How APAC orgs can improve productivity with a contract management solution, part 2

For legal and purchasing departments, enterprise content management (ECM) solutions have emerged as an excellent method for streamlining contract processes that are often characterised as error-prone and labour-intensive. Because contracts affect the entire organisation, from sales and marketing to procurement and human resources, addressing these inefficiencies has a significant impact on the bottom line.

In some cases, up to a 9 percent difference in revenue, according to the International Association for Contract & Commercial Management.

In this three-part blog series, we examine the major ways the right ECM platform helps organisations take control of contract management. In part one, we covered the benefits of establishing a central repository, which improves the transparency and searchability of content and processes.

Now, we explore how the ability to create controls in ECM technology can transform your contract management processes.

The benefits of creating controls

How can you make sure employees are leveraging the correct versions of contracts at all times?

The truth is, when processes aren’t formalised or standardised, you can’t.

Without putting in place controls to effectively manage contract creation and negotiation, your organisation is exposing itself to risks—reputation, performance, revenue leakage, and regulatory compliance, to name a few.

The right ECM solution ensures that employees create and author contracts consistently, and can accurately track and manage negotiations. It simplifies the creation of standard contract templates and term sheets, and even comes with the ability to store extra terms and conditions alongside the contract record itself, so supporting information is never lost.

Having a comprehensive digital library also accelerates negotiation time and boosts productivity for organisations that produce and manage a high volume of similar contracts.

All this ultimately shortens the entire lifecycle and enables more on-time delivery. Indeed, best-in-class companies deliver 82 percent of contracts on time, with approvals taking an average of 40 days, according to the Aberdeen Group.

The importance of enhanced security features

The best ECM solutions consider security as well, with flexible options to customise access rights and permissions.

At the user level, it’s invaluable to have the ability to set restrictions around folders, all the way down to single documents. With proper permissions, you can control who has full visibility into the contract process.

You can also check data and historic interactions for a clear view of current work and upcoming obligations. As users enter and modify information, the right ECM platform tracks what was changed, by whom, and when, providing all the advantages of a full audit trail.

The gains of taking control

With the right tools, you manage the complete contract lifecycle. You also provide a complete view of all information, tasks, activities, and correspondence related to contract management processes.

By taking control with a direct way to access information required to make recommendations and drive contracts through their lifecycles, you increase productivity across your organisation.

Are you ready to take control of your contract management process?

Eugene Chng

Eugene Chng

Eugene Chng is Hyland’s director of sales for the APAC region. In this role for the last four years, Eugene has been the driving force behind the organisation’s considerable growth in the region, including implementation of the local professional services team, expansion of its partner and sales network and dynamic growth of its customer base throughout the region. Eugene’s career in the technology sector is extensive, having worked with global IT organisations such as EMC and IBM prior to Hyland. His vast experience and knowledge of the sector have led Eugene to become a regional thought leader for ECM and content services categories.

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