Contract management issues impact every legal office. Managing legal contracts can be complex, challenging and time-intensive. The frustrations are universal no matter the size of your company and can slow down the entire process. But tackling these contract issues can be streamlined, simple and easy — with contract management solutions from Bigfork Tech. Read more to learn how we can help your team conquer some of the most frustrating challenges for contract management.
Challenges for Contract Management
If you are involved on any level with contracts, you know all too well that contract management problems are a real source of frustration for everyone involved. Finding the right contract management system can also be daunting. Thankfully, our contract management solutions are the answer to these issues.
Hard to Find Information
Nothing is worse than scrolling through hundreds of old emails looking for important pieces of information pertaining to your contracts. Endless hours are wasted by the overwhelming task of organizing all the information from various sources to get a complete picture. We provide management software with workflow automation to resolve your contract management issues relating to document storage. ALOE™ Legal Project Management Software adds automated document storage to your workflow.
ALOE allows you to add an automatic step to your contract management process to add your negotiation versions and the final executed contract to a central repository so they can be retrieved as needed. You can integrate it into your CRM for easy sales contract management or use it as a standalone contract management solution for all your contract needs.
Repetitious Data Entry
One of the problems in contract law is the need to enter the same data over and over and over again. Not only is this unnecessarily time-consuming, but it is ripe for human errors. Find and replace can be helpful, but it is not full-proof.
When you spend a little time up front on setting up the templates and information libraries, it’s an investment that pays off tenfold. Automatic template generation saves time, increases accuracy and removes data input challenges for contract management.
Contract template automation generates documents based on information entered in a contract request form. Contracts are also automatically populated with the requester’s contract information, such as their name, financial details, signatory information, etc.
A clause library reduces your risk by standardizing your organization’s obligations.
Missed or Unintentional Contract Renewals
Keeping up with contract expiration dates is extremely important but is also very challenging. Missed dates mean contracts unintentionally expire or unintentionally renew, which can impact your company’s balance sheet.
Our contract lifecycle management software provides many advantages, including automatically:
- Sending emails to the team member in charge of renewals and the customer before the renewal period or expiration date.
- Reminding the responsible party to follow up with the client.
- Generating amendments or a new contract based on the client’s response.
Automatic contract renewal is also a profitable way to recoup the cost of the tool.
Takes Away From Other Essential Duties
While contracts are the backbone of any legal team, they are not the only – or even the most strategic – issue that the legal department needs to focus on. Contract management problems often result in not having the time to focus on other higher value, more strategic matters appropriately. Even larger companies with dedicated contract teams face challenges with legal contract management. The large volume of requests and tracking approvals can easily be overwhelming and create backlogs. These issues lead to a burdensome workload and missed deadlines. ALOE™ streamlines the process and eases these common challenges for contract management.
Gaps in Handoffs
Identifying, contacting and following up with the correct people at the appropriate time for contract approvals and signatures is arduous. And knowing where you are in the process can be a formidable task. These problems in contract law create gaps that stall the approval process.
Automating common contract approvals increases adherence to company standards, reduces waiting time and decreases miscommunication.
When you aren’t sure where you are in the process or find out you are missing key information, negotiations can be delayed. When time is of the essence, having the right contract management solutions in place can save the deal, reduce turnaround time and resolve contract negotiations in a more timely and efficient manner. Faster turnaround means higher profits.
Modernize Your Legal Team With Bigfork Tech’s Contract Management Solutions
Get a handle on contract management issues and leverage the power of ALOE™ contract management software. Legal technology offers many opportunities to streamline processes and automate steps to support legal teams’ productivity and efficiency. Banish mundane tasks and optimize consistency, accuracy and productivity. Our ALOE™ software provides real contract management solutions that will take your firm to the next level. Learn how to regain control of contract management and manage workflow more efficiently — request a demo or contact us today.