Are you considering using contract management software in your company? Or do you simply want to inform yourself about this topic? In the following paragraph we answer the most important questions about contract management software and give you some use cases based on Approovd – the Swiss contract management software.
In practice, contract management is regarded as the foundation of a company’s business activities and thus represents both an overarching topic and a complex corporate task. It includes the supervision of contractual negotiations between client and supplier, the implementation of contracts and making changes to contracts for technical, scheduling, personnel or financial reasons. With the appropriate technology, the related activities can be handled by software. It is then the talk of a contract management software.
In recent years, contract management has been greatly modernized and automated thanks to advancing digitalization. In the meantime, digital solutions have become established and numerous experts believe that contract management software is the future in the creation of contracts and legal documents.
Many reasons speak for the use of a contract management software:
The automation of contract creation is particularly suitable for SMEs, which, in comparison to the big players, usually do not have their own in-house lawyers. In practice, therefore, they often fall back on existing templates, which, however, are becoming increasingly outdated. This is because the density of regulation and the speed of change in contracting has never been as high as it is today. In this article, you will learn more about a cost-efficient use of these technologies in your company.
Depending on the provider, the requirements for a smooth start into the world of digital contract management vary.
With the cloud-based contract management software Approovd, for example, you don’t need storage space or installations. You log in to your dashboard and you’re ready to go.
Your data and your customers’ data are securely stored in a FinTech-compatible Swiss cloud. You can access all your contracts and drafts in a single click.
A cloud-based contract management software like Approovd comes with a few additional advantages, namely:
Contract management software offers numerous functions. To give you a practical insight, we will illustrate them with Approovd.
The mix of human expertise and artificial intelligence has resulted in the form of smart templates. On average, the user needs to answer between 7 and 32 questions per document. A legally compliant document is then generated.
Legally-relevant questions come with a short guidance in the form of a “hint”. In this short hint, you will be informed about the common practice and regulations. Thus, you are always within the legal framework and can create complex contracts, even without legal knowledge.
Any person who has been involved in the creation of a legal document knows the myriad versions that the back-and-forth between involved parties entails. With Approovd’s TeamWork feature, you can make it easy to collaborate on a document. Legal documents are shared with a link, allowing parties to collaborate on a single version. This creates a high level of transparency and reduces the time of contract creation by about 80%.
To enable you to handle the entire contract creation process from A to Z online, Approovd offers you the option to legally sign the documents you create with its eSignature. Here, too, the focus is on efficient design as well as user-friendliness: on average, it takes you one minute to sign a document.
Contract management software is often seen as a tool for the legal department. However, this tool can also be used in other departments and is a good way for the employer to empower the departments with modern tools.
From the classic employment agreement, to staff regulations, to the grant of shares to employees in a share agreement, Approovd offers you a large selection of templates on the subject of HR.
With an average creation time of 8 minutes per document, HR professionals can devote their time to other tasks.
Does your finance department need to draw up a loan agreement? Approovd can support you here as well with a large selection of templates.
Your marketers can also benefit from Approovd. With a selection of templates around e-commerce, you give your web shop a secure legal framework.
Still not sure if contract management software is right for your company? We would like to recommend you to read 3 following application examples:
The costs for a contract management software are very different and vary depending on the provider. With Approovd, for example, you have the following options:
Do you have any questions or would you like to schedule a presentation?
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