#cloud-basedcontractmanagementsoftware

A completely paperless contract approval system offers incredible advantages for your business. It's even more advantageous in the middle of a situation like the COVID-19 pandemic. Many businesses must make a fast transition to remote work so they can provide a high quality of service to their customers. By transferring to a paperless contract approval system for remote workers, you: Make it easier for your employees to access vital information.  Remote employees don't have the luxury of walking down the hall to go through a paper file. Instead, they need to be able to access that information from home. They also need to be able to move quickly, without waiting for paper documentation, to make it easier for them to complete vital work tasks.  Streamline contract approval processes.  Using paper contract approvals for remote workers can substantially slow down your contract approval process. This will make it harder for you to get the documents your customers, vendors, and subcontractors need in their hands. You might have to physically mail papers back and forth or deal with the need to print and scan documents. With a paperless system, on the other hand, each member of the team can instantly access needed information.  Prevent potential roadblocks due to shelter-in-place orders.  Shelter-in-place orders mean that you can't sit down with a client, vendor, or subcontractor to get your documents signed. You can, however, send those documents via the internet. You can move them through your contract approval process without ever having to come into contact with other people.  Enable easier collaboration between remote workers.  Dealing with paper contracts can make it difficult for remote workers to collaborate with one another on contracts, terms, and implementation. You may not be sure that everyone is dealing with the same document. You might have to scramble to make sure everyone has a copy of the relevant documentation. With remote, paperless contract approval and management, on the other hand, all your employees can easily access the documents they need.  Many businesses already have a solid contract management system in place. But it’s one that, at best, requires a few adjustments to make it possible for them to make the shift to remote, paperless contract management. Others, however, may find themselves starting from scratch as they make the shift to remote work for their employees. Follow these steps to make the transition to a paperless contract approval system for your business and your remote workers. 

1. Use a cloud storage solution for your contracts and related documents.

Cloud storage offers several clear advantages for a remote team. If you've been using a physical storage system or storing your contracts on a local network, it can pose many challenges when most of the team shifts to a remote environment. Using cloud-based contract management software, on the other hand, will: Allow all employees to easily access all the information they need to accomplish their business tasks.  Sales teams need to be able to access sales templates and other information about those contracts. Implementation teams also need ready access to information about deliverables and contact information. Despite roadblocks like shelter-in-place orders, your employees need to be able to access that information on the go.  Maintain awareness of the current version of each contract.  Thanks to cloud storage, you can keep up with all versions of each contract within your contract management system. This includes making it easy for all employees to access the current version of those documents quickly.  Allow multiple employees to work on the same document without the need to save multiple copies.  Cloud contract management solutions substantially improve collaboration in a remote environment. 

2. Create clear policies governing remote access for your paperless contract approval system.

You may need to create new policies to govern remote access to your contracts and other related documents — including how contracts will move through the approval process during this time. Remote contract approval processes may look very different from the physical approvals your employees handled in the past, as may your process for creating new contracts or implementing current ones. Your policies should include: Who can access specific contracts or specific processes.  Your sales team, for example, might need to access new sales templates to allow them to create those new contracts effectively. But your legal team may not need to create contract templates directly. In the rush to go remote, you may not properly assign permissions within your contract management software. As soon as possible, go back and check those permissions to ensure that team members do not have access to secure information they shouldn't be able to see.  How you'll handle electronic signatures.  Electronic signatures carry just as much weight as physical signatures, but you still need to manage and control those documents. What does your e-signature policy currently look like? Does it need to change as you make the shift to remote work, especially in response to an emergency situation?  What processes you'll put in place to allow management to monitor contract approval.  You may need to put more effort into monitoring contract approval processes and ensuring that your contracts are approved in a timely manner. Throughout a crisis that mandates a shift to remote work, you want your contractual partners to know that your business is still operating as efficiently as possible. That includes ensuring that you do not fall behind on contract approvals. Clearly set forth policies governing how you will handle monitoring those contracts to ensure that you don't miss anything important along the way. 

