Any contract management workflow includes a certain amount of steps and the effort of collaborators across the board. Since these tasks can contain many notes, conversations, documents, and supporting data, the main goal is to get the right information to the end-users. Consequently, you could be more effective by using CLM software like Koho to automate such processes.
You need to focus on putting the requested information in the hand of workers, experts, or decision-makers. Although CLM may enable easier workflows on the surface, using many sources end up as manual endeavors. This creates delays, muddles visibility, strains the staff, generates more risk, and undermines compliance.
How to streamline contract management workflow
Among the best solutions to simplify contract management workflow, you can depend on Koho software. As a result of its implementation, you can automate, control, comply, and reduce risks with ease. Moreover, we have 4 recommendations regarding how to streamline your tasks:
Requesting. The use of a recognized CLM software can end delays, misunderstandings, and troubles during this phase. With this tool, you can submit a new contract or request one automatically. Such a request only needs the completion of a form. To be approved and move through the creation cycle. In case of rejection, it goes back to the requester to restart the process.
Reviewing. Checking a contract is a crucial step during the CLM process. If you have our program in place, you can apply special conditions, authorize reviewing, and filter obligations. For example, NDA vs. MSA agreements may demand the revision of different level experts. Furthermore, you can register every negotiated item, edit, and redline for the appropriate follow-up.
Approving. After reviewing, comes the approval phase along the contract management workflow. Like in any organization, legal experts, the general counsel, and the CFO give the go to these documents. If you have a cloud-based platform; this can be done quickly. Without unnecessary review by the executive team.
Executing. With the aid of a CLM like Koho, the parties can obtain e-signatures from any location to speed up the process. Besides, this platform notifies each party about the status of the signature requests, uploads the final version, and alerts due diligence.
If you’re looking for a reliable cloud-based CLM software to simplify contract management workflow, don´t look elsewhere. We got you covered.