Computer-based contract management programs are an essential tool for speeding up closing deals and automating work. They contain a library of data used to manage contracts, their lifecycle, and contractors on projects. Instead of manual management of paper contracts, the world has long used quality software that tracks user interaction processes related to financial implications. Contract management software solves such tasks:
- Automates the process of signing deals;
- Monitors risks;
- Creates reports;
- Launches warnings.
In addition, contract management software provides a platform as a centralized data storage for employees. In this way, you have access to all contracts worldwide and all information about them is opened in one place. This helps speed up the process of closing and executing contracts.
Contract management platform provides the opportunity to store contract documentation, track changes, and send alerts when milestone dates occur. Additional features include:
- Digital document management.
- Prevention of costly errors.
- Improving workflows.
Contract templates and a content library are available on the platform. This helps sales teams understand the speed of transactions. The software is essential for those who want to send multiple contracts at once in a single transaction. The software automatically integrates customer metadata from the active document into the new one. The software is also needed for contract extensions. It helps to notify you about it with special emails.
Contract management software allows you to leave comments and use the general chat function. It is possible to clarify the details of a contract at any time before it is signed by the parties. In the settings there is an option to set the level of access for each user. Sales department using this software reduces time spent on creating documents and signing contracts by 65%.
Integration of electronic signatures function allows requesting them within a few minutes. Once the signatures are collected, CLM software activates the collection of payments immediately after the contract is signed.
Full information on all upcoming transactions, expenses and revenues will be obtained. Thanks to the integration with the CRM, it will be easy to transfer customer base data to the new contract, which makes manual data entry impractical.
The software has the necessary security standards of FERPA, HIPPA, SOC, the data is encrypted with AES-26 technology, which prevents unauthorized access to confidential information by third parties.
PandaDoc management software is a comprehensive all-in-one solution for secure collaboration as well as contract management. This is a tool for administering the full life cycle of a contract. It simplifies deal origination, automates data collection processes and approves them before signing and payment.
The platform is flexible, as it supports any business process that requires business documents and electronic signatures. The contract management platform makes it possible to upload any contract documents and use it as a storage facility. Full management support is available to each user via email, phone and online chat at any time.