The year 2023 has shown that digitalization in contract management is no longer just an option, but a necessity in order to operate in a future-proof manner long-term. Companies that rely on smart contract management tools benefit from numerous advantages: seamless processes, faster contract closures, successful risk minimization and increased transparency.
Just in time for the end of the year, we have five New Year's resolutions for you to make contract management in your company even more efficient and target-oriented.
1. I have the answers I need at my fingertips at all times.
The ability to obtain information at any time is particularly relevant in contract-intensive areas such as legal departments, purchasing, or sales. In order to be able to access all documents quickly, companies need to create a “single point of truth” with the help of a digital archive that bundles all information in one place. Using a semantic full-text search including numerous filter options, those responsible can obtain the required results from the contract portfolio by entering just a few keywords. Thanks to the mobile app, this information is always available, even on the move or in negotiation situations.
2. I reliably adhere to compliance requirements.
With increasing regulatory requirements, it is more challenging than ever for companies to keep track of compliance obligations and anchor them in contracts. Using the right digital tools gives those responsible the necessary certainty that they are demonstrably fulfilling all due diligence duties. The use of verified contract templates and constantly updated clause libraries ensures that all necessary and valid requirements are taken into account. Changes to the text passages are only made by the authorized persons in the respective context. This not only reduces manual effort, but also minimizes the risk of errors.
3. I can handle audit and inspection situations with ease.
Generating reports at the touch of a button - this works if the data to be analyzed is initially stored correctly. The use of automated evaluations is particularly useful when companies are subject to reporting obligations, for example for data processing, or for annual and ad hoc audits. Individual design options in the contract lists, combined with a wide range of sorting, filtering and analysis options, form the basis for the quick and easy creation of dynamic reports. This also makes it easy to answer ad-hoc queries in inspection situations.
4. I avoid risks in collaboration with my partners.
In order to establish resource-saving and, above all, secure business processes, avoiding media disruptions must always be a core element of digitalization. If several systems are in use when collaborating with external parties, it can be easy to lose track of the status of ongoing processes. In addition, sharing documents via email or insecure platforms also compromises cybersecurity. By integrating external partners into the contract management software, Fabasoft Contracts allows all parties involved to access a shared version of a document without having to change the medium. The direct integration into review, approval and signing processes leads to an enormous reduction in effort and avoids security risks.
5. I now have sufficient time for my main tasks again.
The use of digital business processes reduces the administrative workload by automating routine tasks. In contract management, for example, intelligent software such as Fabasoft Contracts supports numerous activities along the contract lifecycle. When digitizing agreements, for example, the AI automatically retrieves relevant content such as the contractual partner, contract amount or notice periods, enabling the standardized extraction and classification of metadata. This makes the manual maintenance of lists or evaluations a thing of the past.
Easily implement resolutions with digital contract management
The features of modern contract management software such as Fabasoft Contracts help you to get rid of “old” habits and consciously opt for new approaches. Smart software significantly reduces manual effort, potential errors and risks and helps you gain a competitive edge. This enables you to achieve your corporate goals with lasting impact.
We wish you a successful end to the year and a thriving start to the new one!