As a matter of fact, contracts are the basis of every business relationship. No matter with whom or in which industry – contracts are part of a regular day at work. But why does contract management have to be so tedious and time-consuming? If you’ve asked yourself the same question, then We’ve got good news for you: This time is over! Digitization, our good old friend and helper in times of need, has finally arrived in the contract world. Join us on a journey to a time when mountains of paper, dusty file folders, and Excel lists that go on for ages lie in the past.
If you want to find out what digital contract management is and why it’s worth your investment, keep reading.
Digital contract management – simple and intelligent
Digital contract management provides a software which is specifically designed for a single purpose: The optimization of the entire contract process. In this context, all processes are digitized and automated. This includes contact creation and adaption as well as administration and administration. The upper goal is to make contracting simple, transparent and flexible, while ensuring security for all parties involved. The contract cycle presents many challenges, for which a good contract management system provides reliable and supportive assistance.
Multifunctional software for optimized contract processes
To give you a better idea of what digital contract management can do, we will show you an overview of the most important functions and benefits below.
Function 1: Automated contract creation and customization.
With the help of a digital contract management system, professional and individually adaptable contracts can be created automatically. Using forms, you can easily assemble tested templates and text modules according to your personal ideas. With just a few clicks, each contract can be split up and recombined. Good software also allows you to create professional contracts from your existing data on Word or Open Office.
Benefit: User-friendliness, uniformity, error prevention, time saving
Function 2: Integrated contract management
Archiving takes place via a digital contract file. Here, all contract-relevant documents, such as correspondence, contract versions and accompanying documents, are brought together in one contract process. In this way, you always have an overview of the current status of your contracts. Moreover, you can view the contract history and retrieve required documents in a matter of seconds.
Benefit: High availability, fast access to desired information
Function 3: Access protection
The digital management system allows the regulation of access authorization to a predefined selection of persons. Thereby, the software protects sensitive content from unauthorized access. Furthermore, it is possible to edit drafts of future contracts in collaboration with your co-workers. Detailed logging of the editing processes ensures transparent creation, review and adjustment of drafts.
Benefit: High data security, transparent and logged processes, collaborative working
Function 4: Digital signature
Until now, you had to laboriously print out the contract and send it by mail. But not anymore. The electronic signature is not tied to time or location. Therefore, it can be signed directly from the office, on the way, or from the comfort of your home. Worried about security? Then watch out: Electronic signatures are often more secure than handwritten ones. Good software uses an encryption and authentication system to protect against forgery.
Benefit: Security – at any time and any place
Function 5: Contract controlling
A very good digital contract management system enables fast access to all important information and key figures of the individual contracts. Dashboards and reports provide evaluations that make contract controlling much easier (e.g. evaluations of contract times, contract types, and processing times). In this way, costs and outstanding liabilities can be monitored and compliance with contract provisions can be ensured.
Benefit: Evaluation and preparation of important key figures
»Nothing in the history of life is more constant than change.«
— Charles Darwin, Naturalist
Even the British naturalist Charles Darwin recognized that change is inevitable. Every day we set new goals, pursue new visions and ideas. We continue to develop. And just as we do, so does technology. Problems become opportunities. Risks become chances. New technologies are changing the world. Leading the way: Clever Contracts – Simple. Intelligent. The contract management of your future.