Contract management is a key component for Legal Team, but it’s often the longest and most difficult to manage. To effectively manage contracts, a platform must be used that listens for events across the enterprise, easily hooks into different systems of record, provides workflows that can be started in various ways and provides seamless process intelligence, without the use of code.
In today’s sales landscape, it often is difficult for companies to keep up with evolving technology that can improve the selling process which in turn can improve the customer relationship. Effective management of these contracts can be incredibly difficult for a few reasons.
Our system provides the option for complete contract lifecycle management. User can submit contracts for review, co-authoring and Once the contract has been approved, we are ready for signature. When the customer’s final edits are accepted by the legal team, Nintex Workflow routes the contract for e-signature. Signatures can happen via Adobe e-sign. This again is all facilitated over email, making it seamless and easy for everyone involved. Once a signature is captured from each party the signed documents are stored in our System as the contract of record.
1) Multiple Teams
There are multiple teams from different country who submit contract for legal verification and signature. Often its difficult to manage request coming from various teams and fulfillment.
2) Manual Process
When a contract process spans multiple teams and disconnected systems, it takes a lot of manual time and energy to orchestrate the decisions and flow of information.
According to Aberdeen, 85 percent of companies are using manual processes to manage contracts.
3) Digital Signature
There is no system in-place to send document digitally for signature. The document should be send via courier or manually to set the signature in place. Often it takes weeks.