Working with contracts or are you managing a procurement document process with many stakeholders? Need to focus on the strategically important contracts, but get bombarded with requests left, right and centre for various contracts? Then you should really look into your process and see whether you can find a solution that can both assist you with your strategic contracts, while automating your standard contracts.
Contract automation can reduce costs, complexity and time to produce many of your contracts. With a database driven solution, you can also ensure that certain content is updated at the same time across all of your contracts from a central location. A data-based driven contact automation solution, can provide you with pre-approved and tailored content automatically. This allows your users to accomplish more and with fewer resources.
If you can optimize the use of information and leverage it automatically in contracts, you can also better manage risk, while working more efficiently.
One core component to achieve this for contracts, is to have a solution in place that supports the ability to easily reuse pre-approved content that is tailored for the contract. With compound content management (CCM) and master content management (MCM) - ideally combined and integrated with other data sources such as enterprise resource management (ERM) solutions you can ensure that there is a single source of truth for the organization's critical data.
Contracts are often managed using files such as Word, which is unstructured data, unstructured data does not lend itself well to a scenario where you want to optimize contracts and achieve seamless contract automation. The shortcomings of a file-driven document solution increases the complexity of managing your contracts across your enterprise efficiently. Nor does a file-driven document solution effectively provide the foundation for compound content management and is more or less impossible to use for master content management. A file-driven solution also increases the information silos in your enterprise, making it difficult to optimize use of your information.
Moving to a solution that can enable you to manage a myriad of SMEs and stakeholders when building a complex contract or managing a procurement process is vital. Combined with automatic reuse of pre-approved and vetted content gives you not only time savings, but more control of your process.