Microsoft SharePoint provides versatile tools for processing, storing, and tracking contract information regardless of time, location, or device.
Contract management is a critical part of the operations of any company and organization. In many communities, contract information is scattered in different locations, often handled by specific individuals, so not everyone has access to the important information.
Contract information may still be fragmented and siloed information on paper folders or on personal workstations, so the entire organization cannot utilize it in all business processes. This kind of practice poses unnecessary risks in terms of security management, financial planning, and supplier relationship management. Sometimes unorganized contract management can even result in losses.
How to manage contracts effectively?
The most effective way to manage contract information and documents is to centralize the management of their entire life cycle in one location electronically. The electronic contract management system supports the preparation of contract documents, their sending and archiving, and the collection of the necessary signatures.
Our contract management solution utilizes Microsoft 365 tools, making the system easy to use in a familiar operating environment. The availability and discoverability of contract information and documents are improved cost-effectively without the need for introduction of separate tools or systems.
The system built on SharePoint gathers all contracts in one place, giving the parties the necessary access to view and process the contract information. The color-coding of the contracts tells you the overall status of the contracts quickly and clearly: whether the contracts are active (green), drafts (yellow), or archived (red).
The comprehensive document management capabilities of SharePoint ensure that contract management is easy, from processing and storing information and documents to tracking, version control, and appropriate archiving.
Boost your entire organization’s operations with centralized contract management
Collaboration between teams and departments becomes easier with features such as co-editing and commenting on documents. The electronic contract management system is also available directly on Teams, allowing it to integrate flexibly into day-to-day work.
Digital signature services can be integrated into the contract management solution. Most of the digital signing services provided by several different service providers integrate with SharePoint.
For example, parties can sign with a bank ID to authenticate using Assently’s E-Sign service. After the parties sign the contract, the workflow returns the signed version to the contract archive in SharePoint.
Necessary approval processes can be added to contract documents per organization’s own contract processes. Planner tasks help organize tasks related to contract preparation, maintenance, and renewal to streamline and organize work.
Power Automate workflows make it easy to create alerts and reminders, for example, to ensure that the necessary preparations have been made before the contract expires. Contract information can also be viewed and analyzed quickly and effortlessly with different filtering views and reporting.
Overall, the versatile features of the contract management system help to manage contract information throughout the life cycle in a transparent and user-friendly manner. Contract life cycle management and contract risk management will improve, and contract information is always up to date in a secure way.
Check out our solution and watch the video:
Do you want to boost your organization’s operations and contract management with an electronic system? Contact us and together we will design a solution that will make your work easier!
More information:
Henry Scheinin
Managing Consultant, Partner
