Automated contract management is an essential process for any organization dealing with multiple contracts on a regular basis. The inclusion of a robust workflow automation tool like Process Street, integrated with DocuSign, can streamline the contract management process and make it more efficient.
By automating contract workflows with these tools, organizations can optimize their contract management process, minimize errors and delays, and reduce risk while improving compliance.
It’s easy to set up a contract automation workflow and reap the benefits immediately.
In this post I’ll show you how to easily use Process Street and DocuSign to create workflows that automate the contract management process and make your life easier.
Let’s get started!
The fundamentals of contract management include managing the entire contract lifecycle from initiation and negotiation to execution, monitoring, and renewal or termination.
Key aspects of contract process management include:
An effective contract management system requires the ability to manage conflict and negotiate, strong communication skills, and collaborative problem-solving.
Some of the common challenges faced by contract managers include:
Depending on the discrepancy in the delivered payment and services, it can be difficult to track and audit claims and demand service credits from the other party.
If the contract process isn’t well-organized, employees could also miss contracts. This leads to confusion and difficulties in tracking contract performance and renewals. Legal and regulatory standards also change frequently, which may lead to possible contract violations and consequences if no organization is in place.
Decentralized contract storage often leads to a lack of standardization, which is problematic. Contracts that are processed with formalized standards and have a centralized storage hub support effective legal compliance and business activity. Without it, confusion can arise due to there possibility being multiple, incorrect, or outdated versions of the same contract.
A lack of clear direction in the contract management process can cause communication issues and coordination errors between people and teams. As a result, cross-departmental team collaboration is flawed, which leads to misunderstandings and mistakes.
If there is no clarity in the terms of the contract, then it can lead to disputes between the two parties. Not to mention, a lack of contract visibility can put parties as a disadvantage when they don’t have knowledge of the terms and activities of a contract.
Ineffective contract management can spread to logistical inefficiencies. Time-delays, quality issues, and other problems related to suppliers fulfilling their obligations then cause additional difficulties in contract management.
Here’s how software enhances the contract management process:
Easy accessibility is provided when contract management is integrated into a centralized software tool. As a result, the likelihood of misplacing or losing any crucial contract documentation is greatly reduced.
Contract management software enables you to keep tabs on all the contracts’ progress, status, and due dates in one place. Such software makes it easier to monitor contracts and take proactive steps to fulfill your contractual obligations.
You minimize the risk of mistakes by standardizing and automating your business contract templates, e-signatures, and clauses. That’s because contract management software facilitates the review process to cover these aspects in real-time.
When the entire contract management process is housed inside a centralized hub, visibility and accountability increases amongst teams and employees. This empowers organizations to collaborate effectively, monitor progress to completion, establish key milestones, and share critical information when needed.
Contract risks are mitigated by automating and monitoring contract compliance activities while managing external parties (like suppliers and vendors). Contract management software provides these features to ensure all aspects of contracted obligations are formalized and transparent to all involved parties.
By automating the contract lifecycle process, businesses can save valuable time and money. This can then be redirected towards strategy implementation and achieving organization goals.
Here are some signs that show you need to be using Process Street and DocuSign workflows to automating your contract management process:
Some Process Street and DocuSign workflow use cases include:
You are onboarding a new client and need to send them a contract to sign. You complete a task in your onboarding workflow run and the contract is sent to the client’s email address for their signature.
You have a new property to manage and start filling out a lease agreement workflow run. You complete a task and the agreement is created, with details from your workflow run pushed across, ready for the owner to read through and sign.
Process Street and DocuSign can be used together to streamline the contract management process using automations. You can use Process Street to create custom workflows for creating and managing contracts.
Then you can use DocuSign to add electronic signatures for approval and sign-off. This integration can help you to automate the contract process, reduce errors, and speed up the time it takes to get contracts signed and executed.
Additionally, you can use DocuSign’s CLM solutions alongside Process Street to:
With this powerful automation, you can enhance your overall contract management capabilities and improve collaboration among team members and stakeholders.
Here’s a step-by-step guide to integrating Process Street with DocuSign workflows.
Here’s how an automated contract management system can help you:
Your contract management system will bring teams together and ensure everyone is on the same page working towards the same goals. This leads to better communication, trust and improves working relationships.
You’re able to streamline and automate the contracting process. This reduces manual work, saves time, and boosts efficiency.
Contract management software offers full visibility into the contract lifecycle. This means everything is covered from negotiation to drafting, execution, and renewal. It ensures that contracts are up-to-date and accessible to all authorized users.
An effective contract management system can help companies operate more efficiently and avoid costly errors such as missed renewal dates or unnecessary contract renewals.
Contract management software reduces risk by improving compliance and ensuring that contracts are executed in accordance with legal requirements and industry standards.
By streamlining procurement activities, contract management software provides better supplier management and consistent compliance in agreements for both buyers and suppliers.
The automation and streamlining of manual work provided by contract management software tools accelerates the process of finding and executing contracts providing more time and resources to concentrate on core business activities.
Get the most out of your automated contract management by following these best practices:
Centralize your contract storage
Store contracts in a centralized location for easy access and retrieval.
Standardize contract creation
Develop standard language, templates, and formats for creating contracts.
Track and manage contract approval
Establish a process for approvals and designate who is responsible for the approval.
Set contract management KPIs
Establish key performance indicators (KPIs) to track, measure, and report on contract management.
Establish clear roles and responsibilities
Assign roles and responsibilities for contract management and ensure they are clearly communicated and understood.
Monitor contract obligations
Develop a system to track and monitor obligations and ensure they are being met.
Automate the contract lifecycle process
Streamline and automate contract lifecycle processes to improve efficiency, reduce errors, and save time.
Establish a contract repository
Create a contract database to ensure all contracts are easily accessible, searchable, and auditable.
Implement vendor/supplier performance management
Develop a system for tracking vendor and supplier performance and use the data to inform future contract negotiations.
Continuously monitor and evaluate the contract management process to identify areas of improvement and implement best practices.