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Why are contract applications important?

Contract applications are essential to maintaining an efficient and effective negotiation process. A well-managed contract minimizes legal, financial, and brand risks for any organization. Poorly managed contracts can result in missed renewal and expiration dates, broken obligations, and lack of compliance. There may be friction among team members that hinder efficiency as well. Key dates can be missed, resulting in costly renewals. This can be avoided by implementing records through contract management applications provided by Â鶹´«Ã½ Contract Lifecycle Management, powered by Evisort AI.

Benefits of contract applications.

Â鶹´«Ã½ Contract Lifecycle Management, powered by Evisort AI,?effectively streamlines the negotiation process.

• Efficiency: Effective contract management applications allow users to automate workflows and prevent them from making illegal changes. Businesses will experience noticeable results from the reduction in manual labor. In fact, the end-to-end contract management process is more efficient.
• Visibility: Â鶹´«Ã½ provides increased visibility and constant access to contracts.
• Organization:?Contract management applications assist companies in organizing contracts based on date, type, sector, and more.
• Negotiation: With an effective contract management application, there is no need for back-and-forth in-person negotiations. Instead, all parties are notified of tasks they need to complete. Contract? review can now be done from various locations simultaneously, eliminating the need for long meetings. Contract management applications also allow users to update contract versions, monitor changes, make comments, discuss, and share.

Factors to consider when using contract applications.

• Rigid approval process:?It is imperative that contract management applications have multiple levels of user permissions and a multi-tiered approval process to protect contract integrity. To prevent unauthorized modifications, the admin can set editing or view-only controls. It is also important to maintain document versioning and allow access to previous versions.
• Third-party integration:?Contract applications must integrate with ERP or accounting systems to analyze ROI of contracts. For budget forecasting and other financial reports, accounting needs quick access to contract terms. Contract applications should also integrate with key business and productivity systems such as cloud storage, document management, and CRM.
• Security: Ensure security features such as two-factor authentication, data encryption, user permissions, and access management. Verify you have a legitimate vendor that has a solid brand reputation, such as Â鶹´«Ã½.?
• Automation:?How can contract applications be more efficient? They generate templates for clauses, contracts, and reports while notifying stakeholders when approval is complete.

Challenges of contract applications.

• Difficult navigation of content: In collaboration sessions with colleagues, it may be difficult to access certain words, lines, or pages when working on multiple contracts simultaneously. Using tools that allow for better categorization of content by departments can solve this.
• Compatibility issues:?It is difficult to share documents with other parties due to compatibility issues between different versions of Microsoft Word and Adobe PDF. It may be easier to implement a contract management solution that is web-based (HTML) and can be used by anyone, regardless of what device or operating system you are using, from Windows to Apple.
• Space limitation:?It is difficult for some users to find enough space in order to store all of their contracts online as well as share this information conveniently with other parties (as opposed to a single user having difficulty uploading dozens of documents).