#LetsContract, Paperless Contract Lifecycle Management: Aligning with the current ecosystem

March 6, 2020

iauro Team

Contributing immensely to the global software solutions ecosystem. DevOps | Microservices | Microfrontend | DesignThinking LinkedIn

#LetsContract, Paperless Contract Lifecycle Management: Aligning with the current ecosystem

Contract Management System is the management of contract creation, execution, follow-up, and analysis. It is essential to maximize operational and financial performance while making sure the risk is minimal. The pressure is on achieving targets and amplifying financial profitability. Poor contract management can result in lost sales and contractual obligations. Contract lifecycle management is time-intensive and critical, thus proving essential an automated Contract Management System like #LetsContract.

High visibility, control, and analysis leading to productive business decision-making contribute to best practices. Businesses with effectiveness in contract procedures consistently perform desirably.

With electronic Contract Management Automation, complex administrative work, and errors are minimized. The professionals can make better use of time and expertise to make excellent decisions.

Contract lifecycle management is a critical financial asset of all organizations. Contract managers monitor for changes, breaches, obligations, renewals. Efficient risk management is the need of the hour in the modern world where speed controls finances.

Installing the paperless contract management automation tool ensures a seamless, globally, accessible, and secure repository with all the contract lifecycle management tools. Paperless contract management software is a profitable and effective means to manage documents in an electronic format.

Paperless Contract Lifecycle Management with #LetsContract:

The advantages of #LetsContract, the paperless contract management system are as follows:

Contract Procedures: 
The time taken to create, negotiate, review, execute, and approve contracts electronically is reduced. Workflows, notifications, document history, electronic signatures, and lots of activities are automated.

Central Repository:
A central digital online monitoring repository stores all the documentation. Documents in all forms — email, paper copies, fax are uploaded into #LetsContract. Update on a document, updates for all. The cloud-based repository is shared with colleagues who may be in multiple locations or even globally located. Online collaborations assure effective and efficient decision-making.

Contract Lifecycles:
Manually writing the contracts is time-consuming. By automating the contract lifecycle management, the process is streamlined with the ability to extract and import data as well as utilize built-in clause libraries. The contract cycle times are accelerated, and operational costs are reduced.

Contract Transparency:
Contracts and all the files are text-searchable, saving time spent on searching and accessing information. Cross-referencing and research are at your fingertips.

Contract Version Control:
Different versions of the contract are easily tracked and compared, reducing human error. Ensuring legalities negotiated is quickly done. The system is transparent encouraging superior management practices.

Timeline Management:
Real-time notifications and negotiation tracking are the advantages of the paperless contract management system. Key personnel is always in the loop for approvals, thus removing delays. The logs of all activities preserve the contracts clean for review and analysis.

Digital Signatures:
#LetsContract provides a digital signature facility adhering to international security protocols. Electronic signatures eliminate the need to circulate the documents, thus enhancing contract information security and decreasing the time spent in the process.

Role-based Security:
Security is paramount for a contract management system. With #LetsContract, you can set custom user roles. You can configure specific permissions and access for each role, setting which contracts and features the users can access.

Risk Management:
With the paperless contract management automation, contractual obligations and deliverables are tracked and monitored with ease.

Contract Archiving:
Expired contracts are filed and stored on the cloud eliminating paperwork and storage. The expired contracts are visible and accessed at all times if required.

Contract Operations:
Auditing, reporting, and renewals with contract management automation is at speed than done manually. Compliances are ensured, opportunities and financial profitability are assured.

Paperless is in alignment with the current ecosystem both in terms of technology and environment-friendly consciousness. Going paperless with #LetsContract enables you to gain competitive advantages by completing deals in speed, ensuring best practices, and implementing best business decisions.

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