Legal contracts are growing more sophisticated every day, and your contract management processes need to keep up. Contract Lifecycle Management (CLM) software offers features to help you stay on top of your contracts and improve the efficiency of your legal team.
In this blog post, we’ll go over the three processes to optimize your contact management workflow.
#1: Manage Contracts with a Single Workflow
Nothing simplifies and accelerates your contract drafting and management process like having a single, unified workflow --managed through a single, centralized software solution -- to oversee creating, editing, reviewing, executing, storing, and monitoring your contracts.
Rather than spread out your contract drafting, due diligence, redlines, and execution across a host of tools (including email), adopting an end-to-end contract workflow tool will keep your legal team -- and your contracts -- in sync and on track.
#2: Unify Contract Templates
Contract templates are a great way to standardize your legal language, maintain consistency, and avoid reinventing the wheel every time you draft a new contract. But templates aren't useful if, for example, the sales contract template is saved on "Steve's laptop”.
A single template repository is key to streamlining the contract drafting process. Your CLM solution should offer one.
#3: Integrate with Key Software Tools
Contract management tools are not contract drafting tools or contract execution tools. There's no sense in duplicating (inadequately) all the word-processing features of Microsoft Word just so you can do all your work in a single software program.
A good contact management solution integrates seamlessly with best-of-breed tools so you can manage all your contracts in one place without manually exporting or uploading the work you've done. This simplifies your workflow and avoids the human error that results from files transferred or managed "by hand."
If you're ready to take your contract processes to the next level, contact LinkSquares today.
