Contracts play a significant role in fostering business relationships between two parties. These written documents are legally binding proofs of business transactions between organizations and hold all key information, clauses and regulations that both parties need to abide by. This makes contracts the centre of any professional relationship and managing them effectively becomes vital for a company’s financial and reputational standing.
Managing contracts manually becomes difficult and time-consuming due to the lack of centralized, streamlined processes and automated workflows. This leaves gaping holes in collaboration amongst different teams and platforms and results in delays and errors in managing contracts. And when most large companies mainly transact in the form of contracts, often thousands in a year, this problem is only amplified.
Ultria’s integrated contract management platform streamlines, centralizes and integrates contracting processes for seamless collaboration. It automates workflows and assigns responsibilities making contracting more accurate, increasing visibility and accountability and reducing turn-around time. Let us look at 5 ways Ultria’s integrated CLM streamlines and simplifies contract collaboration:
1. A collaborative CLM platform
Ultria’s Artificial Intelligence powered contract lifecycle management platform integrates processes and platforms for a seamless, uninterrupted contract flow. It makes collaboration between different teams, departments, and platforms easy through automated workflows, centralized processes, and a unified view of all contract related information, any time and from any device. Its Artificial Intelligence driven intuitive solution ensures simultaneous speed and control across all stages of a contract’s lifecycle.
2.Unified view for third party vendors
Managing contracts effectively is as important for external stakeholders and vendors, as it is for the company they are contracting with. Ultria’s external party portal makes collaborating with the third party easy and effortless. Vendors get a centralized view of all their contract related key information in one place through the portal and can interact with the stakeholders, keep a tab of upcoming deadlines, and make updates and changes to the contracts as required. All updates automatically get reflected in the Ultria CLM portal and ensure all parties have instant access to the latest updates.
3. Elevated sales operations’ collaboration
Sales operations teams manage all sell-side contracts in a company. Ensuring contracts are signed quickly post closing a deal is essential to maintain proper finances, reach targets and keep the third party happy. Sales teams often find it difficult to avoid delays in contract sign off when processes are manual and there is no visibility into where the contract lies at any stage of its lifecycle. Ultria CLM’s integration with CRM and ERP platforms makes it easy to initiate requests, track approvals, collaborate with legal teams, and be on top of all important deadlines right from within the CRM platform that the Sales teams are already in use.
4. Integrated contract requesting
Initiating contract request and creating the best first draft can often take multiple days and at times go up to weeks due to multiple parties involved in drafting, reviewing and approving of requests. Ultria CLM automates and streamlines this process. It enables requesting for contracts through multiple platforms like Salesforce, Ultria CLM, External Party Portal and MS Outlook as required. Requesting for a new contract is as easy as filling out forms which auto-populate a pre-configured template and automatically route it to the right stakeholders for approval. This automated, streamlined process reduces the turn-around-time from contract request to Best First Draft from weeks to as less as a few days or even a few hours.
5. DocuSign integration across platforms
Ultria CLM’s integration with the world’s leading e-signature solution, DocuSign has taken contracting to a whole new level. It has made the contract process entirely digital by removing the road block of physical signatures. With DocuSign integration, contracts can be signed remotely and in bulk and in a secure manner. E-signatures further reduce the contract turn-around time by eliminating the need to be physically available to sign documents. Moreover, all signed documents get stored in Ultria’s CLM platform with secure access control, leaving no space for misuse of signed documents.
From the above, we have clearly established that a secure, integrated contract management platform can make contracting easy, fast, and error-free. With globalization being the popular trend and organizations expanding across cities, states and even countries; manual, disintegrated and rudimentary contracting processes are just not equipped to make the cut. An integrated, automated and streamlined contract management platform is critical in order to reap the maximum benefits out of contracts and facilitate robust relationships between both internal and external stakeholders.