Contract Automation
When you are running your own business, you are being pulled in so many different ways at once, it can sometimes be hard to know what to prioritise. Unfortunately paperwork such as sending contracts and doing tax-returns is an essential part of it and can be time consuming. However with the right system in place, it doesn’t have to be.
Useful features
Businesses looking to implement a contract automation or contract management platform should look for a system that has the following features:
Rich, dynamic editor: to include images for branding. You want your contracts looking smart and in line with your company branding.
Smartfields: these contain contract metadata, making sure key fields (like dates, values, names, addresses and so on) are tracked and searchable. They should also live-sync with CRM in both directions to make sure data is always accurate.
Internal commenting: if standard terms are to be varied, it’s useful for internal stakeholders to be able to collaborate in real time on the document, without needing to worry about audit trails and version control.
External redlining: similarly, counter parties need to be able to negotiate the contract without having to move into Word and lose audit trails and data.
Visual timeline: approvers and signatories often want to scroll back through negotiated versions to keep track of changes and variations.
eSignature: a mobile-responsive, native eSignature tool allows teams to sign anywhere, at any time.