More organizations look to automate and streamline their contract management processes. Copyl’s user friendly Contract Management software has helps you create and manage contracts with improved efficiency and reduced risk. But first, lets look at some of the common benefits of using a contract management software.
Top 10 benefits of using a contract management software
- Improved efficiency: Contract management software can automate and streamline many of the tasks involved in a contract creation process.
- Control: Organizations gets better control over their contract processes, enabling them to set up alerts for upcoming deadlines or expiration dates.
- Collaboration: Contracts can be accessed by multiple users simultaneously to collaborate and work on contracts together.
- Visibility: A contract management software can provide a centralized, searchable storage which makes it easier to find and access specific contracts.
- Security: A contract management platform stores contracts in a secure, centralized location. This helps businesses protect sensitive contract data from unauthorized access.
- Contract management software often provides analytics and reporting tools to help organizations analyze and evaluate how their contracts are performing.
- Risk management: Contract management software helps organizations identify and mitigate risks associated with their contracts. E.g. regulatory compliance issues or expiration dates.
- Flexibility: Contracts can be accessed from anywhere, which is useful for organizations with employees who work remotely or who travel frequently.
- Integration: Contract management software tools can be integrated with other systems, such as CRM systems. This helps the users to better understand their customers.
- Vendor management: Contract management software help organizations track and manage their relationships with vendors, including any contracts that are in place. This can help businesses negotiate better terms and make more informed decisions about which vendors to work with.
A Contract Management platform that is integrated with other systems
Another advantage of contract management software solutions in the cloud is their ability to integrate with other tools and systems. Copyl’s cloud-based contract management system is integrated with the customer relationship management (CRM) system. That enables our users to track customer interactions and sales activity in one place. This can help your business better understand their customers and make informed decisions about how to manage contracts with them.
Copyl Contract Management is also integrated with the budget system and the project-, planning and time reporting software in Copyl. The budget is automatically updated from the revenues or costs defined in the contract. The time reports is adding up the hours on the contract and the budget.
More benefits of a cloud-based contract management software
In addition to these benefits, contract management solutions offers features that can help organizations better manage their contracts. Some of the features that may be included in a cloud-based contract management tools include:
- Contract drafting: Create contracts from templates or from scratch, using a simple and intuitive interface. Copyl streamlines the creation process and reduce the risk of errors. Copyl has a secure contracts storage for both documents and contract information.
- Contract negotiation: Cloud-based contract management systems include tools that allow users to negotiate contracts in real time with other parties. This can involve negotiating the terms of a contract, as well as its pricing and other details.
- Signatures: Once a contract has been agreed upon, the contract management system can help the parties to sign the contract. This involves signing electronic copies of the contract, as well as storing the contract in a secure, centralized location. Electronic signatures speeds up the process and another benefit is that all parties get an signed copy of the contract automatically.
- Contract Lifecycle Management: After a contract has been signed, the contract management system manage the contract throughout its lifecycle. This can involve tracking the performance of the contract, as well as any changes or updates that need to be made.
- Contract analytics and audit trail: Contract management systems offer analytics tools to track and measure the performance of the contracts. This helps identify trends and patterns in their contract data, which can be used to inform future contract negotiations and decisions. It’s also possible to compare contract conditions between departments and organizations.
A Contract Management software is a valuable asset for businesses that wants to streamline and automate its contract management processes.
How Copyl Contract Management software looks like
The contract form has two modes; Simple and Advanced view. The screenshot shows the simple view.
A contract can be connected to a parent contract/framework agreement. The contract type decides which other properties you can set on the contract. Examples of different contract types are Customer contract, Supplier contract, Financial contract, Employee contract, Rental contract etc.
Contract binding period
Contract can have a binding period when you are not allowed to terminate the contract. You can set the notice period is and how long the extension should be if the contract is automatically extended.
Comments on a contract
You and your colleagues can comment on a contract. You can attach files from the data room and add counterpart from the contact register or CRM.
A contract for services enables you to add information about price per hour and how many hours the contract has. You can then add a project in Copyl’s project management software that you connect to the contract. Time reports on that project is then connected to the contract for follow-up.
Authorize access to contracts to users and teams
Permissions could be set on each contract. The Contract Manager can give read, write and owner access to both users and teams.
See who changed what and when in the contract
The contract log shows the changes that has been made to the contract since it was created.
Dynamic set of properties
Each organization has their own set of properties they want to save data on for a contract. More properties tab has the dynamic list of property types your organization has configured in the settings.
The contract list gives an overview over the contracts.
You also get an summary over how many contracts that has a deadline within 30, 60 and more than 60 days. This overview is also displayed on your dashboard/startpage in Copyl.
The contract list can be turned into a monthly calender that gives you an overview of important dates in the contracts. The list can also be exported to Excel.
The contract list can also show charts from the data. This is how the different contract parties and type of contracts is visualized.
Virtual Data Room for document storage
A virtual data room (VDR) is a secure online storage, used to store and share sensitive documents with authorized users.
A VDR is accessed through a web browser and can allow different levels of access for different users. It also includes security measures such as encryption to protect the integrity of the documents. VDRs are used in the due diligence process of mergers and acquisitions, financing, and other types of transactions.
The VDR in Copyl is a online storage system with anversioning system. You can use it to store your contract files. The VDR provides unlimited folders and files, tagging options, and document deadlines. A virtual dataroom can be shared with anyone.
When you upload documents to the data room, our artificial intelligence scans the document for entities. The entities is then found the properties section. This makes it easier to search for the documents.
When you click on a document in VDR you can see which contracts that is connected to the file. You can also request an electronic signature directly from the document. In this screenshot there is only one version of the file. For each upload you do, a new version is created automatically.
You can create tasks/todos to a document and you will see this task among your other tasks in Copyl. A contract document can have it’s own comments, separate from the contract it self.
If you have many files to upload you can use a special tool for bulk uploading. You can also use this tool to download all your documents from the VDR. Contact [email protected] to get instructions and credentials to your storage area.
Start using the free Contract Management system now
Copyl has a Free Contract Management software version. There are some limits on how many contracts you can save in the free version but it’s really to start with. We believe it’s one of the best contract management software on the market. No more forgetting important dates in the contracts or having files everywhere. If you need help with onboarding, just send an email to [email protected] and we will help you getting started.
A Contract Management software in the cloud is also called software as a service (SaaS).
Contract management software helps organizations keep track of their contract processes by sending alerts for upcoming deadlines and expiration dates.