7 Industries Transformed by Contract Management Software

By Deepti Mohan

The manual ways of managing contracts mostly prove inefficient, very time-consuming, and sure to invite lots of mistakes. This is where organizations have started the adoption of digital approaches by making use of technology. This article discusses how seven major industries, including information technology, manufacturing, healthcare, construction, real estate, HR, and nonprofits, will be able to use contract management software like Dock 365.?

Information Technology?

Technology companies manage many corporate contracts with suppliers, employees, and clients daily. These legal agreements contain a great deal of sensitive information, which necessitates extreme caution and confidentiality.??

Contract management software allows businesses to maintain a single source of truth for all IT contracts. They can ensure security while staying on top of upcoming deadlines, milestones, and renewals. These digital solutions automate the entire contracting process, reducing the turnaround time for IT people. Most contract management platforms provide painless integration with ERP and CRM systems to facilitate seamless collaboration with vendors and clients on contracts.?

Manufacturing?

The manufacturing industry works on intricate supply chains and large-scale projects. Effective contract management is critical to nurturing long-term relationships with suppliers, distributors, and customers. From drafting competent agreements to negotiating fair terms to establishing performance, efficiency is paramount at every step.?

Digital contract management solutions ensure continuous and real-time monitoring of long-lasting manufacturing contracts. Businesses can collaborate on contracts with external and internal parties without compromising security or accountability within a single platform. Compliance and performance management are painless with an automated system, whether it’s meeting SLA requirements or following industry regulations. Businesses can even set up alerts for tasks, deadlines, and payments for continued delivery of goods and services.??

Healthcare

Healthcare organizations, whether clinics, hospitals, or individual practitioners, deal with heavy regulations and complex contracts daily. These contracts specify terms for bringing on new hires, safeguarding patient rights, and purchasing equipment. Hence, efficiently managing contracts is vital for healthcare facilities to function without legal, financial, or reputational repercussions.?

Most contract management solutions provide templating capabilities for diverse healthcare needs, such as employment agreements, lease agreements, NDAs, and SLAs. They can automate a major portion of routine contract-related tasks without errors or delays. It cuts down on the time and work involved in drafting competent contracts. CMS’s compliance features allow businesses to abide by HIPAA, HITECH Act, etc.?

Construction

Contracts are critical in construction projects because they establish budgets, schedules, and quality standards. Any shortfall in the contracting process can have lasting and costly consequences for the parties involved. Overseeing all the timelines, costs, and deliverables while managing hundreds of vendors and clients can be a bit much. This is where construction contract management software comes in handy.

The automated solution allows parties to streamline drafting, negotiating, and executing qualified contracts. All the documents and information on one platform means businesses can monitor milestones and deadlines easily. They can track obligations to ensure compliance and performance throughout the project. Advanced data analytics and KPIs make upholding quality standards and specifications easier.?

Real Estate??

Every real estate contract involves multiple stakeholders, documents, and restraints. Managing them throughout the contract lifecycle requires serious time and effort. Moreover, parties require constant visibility into rights, responsibilities, and finances to stay on track. Fortunately, there are digital solutions available to tackle all these challenges.?

Real estate contract management software offers workflow automation to route contracts through reviews, approvals, and signing without hindrance. Companies can keep a version history to document all the modifications made to the legal agreement during negotiations, amendments, and revisions. Most platforms include AI functions to help parties navigate complex contracts to review terms, pricing, or risks.

Human Resources?

HR departments deal with countless offer letters, employment agreements, and NDAs every day. Creating them from scratch each time can considerably increase the time-to-hire for expanding organizations. Also, manually managing their renewals, terminations, and amendments can be painful and time-consuming for legal professionals.??

Maintaining pre-written templates for HR agreements within contract management software enables organizations to speed up hiring. They can standardize legal documents across the board and uphold organizational standards. Moreover, users can edit, approve, and sign contracts at scale, reducing the time and effort all around. Integration with popular HR platforms ensures the free flow of employee data to create accurate contracts in no time.??

Non-profit?

Nonprofits are constantly searching for more affordable ways to run their day-to-day operations. Considering the financial ramifications of poor contract management, automating the contracting process seems the best way forward. Also, non-profit organizations are liable to many legal regulations, such as record-keeping, FSLAs, etc. Staying on top of all these requirements is straightforward with contract-building software.??

The CMS system consolidates all the legal documents under one secure location to facilitate constant tracking. Assigned parties will receive timely alerts for reviews, renewals, and deadlines, helping non-profits to avoid costly mistakes. Most platforms offer a built-in electronic signature feature to prevent the cost and hassle of wet signatures or external services.?

Dock 365 offers a comprehensive suite of features, including centralized contract repositories, automated workflows, advanced search and analytics, and seamless integration with Microsoft 365. To learn more about how Dock 365 can transform your contract management processes, schedule a demo today.?