The Non-Negotiables of Contract Automation
Tools for managing contracts and contracting processes have existed for decades. Traditional contract lifecycle management (CLM) systems were aimed at digitizing existing processes, while tools like Microsoft Word aimed to digitize physical documents. In the new era of the cloud, AI, and in a business world where speed everything, it’s time to move to contract automation. Digitization was about replacing processes from paper to computers, automation is about transforming the processes so that both contracts and people are more effective.
The contract automation solution you choose should upgrade your contracting process. It should empower your people to work faster, smarter, and better together.
Automation eliminates a lot of the manual and repetitive tasks that have historically been associated with drafting, reviewing, negotiating, and managing contracts. No more endless hours of people-chasing, reinventing new contracts for every deal, being a redline reconciliation monkey, or policing versions. With contract automation, the system should do this for you and proactively move the contract forward.
Speed alone is not enough. You also need to make smart decisions. Understanding roles and responsibilities, contract status, deadlines, what’s being negotiated by whom, what risk you have with non-standard clauses, as well as contract completion metrics significantly improve the quality of your contracts and reduce risk. Your contract automation solution should provide you with control over workflows and visibility into historical and real-time data.
Working on contracts used to be fragmented, but today’s business demands more collaboration. Along with moving faster and smarter, people can deliver much better contracts through constructive collaboration across internal and external stakeholders. Your contract automation solution should break down the barriers caused by manual processes and provide a collaborative space for people to contribute to the contract’s success.
Define your success outcomes
While you’ll find a lot of similar features and functionality from one contract automation solution to the next, make sure you define clear outcomes that you’re looking to achieve. Faster, smart, and better together is what we stand for at Parley Pro, and we believe these should be your non-negotiables when choosing a solution.