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How to Achieve a Successful Contract Management Workflow

NOTE:  Gia Keasler, provides today’s guest blog, How To Get Your Startup Ready

Gia Keasler is a contributing writer based in NYC. She usually writes about running and funding a startup and how to make it successful. She also does brush pen calligraphy as a hobby.

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Successful Contract Management Workflow

Contract management manages the contracts and agreements the stakeholders sign between the company and its clients. Contract management software helps track all these contracts to maintain compliance, reduce risks, and ensure everyone meets the contract terms. Together they provide a successful contract management workflow.

Contract management is a tedious process that takes up time and resources. Consider implementing a contract management workflow to ensure that the process doesn’t take up too much of your time.

Contract management workflow is a systematic approach to managing contracts in an organization. It involves defining who will be responsible for what, who will be notified when, and how to manage the contract lifecycle from start to finish.

The best contract management workflow will help you stay organized and on top of your work. It will also help you maintain the integrity of your contracts and not get into legal trouble.

If contract management is an essential part of your business, here are some tips and tricks to achieve a successful contract management workflow.

1. Map Out Your Existing Processes

You can break down contract management workflow into three steps: onboarding, monitoring, and closing. These three steps are essential in creating a successful contract management process.

The onboarding step includes the following::

a) Identifying all contracts that need managing

b) Creating an account for each contract

c) Setting up an inbox for each contract

The monitoring step includes the following:

a) Checking contracts daily for updates

b) Updating contracts when needed, such as adding new clauses or changing existing ones

The closing step includes the following:

a) Closing out contracts when they are complete

Once you identify your current contract processes, you can find a more leisurely time mapping out a better workflow.

2. Create A Centralized Contract Repository

A centralized contract repository can be an effective solution to create a successful contract management workflow. It helps the company to have a single point of contact for all contracts, which everyone in the company can access.

A centralized contract repository is a central database that stores all contracts, including their terms and conditions. Everyone in the company can access this database, providing access to all agreements and their terms and conditions. The centralized contract repository enables data sharing among different departments to develop business intelligence reports.

When you have a centralized contract repository, it makes managing contracts more straightforward and more efficient. You can easily search for the terms and conditions of an agreement, find its status, and create new contracts with ease.

Creating a centralized contract repository saves your company time and money when managing contracts. It also allows you to maintain compliance standards with less effort.

3. Set Up Master Templates for Faster Drafting

Setting up master templates for faster drafting is a great way to help streamline your workflow and ensure everything gets done efficiently.

Contracts are a vital part of any business. They provide the framework for many of your company’s workflows and processes.

Creating these master templates will allow you to save time by not spending time drafting each contract individually.

4. Use Process Management Software. 

Process management software helps streamline the process, making it more efficient and effective.

Process management software is becoming a must-have for companies with many contracts. It helps them manage the contractual process, track each contract’s progress, and ensure that they meet their deadlines.

If you are using a contract management workflow, you will need to use process management software to manage your workflow. Some of these tools also provide features like automatic email reminders and templates to make it easier.

5. Self-Serve Contracts

You may not have been aware of this, but many businesses use self-serve contracts. It is a great way to streamline your contract management workflow.

Self-serve contracts are digital documents you can create in a few minutes and send to clients for review. They are also known as electronic agreements or electronic signatures.

When you use self-serve contracts, you can save time and money by only having one person handle the paperwork for all of your arrangements instead of multiple people handling different types of paperwork. You can also eliminate manual processes that take up too much time and resources, like printing and mailing paper documents or sending emails back and forth to each other about the contract details.

6. Set Up An Approval Workflow

With the help of decent CLM software, you can have an easier time setting up this approval workflow for all parties involved.

An approval workflow will help you avoid losing money and keep track of all the changes you need to make.

The primary purpose of an approval workflow is to prevent any changes without a sign-off from the person who approved the change. The process also helps track:

Changes

To set up an approval workflow, you need two people: one approves changes, and the other tracks them. The approver will approve any changes they see fit, while the tracker will keep track of everything that has been approved or rejected by an approver.

7. Make eSignature Frictionless

When it comes to contracts, everybody is involved. It starts with the client and ends with the company. When you make eSignatures frictionless for your clients, you can easily manage the contract workflow more efficiently.

It’s not just about making a contract management workflow easy for your client. It’s about making it easier for your company as well. The more streamlined your workflow is, the faster you can get things done and get back to focusing on what matters most – delivering excellent customer service.

8. Automate Renewal Reminders

Automating contract management workflow is a crucial step toward automating your business. Automation allows you to focus on other tasks and reduce the workload.

Automated renewal reminders are a way to automate the renewal process for your clients. They help you keep track of contracts and avoid potential issues with expired terms.

The success of the contract management workflow depends on how well you can automate it. Automation is the way to go if you want to ensure that your company’s renewal process is as successful as possible.

Conclusion: Successful Contract Management Workflow

By having a successful contract management workflow, your company and the stakeholders like your clients will have an easier time conducting business overall. The easier it is to do business with you, the more appealing it is for people to work with you. Thus, it would be best to consider applying these tips for a more successful contract management workflow.

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Sales Tips: How to Achieve a Successful Contract Management Workflow

1. Train staff on an acceptable code of conduct for business.
2. Educate staff on business priorities and how to track progress.
3. Research technology that enables documentation and is straightforward for usage.
4. Teach staff how to set reasonable goals for their position plus monitoring strategy.
5. Host team meetings to share new thoughts and ask for insights from individuals.
6. Meet with those in management positions regularly to address issues upfront.
7. Track all changes to ensure interference with well-functioning procedures.
8. Monitor which strategies work best to attempt to leverage the outcome.
9. Realizing a successful approach, continue with adding complementary methods.
10. Celebrate Success!

Today’s insights are provided to help you achieve the Smooth Sale!

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