3. Set up reminders and workflows in your paperless contract approval system.

As your company makes the shift to remote work, you also need to make the reminders and workflows your business uses every day virtually. You may already have clear workflows as your contracts move through their pipeline, but you might not have taken the time to clearly set out those workflows in a way that your employees can view at need. As you make the shift to remote work, make sure you put those reminders and workflows into the system. You might, for example, want to automatically move your contracts on to the next phase of the approval process. Alternatively, you might want to set up reminders that let employees know if a contract has spent too much time sitting in their queue. You may also want to consider: Contract Templates Contract templates can provide your sales team with more autonomy and enable them to create contracts that are more likely to be approved as they make their way through the paperless contract approval system. Your contract templates should set out standard terms and the potential terms your business might be willing to accept, including ranges for things like cost. Your contract management system can also put checks and balances in place that will prevent a contract from being created or approved that is outside the acceptable range for your business. Do you already have contract templates in your system? Are you making the shift to remote work in response to a disaster like the COVID-19 pandemic? If so, then you may want to revisit your contract templates to make sure they reflect the current needs of your business and your customers. You may, for example, want to include clauses that will designate how you'll handle potential future social distancing measures. Alternatively, you might want to change your payment terms in light of the current crisis.  Contract Scoring  Now, more than ever, you do not want to expose your business to unnecessary risk. You may want to implement a contract scoring system that identifies any potential dangers or risks to your business related to your business. Contract scoring can identify potential compliance risks. It can also identify excessively large orders or contracts that could damage your business if you cannot meet the terms. Check your contract scoring in the light of your shift to remote work. Then determine whether you need to make any changes to that system moving forward.  Contract Renewals Your existing customers, vendors, and subcontractors are every bit as important as the new ones. In many cases, they’re even more important. You don't want to let those contracts slip through the cracks, even if your work may have slowed down or your priorities may have shifted during this time. Make sure your workflows include early reminders about contract renewals to give you plenty of time to take care of those tasks. You may also want to consider what new information needs to be included in future renewals. 

4. Search out potential bottlenecks ahead of time.

Bottlenecks can slow down your contract approvals and implementations. The shift to remote work can create new bottlenecks in a system that previously flowed smoothly. Alternatively, it can emphasize bottlenecks in your existing system as it slows things down even further. Consider any potential issues that could slow down contract approval. Also, work out any issues that might prevent you from approving your contracts effectively.  Bottlenecks might include: Overworked employees with too much on their plate.  Some employees may struggle to keep up with their work when they're in the office. Making the move to remote work can present even more challenges — especially during situations like the current shelter-in-place order, which could mean that employees are working from home with spouses and children. Identify employees with too much on their plate and look for ways to alleviate those burdens to help get your contracts approved faster. Employees who do not understand how to use the paperless contract approval system.  As you make the shift to remote work, it's critical that all of your employees know how to use your contract management system effectively. Provide training as you move into a period of remote work. Also, check in with employees throughout that period to ensure that they know how to use your new paperless contract approval system effectively.  Reminders not getting sent at the right times.  Without reminders, employees may not even realize that they have a contract awaiting their approval. Make sure your contract management system includes the reminders your employees need to keep those contracts top of mind. With this preventative step, they won't slow down the contract approval process. 

5. Check the search and storage features in your paperless contract approval system.

Increasing numbers of businesses and software providers are moving to cloud-based systems in an effort to improve their overall performance and capability. Your contract management software is no exception. If you decide to embark on a contract migration project (and we have a complete guide to help you get started), then storage on the cloud is one of the key advantages. There are several benefits to cloud-based contract management software, regardless of the size of your business.  What are the benefits of migrating to cloud-based contract management?

1. Using cloud-based contract management software means that you don't have to worry about physical storage at your location.

Physical servers might not take up as much space as paper files, but they need considerable space nonetheless. When you use cloud-based contract management software, on the other hand, you don't have to worry about making physical space for a server--which means your business can operate at a higher level of space efficiency. 

2. Your team can access cloud-based contract management software from anywhere.

When you store your contracts and other vital information on physical machines in your office, your employees need to be in the office to access it. Cloud-based software, on the other hand, ensures that your employees can access that vital information no matter where they are. This can provide a number of advantages to your productivity. Salespeople can access contract management software while meeting with potential clients. They can easily connect directly with your business's contract management software to access templates or answer key questions about the specifications you have for your contracts and services. They can also begin filling out those contracts on the spot while speaking with the client.  Your team can work remotely. Team members may need time to work from home or to be able to work on the go while traveling. When you use cloud-based contract management software, your team members can work from wherever their travels may take them. 

