Why are folders not the best way to organize your contracts?

Contracts play a defining role in the success of your business, underlining your relationship with clients. A contract document allows tracking the agreement terms, obligations, renewal, and other essential details post its execution. 

But it is easier to lose track of the contract documents, especially in absence of streamlined processes. Besides delays in locating these documents, there are other issues you may face. They include non-compliance, missed renewals, failure to meet obligations, and much more.

In this blog, we’ll cover:

Traditional solutions to store and manage contracts

Google Sheets, MS Excel, emailers, and digital PDFs are a few online options to store and manage contracts. 

But none of these solutions are holistic to meet your enterprise needs. Firstly, keeping track of everything is extremely tedious. Adding to that, not having all communications in a single place makes them difficult when scaling your contract management. 

Lastly, to extract specific insights, you'll have to browse the entire document spanning several pages. Metadata extraction is not possible. 

Lack of automation is another critical limiting factor. These aspects necessitate the need for automated contract repositories and management systems.

Advantages of using a contract repository and management system over folders

Contract management system

Google Docs/MS Word

Collaborative workflows - Draft, review and collaborate on contracts on a single dashboard. Uncollaborative - When parties want to change the content of the contract, version control is a challenge.
Smart contract repository - A single source of truth for all your contracts. Static files - PDFs and Word are difficult to search and integrate with other systems as a part of the data pipeline.
Faster execution - Custom built contract templates, dynamic clauses and custom approval workflows. Lack broader features - Approval workflows, eSignatures and negotiation are missing.
Automated redlining, accepting or rejecting changes in a few clicks. Manual and time-consuming redlining.

A modern-day contract management system comes with an integrated repository. You can use it to manage your contracts without storing them as separate documents. Referencing information becomes easy when all the data is in a single place. Here are a few reasons businesses opt for contract management software with integrated repositories.

  • One-stop information destination

Multiple teams such as finance and sales can access relevant contract data in a single place. Varied information right from documents to comments and other communication is stored in a central location. Import your contract agreements to the contract lifecycle management software that never runs out of space. CLM software SpotDraft has a one-click function to import all your contracts quickly. 

  • Close deals faster with CLM software 

Typically, manual contracts require several rounds of to-and-fro between the sales and legal departments. Contract lifecycle management software SpotDraft automates contract creation with custom built templates. You can set custom approval workflows that automatically go to the right stakeholders for approval. 

The smart audit-trail allows monitoring and approving of changes. Lastly, SpotDraft integrates with your existing CRM and sales tools. As a result, once setup, the CLM works in the background and your staff does not need to be trained on a different tool or software. 

  • Searchable contract repository 

Contracts are searchable with custom tags, labels, contract details and more. Search for clauses and any other information from the contract repository. SpotDraft extracts key details from the contracts and highlights them, in case you forget to read through the contracts. 

  • Automation of manual tasks

Manual tasks are resource-intensive and remain prone to errors. Contract repository systems help overcome this problem by overcoming inefficiencies. Legal teams can leverage the advanced search capabilities to find contract documents and their clauses. These systems also remain scalable, so you no longer need to worry about growing business operations.

  • Seamless audit management

You can improve the audit process by collating all the contractual information in the repository. Creating audit trails is also easy for future references. Automation of the entire process also helps you shorten the audit response times.

  • Advanced security measures

The cloud-based storage system helps your business avoid risks related to data loss. Advanced encryption measures ensure only authorized persons get information access. Contract management software ensures you comply better with all the regulatory norms. 

Get started with SpotDraft’s contract repository and management system today

It’s time to say goodbye to countless hours of searching through documents. SpotDraft’s smart contract repository system is here to help you ease your contract management worries. Here are six compelling reasons why SpotDraft is the best intelligent contract management software to organize your contracts.

  • One-click import

You can import all your contracts with a single click. The smart inventory has unlimited storage capacity, and you will never run out of space ever. Select one or even hundreds of agreements at once for importing into the system. There is also a drag-and-drop function to simplify the data import process.

  • Smart highlight

The software pulls relevant details from the agreement and highlights them in a simple view. You no longer have to spend long hours finding the information you need.

  • Easy search

You can look for anything and everything related to your contracts in the repository. It is possible through contract details, custom labels, tags, and much more. Even if you have a thousand contract agreements, locating that elusive one is possible without wasting time.

  • Reminders and updates

System notifications and updates help you track renewal dates. You will never miss out on vital events that could directly impact your revenues. The system also delivers weekly and monthly reports to your inbox.

  • Value addition

Your teams can experience unmatched productivity with most menial tasks automated in the system. They can focus on doing their core duties to add better value to your business.

  • Unmatched control

Contract managers are in control all the time with permission-based access to contracts. It is possible to grant access to people based on their roles and contract types.

  • Related contracts

It allows users to define a relationship between two disparate contracts seamlessly. Managing different contracts and their types will become a lot easier.

Final Takeaways

Our sophisticated contract repository and management system comes integrated with the contract lifecycle management (CLM) system we offer. The software helps you gain advanced visibility of your contracts and business partners.

Your legal teams can overcome effort-intensive manual processes through our automated contract storage solutions. It helps mitigate risks and improves the ROI. At the same time, sales teams can expedite the process of getting contracts signed and kickstarting the deal. 

Get a free SpotDraft demo to see how contract management software can help your business.