured in a workflow. And, you get to pat yourself on the back for helping save some trees.
Integrate with other apps and software
As our contract lifecycle management software uses data from dynamic documents, we have also ensured it can integrate seamlessly with a company’s communication system. That does not just mean email packages, like Outlook for example. Instant messenger tools like Slack or Teams - among many others - can be used with our software and should be a way that businesses look to improve their workflow. If such communication tools help employees discuss work in other remits - why not for contracts too?
Micromanaging is the bane of anyone’s life. With a data driven workflow overseeing a contract’s creation, our software can be used to generate tasks automatically for creating, drafting, and finalizing contracts. It then frees up time to better spend elsewhere and employees feel empowered to get on with their jobs without feeling like they are being micromanaged.
Automate and auto generate
Above all, using data from contracts also means that you can add automating and autogeneration to your contract workflow. So many contracts are very almost carbon copies of one another. A piece of automation software can create a contract immediately. Auto generation uses AI technology to even know when an automated contract is required - thus minimizing human intervention in the contract process further. What’s great about that is, not only does that save a lot of time, it also helps remove human error from the process. Contracts are accurate from the start, making them far more reliable.
Example of contract workflow process
At Contractbook, we passionately believe that harnessing data captured in a contract management workflow process is the best way to optimize the entire procedure. As a result, we believe the following to be a good example of contract management workflow process:
- Create contract templates.
- Start contract drafts.
- Collaborate on drafts across teams and relevant parties.
- Sign contracts.
- See the statuses of contracts: seen, changes requested, signed.
- Store all contracts safely on our servers and access them at any time.
- Automatically trigger future contracts, tasks, and events from data within completed agreements.
Overall takeaways to contract workflow optimization
While a lot of what is said above sings the praises of our own software, the fact of the matter remains - if you optimize your contract workflow, you save time and money. Enhancing every aspect possible of a contract lifecycle management process will leave you and your personnel with more time and energy to devote to areas where more unique, lateral thinking is needed to add real value. Employing the use of our software can provide you with that opportunity.