Contract management software is a digital tool that helps businesses create, negotiate, sign, and store contracts more efficiently. By automating contract processes, contract management software speeds up the contract lifecycle, improves compliance, and lowers risks. A contract management platform offers a centralized, secure repository for storing all contracts, providing companies with enhanced visibility and easy access to critical information. Overall, contract management software makes handling contracts quicker, safer, and easier to understand.
5 Benefits of Contract Management Software
Lower Costs & Better Contract Visibility
Contract management software can reduce legal admin costs by up to 30% by streamlining workflows and ensuring no legal obligations are missed. With all contracts stored in a central repository, businesses can easily access and search for any document, minimizing the risk of losing critical contracts.
A customizable contract approval workflow feature shows the status of each contract, highlighting where delays happen and who’s responsible, making the process clearer and more organized.
Improved Efficiency & Productivity
Contract management solution accelerates contracting processes and boosts productivity. It automates manual tasks such as contract drafting and contract creation process, reviewing, and routing contracts, allowing legal teams to focus on higher-value activities. Customizable workflows speed up approval cycles and automate contract creation, while e-signatures enable instant execution. With faster contract turnaround times, businesses can close deals more quickly and avoid delays, significantly improving operational efficiency.
Increased Compliance & Risk Management
A study by McKinsey & Company estimates that companies lose about 2% due to unfulfilled contractual obligations. With strong contract management software, businesses can set up automatic reminders to avoid missing these obligations. The software is useful not just after contracts are signed but also in spotting risks during negotiations.
Additionally, the contract management platform provides a clear audit trail and accurate tracking of contract versions. This helps companies show compliance during audits and legal reviews.
Automated Reminders
CLM software helps track contract renewal dates, deadlines, and other key dates. Teams no longer need to check spreadsheets or calendars. They can set up reminders to make sure important tasks like contract renewals and negotiations are not missed. This system helps businesses handle several contracts easily and reduce mistakes. It also helps keep good relationships with vendors and clients by making sure renewals are on time.
Improved Collaboration & Communication
Improved collaboration and communication are essential for effective contract management. Modern tools offer features like version control, track changes, and user access management, ensuring clarity and accountability. Electronic and digital signature capabilities streamline the approval process, while customizable templates and workflows enhance efficiency.
Contract automation, combined with a centralized repository, simplifies contractual processes for both internal and third-party stakeholders. These tools also enable contract managers to monitor performance, access real-time contract intelligence, and maintain better control over all aspects of the contract lifecycle.
What makes Volody the best option for contract management?
Volody is a great pick for contract management software in 2024. From contract authoring to executing, storing, and tracking them, Volody does it all with its end-to-end contract management solution. Its easy-to-use CLM software helps team members manage changes, check contract status, and deal with contract tasks without trouble.
Comprehensive AI Features
- Risk Analysis & Clause Suggestions: Identify high-risk clauses using your risk framework and get tailored clause suggestions for smarter, safer negotiations.
- Redline & Obligation Tracking: Summarize redline edits with a deviation summary and monitor obligations in real-time through smart dashboards.
- AI Chatbot & Contract Summaries: Get answers to complex queries instantly and generate concise contract summaries, enabling faster, informed decisions.
User-Friendly Interface
Volody’s intuitive platform is designed for ease of use, enabling business users with minimal technical skills to manage contracts effortlessly. With a clear dashboard, pre-defined roles, and customizable features, teams can track, review, and manage contracts with minimal training. Whether drafting, collaborating, or storing contracts, Volody ensures a seamless experience, enhancing efficiency and workflow.
Customization and Integration
- Effortless Tool Integration: Volody integrates with CRMs like Salesforce, HubSpot, etc.; ERPs like Oracle Cloud, and e-signature platforms like VolodySign, DocuSign, AdobeSign, etc. ensuring smooth contract execution and streamlined approvals.
- Customizable Workflows: Tailor contract approval workflows, create customizable templates, and adapt the platform to your business needs for efficient scaling.
- Automated Operations: Automates administrative tasks, reduces manual data entry, and simplifies contract management while your team uses familiar tools like MS Word, & Google Docs.
Dashboard & Reporting
Volody’s intuitive dashboard provides a real-time view of all your contracts, helping you track deadlines, productivity, and key tasks. With one click, you can generate detailed reports on compliance, risks, and contract performance. Its advanced analytics keep you informed about renewals, negotiation timelines, and team progress, empowering smarter decisions and efficient contract management.
In Conclusion
Contract management software is vital for businesses of all sizes, providing valuable insights and advanced features that streamline contract authoring, contract storage, and automated contract creation. Secure cloud storage and tools like electronic signatures simplify workflows, while access control and activity logs improve collaboration with teams and third parties.
By managing critical contract milestones and ensuring compliance with contract terms, these platforms enhance contract performance and offer additional features for specific needs. Supporting unlimited users, they simplify contract information tracking and cater to diverse use cases.
With free trials available, businesses can explore solutions like Volody to achieve better contracts, reduce risks, and optimize operations. Contract management software is the key to smarter decisions, stronger relationships, and seamless workflows.
