Contract management has always been a siloed entity from the rest of the company that is normally handled by the legal department or dedicated contract managers with legal knowledge. But for those who aren’t familiar, what is contract management? In simplest terms, contract management is the process of managing contract creation, deliverables, deadlines, terms, conditions, and execution, while ensuring all parties involved comply with the signed agreement until the contract lifecycle ends. Many companies still use manual processes to manage their contracts but this can become a very labor-intensive and time-consuming operation that ultimately ends with an overflowing file cabinet that is eventually lost or forgotten. When contracts aren’t managed or analyzed properly, companies can unknowingly become non-compliant or miss substantial profits.
Therefore, by driving technology and automation to manage the contract management lifecycle, companies can dramatically increase efficiency by reducing contract processing times, mitigate risk by tracking all contract agreements and improve overall customer and vendor satisfaction in the process. Onit observed that most customers experienced this pain when it came to the management of their contracts and decided to take action.
Today, Onit launched its new contract lifecycle management (CLM) software which empowers legal and business teams with end-to-end automation of their entire contract management process. Onit CLM is a cloud-based contract repository with automated functionality that supports all phases of the contract lifecycle from capture and creation, through negotiations and approvals, to execution and post-execution management.
With Onit CLM, companies can automatically generate well-formed custom contracts and include/exclude clauses based on a robust rules engine and contract metadata. It also empowers users with Microsoft Word integration, allowing them to create, review, approve, and execute on contracts straight from their preferred word processing tool while maintaining a secure link to Onit CLM. Seamless eSignature integration with DocuSign and Adobe Sign is another out of the box feature that comes with Onit CLM, to ensure convenient and rapid execution.
Onit developed CLM to allow companies to not only dispose of their outdated manual processes or legacy systems but to combine the management of contracts throughout the enterprise into a single cloud-based platform. Deployed in the world’s most advanced cloud platform, Amazon AWS, companies are able to achieve maximum performance, reliability, and scalability. With this cloud-based approach, Onit CLM is accessible on all major web browsers and mobile devices allowing end-users to access their business-critical contract information anytime, anywhere.
In conclusion, technology is paving the way for organizations to maximize control, speed, and provide greater insight throughout the entire contract lifecycle. Effective contract management can maximize reward, minimize risk and ultimately create powerful business relationships and pave the road to greater profitability over the long term.