Large and established companies that deal with contracts at any level require a contract lifecycle management system. Be it vendor-related operations or supplier related dealings, contracts Traditionally, companies rely on a manual system where contracts were written on the paper. But, as technology evolves, many big companies have started implementing the digital contract management system globally.
The digital contract or Contract Lifecycle Management (CLM) system can simplify the contract process and help the management to access and share contracts anytime, anywhere.
Here are the top ten business benefits of contract lifecycle management software using Alfresco:
1. Centralized Storage
Manual or paper-based contracts are difficult to manage and keep properly. You need to store them in files and keep these files into cabinets. Now, during out of office hours, you may not get access to those papers. The CLM solution enables you to store contracts in an easily accessible Cloud system. You can access the contracts anytime and even when you are on the move. The cloud-based storage offers centralization to the contracts.
2. Rapid Access
Large enterprises deal with hundreds of thousands of contracts on a monthly basis. It is of utmost importance to maintain all of them in a way that no contract is missed. Missing a contract can lead the company to lose opportunities or in a worse case, incur a heavy penalty.
The contract lifecycle management software can enable you to monitor the contracts in real-time while enabling you to search digitally and get the deadline alerts along with the inter-linking of documents.
3. Enhanced Security
E-signatures or digital signatures, authorized access, encrypted data, and other security features of contract management software can give your importance contracts more security. If you run a large business that spread across different verticals and regions, you can get a more efficient workflow with quick execution and approval. What’s more, it is easy to keep colleagues, suppliers, and clients in the loop.
4. Better Collaboration
The contract lifecycle management system aims at providing digital collaboration to the workplace. Alfresco-based CLM solution can enable you to get valuable inputs from all the stakeholders while drafting a contract. It is certainly better and more efficient than email-based collaboration. The CLM software can involve as many people as you want in the process and anyone can edit or view the contract in real-time as per their authenticity level.
5. Complete Control
Alfresco is one of the most reliable and advanced document management platforms. When a CLM solution is made by using Alfresco, you can get complete control over the contact-making and contract management. From access to execution, the contract lifecycle management software can help you to handle every activity with ease.
In a way, you can simplify the process and make it accessible for the employees.
The Alfresco development company can integrate advanced analytics in the contract management software to track various aspects in a real-time. For example, you can view the contract lifecycle length, document status, upcoming deadlines, and the like. What’s more, the CLM solution can be readily integrated with other relevant software like Google Drive, Salesforce, etc. for increasing productivity and improving collaboration.
Related Case Study: Contract Lifecycle Management System Using Alfresco ECM
As a result of these benefits, companies can identify and tackle the risk in a better way. It reflects in higher revenue and increased sales figures. Even mid-size companies can leverage these benefits and get better contract management.
Also, companies can readily meet the compliance and necessary standards through a customized CLM solution. You can contact a reputed Alfresco development company to know more benefits and how you can implement a contract lifecycle management system in your workplace.
As a renowned enterprise content management company, Tridhya Tech has earned fame for offering high-end solutions using a robust Alfresco platform.