What is Contract Management, and Why Should You Automate the Lifecycle?

What is Contract Management?

Contract Management can take on a variety of meaning, and serve a wide range of functions. For example, contract management can mean:

• Organizing your contracts in one central repository
• Making sure there is a process for creating and approving contracts
• Having a system to notice when contracts will renew, expire, or require action
• Keeping track of conversation and actions surrounding contract creation
• Any, a combination, or all of the above

Best Practice Considerations at Each Phase

Request

• Should a request pass through a manager before making it to legal?
• Does the request contain all pertinent information?

Creation, Approval & Renewals

• What happens if a draft is rejected?
• How do drafters know which version to use? How do they know when they’re needed?
• How should they save supporting documents and discussions?
• How do you keep track of renewals and obligations?

Distribution

• Does everyone know where to look for their contract?
• Who has access to which contracts? When will contracts renew?
• Will you know when an obligation is required?
• How will you search and report on important information?

How Does ConvergePoint Fit Your World

Small and Mid-Sized Businesses (<5k Employees)

• Mid-sized businesses will benefit from automating the entire lifecycle of contracts using your metadata for simplified searching.

Enterprise Sized Businesses (5k+ Employees)

• Enterprise-sized businesses will benefit from automating the entire contract management lifecycle with advanced search functionality, while taking advantage ofcustom real-time dashboards and reporting with the use of important selected metadata.

Benefits of ConvergePoint

• Ensure all pertinent data is included in requests and submissions
• Filtering contract requests opens legal specialist time
• Role based dashboards load real-time status updates preventing status calls
• Automated task notifications ensure priorities are being met in the creation and effective contract stages
• Workflow history and discussion boards allow all interactions to take place in one spot
• Version history control ensures that you will always work on the latest document
• Metadata searching and reporting allows you to find exactly what you need within seconds
• Quick migration allows you to manage existing contracts within days
• Dynamic publishing organizes your approved and active contracts for end users, while keeping supporting documents and amendments together.
• Permission control makes sure contracts are seen by the right eyes
• Scalable solution enables additional users without the additional fee