The contract management workflow commonly begins with some kind of initial transaction with a client. The company accepts the contract and carries it through an internal evaluation process. This analysis process normally routes through multiple groups or individuals within several departments crossed the company, such as sales, legal, contract management, and marketing.
A lot of companies manage this contract management workflow via some mix-up of email attachments, phone calls, shared network drives, and faxes. Once internal signoff is completed, the contract gets faxed, emailed, or mailed back to the client for analysis. If the client demands modifications, the contract evaluation process starts all over again and pursues the same route. The evaluation process normally closes with approved final prints of the contract filed and printed away for archival in folders in a file cabinet.
How To Implement a Contract Management Workflow Solution?
Most businesses deal with agreements in some form or another legal, sales, support agreements, real estate, services, and tools. The contract lifecycle management process seldom subsists of a multi-step standard method that includes several employees in multiple departments. Contracts frequently go through multiple emphases and get reverted back and forth within businesses and client many events. This article concentrates on automating the contract management workflow inside an industry.
Companies face many difficulties throughout this contract management workflow:
- -Employees question if they are working on the latest contract version.
- -Process participants usually have very little insight into the current status of a contract.
- -Many times no central repository exists for current and archived contracts.
- -No approval audit trail can be accurately determined thus making it difficult to know who approved what when.
- -Periodic process reports are produced and updated manually.
- -No easy way exists to quickly search for and find needed contract information.
Contract Management Workflow can be automated using key points of Nintex and SharePoint Workflow to grant a considerably enhanced and more modernized workflow. Every archived and incoming contracts are housed in a contract library that involves customized views and version control. All library item includes optional and required metadata which is utilized for classification, searching and grouping.
Adding a contract to this library automatically hits off the contract management workflow. Tasks alert and notifications automatically path to the assigned process member. Workflow tasks are finished and the contract management workflow proceeds on to the following steps. After the organizational review process is finished, the client automatically gets an email with the contract as an attachment.
Depending on their reply, a party can request or approve a modification to the prevailing contract and the workflow branches respectively. Client contract permission brings about a chain of events regarding the contract as final, renewing contract state and reporting company employees.