SharePoint Contract Management is a system that manages contract lifecycles by combining the collaborative capabilities of SharePoint and Microsoft Office 365. SharePoint is well recognized as a sophisticated software platform capable of managing massive amounts of confidential information. As a result, the platform is well-suited to contract management.
Contract management software facilitates the creation, approval, retrieval, and sharing of contracts and related documents by providing centralized storage and contract life cycle automation. It aids small and medium-sized organizations in increasing productivity. Adopting e-signature, for example, can boost an organization's efficiency by 60%. This development software assists major companies in reducing time spent on contract development, search, and finalization, enforcing contract execution, and improving and supporting compliance with regulations.
Many businesses, large and small, are now opting for cloud-based contract management systems based on SharePoint contract management software that is simple to use, mobile-friendly, scalable, and versatile. You can find out more about this topic by connecting with Hannah Schneider on LinkedIn and convergepoint.
Let's dive into the main discuss: Is SharePoint Online platform is a viable option for contract administration?
As a contract management tool, SharePoint Online is useful. SharePoint Online is used to manage contracts. It, like any other specialist contract management enterprise web development, can automate the life cycle of a contract from conception to completion. Such components include:
Templates for contracts
SharePoint Online allows you to create, save, and reuse contract templates for a variety of contract types, making writing basic contracts like an NDA a breeze.
It's a guided creation.
Due to particular questionnaires in SharePoint, contract creation can be largely automated. Certain fields and clauses are added to a contract draft as a result of responses to contract-related queries. This aids in the consistency of legal terms and, as a result, improves risk management.
Contract co-authoring
SharePoint Online allows multiple users to create and modify a contract at the same time. Because of the color tagging, all of the authors can see the modifications.
Workflow for approvals
SharePoint contract management software may automatically route a contract to a set of people (for example, a salesperson, a lawyer, an accounting manager, and a CEO) for approval and alert them when the contract is completed. By the way, in our interactive demo, you can see the permission workflow in action.
SharePoint allows you to create approval procedures with any level of complexity and stages. Typically, processes are built on rules. In comparison to a contract with other states, a domestic contract may have a simpler approval process with fewer parties.
Contract search
SharePoint Online includes a robust search engine that can be used to find contracts. It allows users to do intelligent searches using keywords, metadata, or full text, as well as rank and sort search results. SharePoint also allows users to search contracts across a variety of resources, including portals as well as other document management systems.
Alerts and notifications
Users can pre-schedule automatic alerts and messages about a contract's status and milestones, such as payment or termination of this agreement dates, using a SharePoint contract management system. This feature also prevents purchasing contracts from being automatically renewed, which is extremely usual.
Reporting
SharePoint Online reports on contract-related user actions, the most frequently accessed contracts, transmission time, checked-out contracts, and workflow progress are available in real-time or on a schedule.
E-signature integration
SharePoint contract management software interfaces with e-signature systems like DocuSign, removing the need for in-person meetings or wet signatures. As a result, controlling the life cycle of a contract becomes entirely digital, but the contract remains legally binding.
Parent-child hierarchy
This feature allows you to link contracts that are in a parent-child relationship, which helps to keep all contract documents consistent. As a result, any modification made to a master contract, such as an expiry date, will be reflected in all subordinate contracts.
Key factors of share point for contract management
With a SharePoint-based Contract Management System, you can:
● Increase the efficiency of contract management
● Remove renewals that you don't want.
● Reminders can be automated.
● Limit legal fees.
● Increase the visibility of spending
Benefits of SharePoint contract management
The wide capabilities of SharePoint contract management software outlined above creates the groundwork for the following universal benefits, which are applicable to small, mid-size, and large businesses alike:
Convenience
If a company currently utilizes SharePoint Online for project management or cooperation, contract management software built on the same platform makes sense. As a result, businesses can save more money than if they used another platform.
User-friendliness
SharePoint Online features a user experience that is simple and intuitive. It takes limited training, and users have access to a variety of training tools and instructions. As a result, organizations may concentrate on their core business rather than learning new technologies.
Scalability
SharePoint Online is a scalable avenue that can be scaled to accommodate an ever-growing amount of documents.
Integration
SharePoint Online comes pre-configured to work with the Office 365 suite. It also connects with business systems such as CRM, ERP, ECM, BI, OCR software, and others. When SharePoint contract management software is integrated with CRM, contracts housed in SharePoint may be opened in CRM, eliminating the need for sales reps to switch between the two systems.
Security and compliance
SharePoint Online utilizes a sophisticated security mechanism. Multi-factor authentication, data encryption at transit and at rest, data loss prevention, and automatic anti-malware safety are just a few of the characteristics that make a contract management solution built on SharePoint Online ideal for handling sensitive contract data.
Affordability
SharePoint Online uses a subscription-based pricing approach, which allows custom software development firms to budget ahead of time. SharePoint Online subscription prices range from $5 to $35 per user per month (as part of the Office 365 suite), depending on the bundle, making it accessible to even small enterprises. Contract Advantage development software, on the other hand, costs around $100 per month per user.
Important considerations for building your contract management system
Contract lifecycle management is a fairly comprehensive process with a lot of moving pieces and a lot of people involved. It's more than just a document repository with some metadata for searching your company's intranet portal. While the conventional SharePoint intranet is effective, there is a better way to improve your contract management system.
Our SharePoint-based contract lifecycle management system can help your firm improve contract management by removing the guesswork from your day and helping you to meet important goals and achieve maximum outcomes. We strongly advise you to set up goals, routines, due dates, and standards as you get started to assure correct payment of services and start managing contracts on the right foot.
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