How APAC organizations can improve productivity with a contract management solution

If your department handles a large volume of contracts, then you know: The more manual your process, the less efficient you are.

A manually intensive contract management process causes workflow bottlenecks and documentation errors that can lead to revenue leakage and noncompliance issues. You also risk longer sales cycles, missed opportunities and troubled customer and vendor relationships.

Unsurprisingly, organizations with inefficient contract management processes reported up to 9% less revenue annually, according to the International Association for Contract & Commercial Management (IACCM).

But there is a better way.

Here, we break down the major ways a contract services platform can ease the headaches related to contracts and help organizations in the Asia-Pacific region manage processes by increasing visibility from start to finish.

Manage the complete contract life cycle

Many organizations have turned to content services solutions to manage the complete contract life cycle, automating predicable steps while empowering staff to complete knowledge-driven work. Even with all the moving pieces, parts and players, legal departments and contract administrators can use this technology to take control of contract management.

When various documents are stored in separate network folders, file cabinets and individual inboxes, the process is inherently chaotic, ultimately blocking managers from having a complete view of the process. The unfortunate result is information silos and disconnected data that lead to mismanaged negotiations, reviews and approvals.

With the right solution, you have a central location to store, track, collaborate and take action on all documents, data and tasks in the contract life cycle. This gives you complete visibility into the contract management process, from a history of interactions with data to a clear view of current work, upcoming obligations and expirations.

Increase transparency and productivity

By capturing, storing and managing all contracts and supporting information in one secure location, you free yourself from an over-reliance on paper.

With a streamlined, digital process, your organization:

  • Improves security with the ability to customize who can access contract information
  • Automatically routes contracts for review, approval and execution — including digital signatures
  • Receives automatic notifications of expirations and autorenewals
  • Supports compliance with a full audit trail of all interactions
  • Accelerates contract cycle times and reduces operating costs, minimizing time spent searching for information and manually routing documents

Create controls

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

The truth is, when processes aren’t formalized or standardized, you can’t.

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

The right content services platform 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 organizations that produce and manage a high volume of similar contracts.

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

Enhance security

The best contract management solutions consider security as well, with flexible options to customize 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, a modern platform can track what was changed, by whom and when, providing all the advantages of a full audit trail.

Automate, automate, automate

By using contract management to automate predictable tasks, you drive work forward more efficiently. You can even take advantage of automation features that support better collaboration between internal and external stakeholders.

For instance, being able to automatically route contracts and kick off notifications during certain parts of the workflow means the right individuals will be notified faster, resulting in a shorter review process and approval cycle.

Automating workflows also standardizes processes and keeps requests up to date, so fewer errors slip through. This lowers the risk of noncompliance and saves both time and money.

As a result, employees are free to do more valuable work instead of manual, time-consuming administrative tasks.

APAC’s contract management solution

The right contract management solution helps departments improve the accessibility, transparency and control of their contract management processes. Beyond the automation benefits, deploying a content services platform with a robust contract management solution leads to:

  • Increased searchability of contracts and accessibility of related content and records
  • More transparency and accuracy from full audit trails and tracking functions
  • Better end-to-end control and security with permission-setting capabilities

With content services and contract management, organizations can promote accountability and enforce consistent business practices, reducing risks and increasing efficiency throughout the entire contract life cycle. It’s all about managing the complete contract process, creating controls and automating lower-value tasks.

Take control of contract management

With the right content services platform, your organization manages the complete contract life cycle with a comprehensive view of all information, tasks, activities and correspondence related to contract processes. By taking manual tasks of the equation, you take control of your contract management process.

You also:

  • Minimize predictable, manual tasks like filing and retrieving documents
  • Eliminate the need to jump between multiple applications, spreadsheets or file shares
  • Free your department to focus on higher-value tasks, like handling exceptions and completing more knowledge-driven work

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

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.
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... read more about: Eugene Chng