Start work on digital contract management
Not having full control over the organisation’s contracts can be time-consuming and expensive. But by making the move to digital contract management, you gain greater control and avoid consequences. The transition to digital contract management does not have to be complicated, and there are usually opportunities to integrate it directly into existing IT systems.
The need to digitalise contracts is not just about removing paper copies and documents. Automated flows also free up time and reduce dependency on individuals in the process. In many companies there is no consistent management of contracts. Which means that contracts can disappear when an employee leaves, renewals or terminations of contracts can be missed, or mean that different units in the organisation manage contracts in different ways.
Below we show you how you can start work on digital contract management as well as a few important aspects to consider when choosing digital contract management:
Make sure that you get the right support for different kinds of contracts
Does the system you are looking at support different kinds of contracts, and can it handle both supplier and employment contracts, as well as customer contracts? To get the organisation on board in starting to work in a more data-driven way, it is an advantage if you use one joint contract solution in which different parts of the organisation have access to the same directory, but with the facility for authorisation control. Another aspect to consider is whether you are already using a service that supports file management, for example the Microsoft 365 suite with SharePoint as a file directory in the cloud.
To be able to locate contracts, it is easier if they can also be categorised and tagged with specific contract information.
Control access with access rights
Who is to have access to the contracts in your organisation? Using a contract management system that supports access rights is extremely useful in being able to create automated flows with reminders to people within the organisation. Or if you want to be able to restrict access rights to sensitive documents, such as supplier contracts or contracts with personal data that cannot be available to all.
Save time with automation and flows
Being able to create automated flows is one of the major benefits of digitalising your contracts. Being able to rely on getting reminders in good time before a contract has to be renewed or terminated can save a company time and money. The flexibility of being able to select when and to whom reminders are sent, and how contracts for renewal are presented visually in file management are some factors that affect the choice of contract management system.
OCR interpretation and scanning of documents
By scanning documents straight into the file directory, businesses that still receive contracts in paper form can save a lot of time. The risk of contracts being left in a pile because of the extra administrative time needed is reduced drastically. Instead of scanning a contract into a printer, sending it to your email address, saving it locally on a computer and then uploading it into the contract system, you can upload it directly into the system from the scanner or your mobile phone. It is both less complicated and much faster.
Have access, even away from the office
As we see an increase in remote working in the Nordic region, it has become even more important to be able to access and manage contracts remotely, and not to need to be in the office to be able to do your job. A searchable directory in which you can easily access contracts in the cloud means that work can also be performed remotely.
In summary, automated contract management and flows are things that make administration easier and free up time for employees, while at the same time giving the company full control over its contracts.
Would you like to find out more about what automated contract management in the cloud can look like? Or what kind of contract management is most suitable for your business? Contact us and we will book a demo, and talk about how you can start work on digital contract management.