Introduction
Legal teams struggle to manage a huge number of contracts, notably in Fortune 2000 businesses with up to 40,000 current contracts. Global supply networks, various countries, and changing legislation add to the complexity. Conventional contract management methods raise risk, decrease compliance, and decrease efficiency. However, advanced contract management software may revolutionise these procedures and optimise them.
Contract Management Software Is Here
ERP, CRM, and HR solutions let procurement, sales, and HR personnel use data to enhance performance. Legal teams had no contract management software that could achieve this before today.
Bizible advises CMOs to use cloud-based technologies to plan and manage marketing initiatives. Also, legal teams must use contract management tools better.
The cloud-based Icertis Contract Management (ICM) platform has several benefits. It speeds up authorship and shows all contracts and commercial ties. Users may simply find contract data to enhance risk management, compliance, revenue, and performance.
Improve Contract Writing with contract management software
A sophisticated clause and template library and rules engine let legal teams construct contracts on the ICM platform. It automatically selects contract provisions and templates. Contracting velocity, compliance, and legal team time are enhanced.
MS Enterprise Commerce Engineering Head Tony Ulkekul says, “Using Microsoft CRM meta-data, the Icertis platform automatically generates complex, multi-page, multi-clause licensing agreements in multiple languages and geographies with unprecedented speed and precision.”
The platform is adaptable, multilingual, and easy to upgrade. Changing pre-approved text to meet new rules is easy. Even if contracts are printed on third-party paper, legal teams may utilise the platform to swiftly discover and track deviations.
Compliance and Performance Management
Contract administration continues after contract establishment. Contract compliance and performance must be monitored to reduce risk. Contract management software helps legal teams reduce risk and maximise income by providing contract status insight.
The ICM platform stores contracts enterprise-wide as a single source of truth. To enforce, manage risk, increase compliance, and decrease fines, legal teams may readily access contracts, evaluate obligations, and monitor terms. The software calculates incentives, rebates, and discounts and automatically alerts important parties of milestones and expirations to meet contract commitments and maximise benefits.
Conclusion
Advanced contract management software like Icertis Contract Management (ICM) may transform how legal teams manage their large contract portfolios. Such technologies reduce risks, increase productivity, and optimise income by automating and improving contract development, compliance, and performance monitoring. As global operations become more complicated, these technologies are crucial for legal and regulatory compliance, operational efficiency, and strategic company goals.
