Is Manual Contract Management Risking Your Business?

Introduction

Businesses risk unmet promises, compliance issues, and discount opportunities with manual contract administration. These issues can harm an organization’s health and efficiency. Addressing these difficulties requires a strong contract lifecycle management (CLM) system to align buy-side, sell-side, and corporate contracts. This blog article will discuss how corporate contract management software like Icertis Contract Intelligence (ICI) may improve contract integrity throughout existence.

Writing Templates in contract management

Spreading contract templates throughout an organisation allows inconsistency and risk. Standard templates change fast, slowing down company operations as teams search for the newest version or try to reproduce it.

Enterprise contract management centralises all contract templates. All templates are pre-populated with known data and easy to edit. Result: better consistency, decreased risk, faster execution.

Contract Making

Writing contracts from scratch is time-consuming and risky. Wide differences in forms, phrases, and languages impede down the contractual process.

With a clause library of pre-approved phrases and vocabulary, ICI works perfectly with Microsoft Word. Making contract generation faster, simpler, and more uniform improves compliance.

Contract Review/Approval

Emailing contracts for review causes version control concerns. This is especially problematic during contract disputes and audits.

Icertis time stamps all approvals, revisions, and rejections along the review chain. If a contract is disputed, “what, when, and by whom” concerns are straightforward to monitor.

Contract Management Lifecycle

When contracts go through several hands for review and approval, it can be hard to tell where they are, when they could be executed, and where the final version is. This typically causes confusion, ambiguity, and revenue misses.

ICI’s enterprise-wide platform shows contract status—draft, pending approval, authorised, and signed. Version control and contract deviation are eliminated as everyone is using the same document.

Contract Management Lifecycle

Manually handled contracts are typically forgotten immediately after execution, risking commitments, discounts, and other milestones. This can lead to missing income and savings opportunities, penalties, and lawsuits for noncompliance or violation of contract.

Contract lifecycle management is automated by ICI and integrated with CRM and ERP to trigger further tasks. Tracking line items, alerting for commitments and milestones, and accelerating business processes are possible.

Contract End and Renewal

Since an organisation cannot follow contracts throughout their existence, manual contract administration might lead to unnecessary expirations and renewals. Many firms lose money due to automatic renewals and sudden expirations.

Users can create customised notifications for expirations and renewals in ICI. Thus, contracts never accidentally expire or renew.

Conclusion

Businesses may decrease risks and boost productivity by automating contract management with Icertis Contract Intelligence. These technologies simplify contract development, review, execution, and renewal, improving compliance and performance. Enterprise contract management software guards against losses and optimises the contract lifecycle.