11 Reasons Why You Should Use a Contract Management System

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11 REASONS WHY YOU SHOULD USE A SHAREPOINT BASED
CONTRACT MANAGEMENT SYSTEM
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One of the best ways to implement effective
contract life cycle management is to use a
SharePoint contract management system
- Proverb
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Take a look at some of the reasons you should use
a SharePoint contract life cycle management system
SharePoint Based Contract Management System
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One of the biggest issues that comes up during
contract life cycle management is human
error By using SharePoint as the basis for
your contract management system, you gain access
to automated workflows that can cut out much of
this human error
Automated Workflows
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You can automate several parts of the contract
creation process with special questionnaires By
answer these questions, certain fields and
clauses are filled and added to the draft of a
new contract This can help your company
maintain consistency in your contracts and speed
up the contract management process
Guided Creation
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Your contract management process needs to make it
so it's incredibly easy to find your
contracts SharePoint is a great tool for
helping people search for their
files SharePoint offers a robust number of
searching options that can be used to make it
easy to filter and find what you're looking for
Contract Search
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You don't want to miss out important dates and
deadlines like delivery dates, project
milestones, renewal dates, and more Using
SharePoint for contract management, you can set
up automatic alerts and notifications when a
contract reaches certain milestones or dates
Alerts and Notifications
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One thing that can slow down contract life cycle
management is waiting on signatures SharePoint
contract life cycle management integrates with
e-signature tools like DocuSign to eliminate the
need for clunk signing processes
E-Signature Integration
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If you're not using a contract management system,
then you may not get accurate reporting of your
contracts SharePoint contract management offers
real-time reporting of what is going on with your
contract management
Reporting
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SharePoint and Office 365 are built on their
reputation for facilitating collaboration A
SharePoint contract management system would make
it easy to share confidential documents securely
both inside and outside your business
Collaboration
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SharePoint and Office 365 are tightly interwoven
with the rest of Microsoft's tools This
includes Word, Excel, Active Directory, and
Outlook This can help legal and contract teams
to create, review, track changes, and assign user
permissions to enterprise contract management
process
Microsoft Tools Integration
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As part of maintaining compliance, you need to
make sure that your contracts are stored
securely SharePoint makes use of Microsoft's
secure, compliant servers to store you contracts
and documents SharePoint contract management
is highly secure and capable of keeping all of
your sensitive contracts safe
Secure Storage
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You need a contract management system that can
scale with how you're growing SharePoint
contract management is perfect for businesses and
enterprises of any size The system can support
up to 500 million documents - more than most
companies will ever need
Scalability
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Sometimes someone makes a change to a contract,
but no one's sure what that change is You could
use SharePoint contract life cycle management and
use document version control. This allows you
to track changes in real time so you can either
go through and review them or roll them back if
need be
Version Control
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Contract life cycle management isn't a fun
process, but it is a necessary one. Your company
should consider adopting a contract management
system so you can make CLM easy.
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