3. Cloud-based systems remain operational even in conditions that may prevent you from accessing your physical office.

Sometimes, disaster conditions can prevent you and your team members from reaching your physical office. Widespread illness, natural disasters, and other challenges can all close down your physical office, making it impossible for team members to come in and access those systems. Following a severe natural disaster, you may need time to repair your workplace. When you use cloud-based contract management software, on the other hand, your team members can work from home or remote locations when they can't access the office. 

4. Cloud-based systems provide outside backups.

Data backups are critical to maintaining the vital information you need to keep your business running smoothly. That includes backups of the contracts your business uses for daily operations. You need to know: What you need to contractually accomplish for your clients.What your vendors need to provide for you.The terms your subcontractors have committed to meeting.  If something happens that causes your internal systems to go down, including malware or viruses, a cloud-based system can provide backups that will enable you to access that vital information. 

5. Cloud-based storage systems offer plenty of room for every copy and version of your contracts.

Your contracts may go through multiple incarnations before you and your contractual partner sign the final copy. You may also create multiple contracts with the same partner over your years together. Whether it's a vendor that you use on a regular basis or a client who has been with your company for years, you need a clear historical record. When you use a cloud-based storage system, you have plenty of room for a copy of every version of your contracts. That means you can always go back and refer to previous versions if you need them for any reason. This can be a highly effective way to track contract variations over time or to learn more about the services you've offered in the past. Also, you can go back to previous versions of contracts as you're negotiating and finalizing your deals. 

6. Cloud systems provide strong security.

In today's society, cybercrime is prevalent across every industry. One in five small businesses will suffer a cyber attack each year, and the costs of those attacks can prove astronomical. You do not want to see your company's contracts compromised, especially if that means allowing an outside attacker to access private client information. With a cloud-based system, you get a strong layer of security that will help protect against cyber attacks. 

7. Your cloud-based contract management system will provide the IT support you need. 

There are a lot of factors that go into choosing the right contract management system for your business. You want software that fits all of your needs, especially the needs of your contract management team. You need flexibility. But you also need security. Start your search by reading our comprehensive guide to selecting the contract management software that best fits your business. One of the most valuable attributes your contract management software can possess is cloud storage. Cloud-based software and data storage for your contract management system offers a number of essential advantages that your business cannot afford to ignore. Here are five:

1. You get a centralized contract database.

In many offices, trying to find one contract or one key document is like trying to find a needle in a haystack. The problem is even worse if you have multiple offices across the country. While you may have a great filing system, you may struggle to figure out how to find exactly the information you need, when you need it. Digital data may be easier to copy and share, but it's also more difficult to find. So compile it all on the cloud where you can search through every document record with any type of metadata.

For example, you may have several versions of a contract stored on different systems. Depending on who last dealt with the contract and what they needed, the contract might be a Word document, a PDF, or an unopened email attachment. It could be locally stored on a device, somewhere in an Outlook archive, or attached to a CRM account. Even worse, you might not be sure who, exactly, has the most recent save file for a specific document or contract. With a cloud-based data management solution, all your data is located in one place, and it's a place that can easily be searched at need. Centralization solves several pain points, especially when it comes to keeping up with your own procurement contracts.

2. With cloud-based software, you can easily determine which version of a contract you're working with.

Cloud-based software brings backup opportunities that you might not get from older, more traditional document storage options. In the past, you may have had to overwrite former versions of your contracts every time you created a new one. Older systems also have less storage space — you couldn’t save every redlined version and contract draft. With cloud-based software and data storage, on the other hand, you can easily go back to a previous version of a contract. This can be incredibly valuable if you decide to go back to a previous version during the negotiation process. In fact, version control is one of the eight most important aspects of contract management. You can also see who made specific changes to a contract. Keep track of changes that your team and your customer make every step of the way. Then, you can easily fix any problems that may arise during the negotiation process. Cloud-based solutions can also help you control who accesses your data. Employees without permission won't be able to make changes to key documents.

