Using Contract Data to Mitigate Risk and Increase Compliance
By Graham Covert
It’s simple: contract data is your most valuable contract management asset. Data is the key to uncovering and mitigating risk all while ensuring increased compliance, visibility, and reportability. Contract Logix’ intelligent and data-driven contract management software allows you to achieve these goals.
This a topic we recently covered on a webinar Using Contract Data to Mitigate Risk & Increase Compliance. This article is a recap of that session but if you want to watch the whole thing you can find the recording here.
Securely Access Flexible Contract Repository
Our Express CMS and Premium CLM products securely organize your contract information making it visible and accessible from one central location. The flexible central repository allows users to easily capture unlimited contract data and any other related information associated with the contract or agreement. Users can quickly design records for any contracts, organizations, contacts and documents by leveraging the drag-and-drop functionality. Administrators of the system can control access to system information but taking advantage of our robust, role-based security features. The flexibility of the repository allows you to utilize out-of-the-box forms in order to get up and running quickly OR if preferred, you can set up the platform to be as simple or as sophisticated as need be.
Automate Your Contract Workflows
Our Premium CLM Platform offers an exciting Visual Workflow Design feature. This tool provides powerful control over your contract processes. Administrators can design an unlimited number of workflows containing specific business rules using an intuitive user interface to ensure every step of the process is precisely how you planned to execute. Contract Logix provides everything you need to manage even the most complex of requirements by automating notifications, tasks, document creation, approvals and so on. By incorporating data logic into every facet of the platform, organizations can leverage rules-based automation at every instance.
Manage and Track Contract Line Items & Other Obligations
Contract Logix’s intelligent contract management platform is powerful with the promise of delivering a complete data-driven user experience in order to manage any type of contract or agreement. With intelligence at the forefront of the platform, it enables users to quickly and efficiently gain knowledge thus transforming how you manage your contracts. By automatically tracking contract line items, key dates, terms, language, risk, compliance, products and services it allows for fewer missed deadlines ultimately leading to increased revenues and lower costs for your organization.
Document Creation & Authoring
With our Premium CLM Platform, users can increase their organization’s speed and legal compliance by creating negotiation-ready contracts from pre-approved language stored in central clause and template libraries. Leveraging both libraries allows users to bring together a suite of document creation and authoring tools ensuring contracts are drafted properly. Non-legal users of the platform can quickly and easily generate compliant contracts with complete accuracy – without requiring IT or Legal assistance.
Takeaway
At the end of the day, your contract data is your most valuable CLM asset. By leveraging Contract Logix’ intelligent CLM platforms, businesses can centralize contracts and contract data in a secure manner, automate workflows for specific business processes, effectively manage important contract data, and increase corporate compliance with faster contract and document creation in accordance with their business rules.
Want to learn more about using contract data to mitigate risk and increase compliance? Schedule a call with one of our experts.