3. Cloud-based storage solutions allow for remote access.

You never know when your team will need to work from somewhere that isn't the office. Sometimes, your sales team may need to open a contract while on-site with a potential new customer. In other cases, a member of your contract management team may need to work from home for the day. With a cloud-based storage solution, you can allow remote access to your data. This includes current contracts, templates, and even virtual signing options that will make contract management and execution easier than ever.  Not only that, remote access means that if something happens to your physical office location, you will still have access to those vital contracts and your other documents. Keep your unscheduled downtime to a minimum by accessing vital business functions from anywhere. Since your storage isn't dependent on that physical location, your employees can work from anywhere, making cloud-based contract management and data storage ideal for disaster recovery. 

4. Many cloud-based storage solutions offer additional security.

Security has become a key area of importance for many small and medium businesses over the last several years. 58% of cybercrime victims are now small businesses, or businesses with fewer than 250 employees. Small businesses often have less money to invest in cybersecurity solutions, which can leave them more vulnerable. As a result, they’re more attractive targets for hackers. Cloud-based storage solutions, including contract management solutions, often bring higher levels of security along with them. Not only that, they can send that security with them wherever your employees are accessing your systems. Every edit, open file, and download is tracked. The portal itself is protected by passwords.

5. Cloud-based storage is as flexible as your business.

Security has become an increasing concern for businesses in a wide range of industries. As many as 55% of small businesses reporting a cyber attack within the last 12 months. Many small businesses are looking for new ways to improve their overall security and protect their customers. One solid method is using smart, cloud-based contract management software with the security you need to protect your business. There are several ways your contract management software can help improve your overall security when you select the right solution for your business. But you have to carefully select the right CLM software with the features you need to make it happen. Read through our guide for selecting the right contract management software so you can tap into these security benefits:

1. Documents are sent through DocuSign for signatures. 

DocuSign provides a secure method to acquire the vital signatures you need. This is much more secure than attaching those files to emails, which can leave them much more vulnerable. As a result, you have more secure documents with virtual signatures that are every bit as valid as a physical signature. Even better, they’re all stored in one system that is easy for your team to access but difficult for hackers to get to. DocuSign provides full document encryption, which means that the data is stored and protected even as it's transmitted and accessed. Also, your recipients don't have to download an insecure version of that document in order to sign it. 

2. Cloud-based contract management solutions make it possible for you to monitor and track access, requests, and edits.

Who is asking for permission to view your contracts?  Equally importantly, who was the last person to make edits to your contracts? By knowing exactly who is accessing and editing your contracts, you can track who has made important changes. You can also lock down contracts to prevent unauthorized changes from going through and ensure that if someone does access the contracts that shouldn't.  This security won’t prevent easy access by authorized parties. You can still review documents and make any necessary changes immediately. You'll also know if someone has accessed or attempted to access contracts they should not have access to. This passive prevention system can provide early warnings about an employee who could cause trouble for your business or even a pending cyber attack. 

3. No one has to download documents to work on unsecure systems at home.

You take many steps to ensure the security of your workplace, including your network. Unfortunately, your employees do not take those same measures on their home networks. Sometimes, employees need to take work home. They need to complete it after hours, they need to work from home for the day, or they just need to finish up something important before calling it a day. But without any protection, this can be risky. With a smart, cloud-based contract management system, your employees won't be downloading those documents to their personal or work machines. Cloud-based contract management systems create a secure database and work environment. Your business’s security won’t rely on the unsecure nature of your employees’ home networks. Instead, authorized users can access those documents through the same cloud system they use for work every day. This provides a critical extra layer of security. 

4. You can easily manage external user access.

There are times when you want to allow outside users access to your files. For example, you might want to give clients the ability to view their contracts. Cloud-based contract management software can provide that access to external users, but it lets you limit the access. Customers, third-party attorneys, and subcontractors can do their part without compromising your security. Thanks to your cloud-based storage solution, those users can also easily access the files from anywhere. They can sign, redline, approve changes without needing to come into your office. But they can only access what you give them permission to see. 

5. You can create tiers and levels of access.