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7 Contract Management Functions You Can Automate Today And Secure Peace Of Mind!

An article by the industry giant, McKinsey, and Company, u2018The McKinsey Quarterlyu2019, stated that 45% of all human activities, which employers pay for can be automated. Automation is inevitable and itu2019s changing the world. Automation complements the organizationu2019s existing technology structure while opening doors to develop and implement new ground-breaking technologies. From virtual assistants and robots taking orders at fast-food outlets to Tesla Motors developing self-driving vehicles, automation has taken the world today by storm u2013 and thereu2019s one revolutionary technology disrupting the business industry in particular: Contract Management Automation.<br><br>Visit: https://docucollab.com/

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7 Contract Management Functions You Can Automate Today And Secure Peace Of Mind!

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  1. 7 Contract Management Functions You Can Automate Today And Secure Peace Of Mind! By ​DocuCollab         © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com

  2.   An article by the industry giant, McKinsey, and Company, ‘The McKinsey Quarterly’,                         stated that 45% of all human activities, which employers pay for can be automated.                             Automation is inevitable and it’s changing the world. Automation complements the                       organization’s existing technology structure while opening doors to develop and                     implement new ground-breaking technologies. From virtual assistants and robots                   taking orders at fast-food outlets to Tesla Motors developing self-driving vehicles,                       automation has taken the world today by storm – and there’s one revolutionary                           technology disrupting the business industry in particular: Contract Management                   Automation.    An automated ​contract management system empowers your organisation to extract                     the maximum value out of the agreements you have worked so hard to negotiate                             while reducing your exposure to risk. The entire contracting process consists of a                           plethora of elements including contract drafting, evaluation, negotiation, execution                   and contractual record maintenance. These processes when executed manually                   become cumbersome and complicated, but with the appropriate strategy, a                     revolutionary contract management software and the right tools, it can turn out to be                             the easiest part of the entire contracting process.    DocuCollab ​Contract Management Software is a sure fire way to automate and                         accelerate your contracts and transactions by up to 70%. With this revolutionary                         all-in-one automated contract solution software, seamless contract management for                   your entire company is not a distant dream anymore. With DocuCollab automate                         virtually every step of your contract lifecycle management and close deals faster                         than ever before besides ensuring compliance without slowing down deal velocity of                         any kind.    © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com

  3.   We have compiled a list of 7 Contract Management functions you can automate                         today with DocuCollab and secure peace of mind:    Click here to read ​The Newest Technology for Business- Contract Management                       Software  Manual Data Entry Into Contract Documents  Data entry is the process of transferring data from a physical state into                           line-of-business (LOB) applications through various procedures and tools. The                   process of manually entering data into contract documents can be a very                         labour-intensive and time-consuming process. Manual data entry requires extra                   financial resources and at the same time is error-prone due to the human element of                               it. Then there are the added limitations of human delays and misinterpretations. The                           manual input of data into a system could lead to a 3% error rate, which is extremely                                   expensive when a variety of contracts and transactions are involved.    With the revolutionary DocuCollab Contract Management Software, it takes exactly                     30 seconds to generate and send contracts. You can now easily develop legal                           pre-approved contracts without the hassle of manual data entry. ​DocuCollab’s                     self-service rule-based wizard is easy to use and is equipped with controls set by                             Legal. DocuCollab’s revolutionary rule-based automation allows self-service for the                   majority of repetitive contract requests. Our innovative, easy to use, what you see is                             what you get (WYSIWYG) contract generation wizard will eliminate the need for                         manual data entry thereby reducing the workload of your legal department                       drastically.  Manual Contracts Request Forms  Contract Life Cycle Management commences with the Contracts Requesting                   process. The contracting process is initiated as soon as one party asks for either a                               © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com

  4.   brand-new agreement or when the same party submits a third-party paper for review                         and eventually incorporates that information to draft or author a contract document.                         The process of manually acquiring all the information required to properly submit the                           contract request is extremely tedious and confusing. When there is a lack of an                             automated solution to handle contract request forms, anarchy ensues. Timely and                       accurate responses become a thing of the past as the person who is managing the                               contract needs to circle back with requests for additional information which kills                         time, resources and costs a lot in the long run.    DocuCollab’s online intake form acquires the necessary information upfront and                     absorbs it into the system. Through the help of this advance Contract Management                           Software, the individual users who request and submit will now have a perpetual                           understanding of the stage and status of their unique requests encompassing the                         unified review and approval process. This proprietary software eliminates the need                       for any phone calls or e-mails as the concerned individuals can directly extract their                             request in DocuCollab and understand its status and projected completion date.                       DocuCollab also ensures Secure External File Sharing. Now you can securely share                         documents with internal or external reviewers for any time editing on any device.                           Through this process, your business will mandatorily save an enormous amount of                         time and effort for your legal teams. This also helps your contract submitters to get                               familiarized with the same requirements and structure.  Manual Contract Redlining  Alterations, modifications and changes are an integral part of any negotiation                       process. A very important part of redlining and sustaining compliance is to ensure                           that changes are tracked meticulously including the person who made them and the                           time of the change. In the past, tracking changes meant downloading a document,                           using Microsoft Word to edit it and then e-mailing the document back. In the                             unfortunate event of two people making manual changes simultaneously, document                     © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com

  5.   reconciliation had to be undertaken which was tiresome and could induce                     irreversible mistakes. Besides, when a lot of people view and edit a Word document,                             the numerous redlines are extremely confusing. The colour may not even be red                           anymore owing to the continuous edits. This results in a classic hotchpotch of edits.                             They are carried out in different colours that have no specific meaning and reason                             and are complicated to inspect and scrutinize. The standardized colour schemes in                         Word are rendered useless for Redlining when being passed around to multiple                         people.    Keeping in mind the limitations of manual contract redlining, DocuCollab has come                         up with an effective Contract Management Software. DocuCollab is a one-stop                       contract management software that helps businesses to automate every step of                       their contract management lifecycle using seamless contract lifecycle management                   tools right from idea to execution. DocuCollab offers seamless contract review and                         negotiation with industry-first online real-time document redlining, review and                   collaboration platforms making sure that every document is indeed a “clean” copy.                         DocuCollab also gives its users the functionality of Real-Time Change Tracking in                         which edits appear in real-time to each reviewer with multiple colour options to                           reduce confusion and increase productivity.    Click here to read​ ​Six Complications of Redlining Contracts in Word  Manual Reviews And Approvals Tracking  Tracking contracts is a compelling task for legal, procurement and contract                       management professionals due to hindrances and personnel error which lead to                       prolonged contract cycle times. Businesses may lose out on temporary pricing                       options and special terms owing to unsatisfactory business rules, business                     processes and compliance standards on account of delayed contract approvals.                     Manually reviewing contracts and tracking approvals may hold good for businesses                       © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com

  6.   involved with a limited number of contracts, However, when the volume of contracts                         increases beyond a manageable number, exponential contract failure rates are not                       surprising at all. Through a manual approval tracking process, the business becomes                         inefficient and may lead to further problems like lack of visibility, increased risk,                           recurring miscommunication, unending confusion, unforgiving delays and lost                 resources.    DocuCollab’s Intelligent Tracking feature allows automated tracking of contracts                   using extensive metadata filters and proactive alerts thereby reducing tracking effort                       by almost 90%. Our proprietary Contract Management Software allows you to set                         alerts and notifications for events throughout the contract lifecycle empowering you                       to seize every revenue maximising opportunity. With DocuCollab, your business is a                         100% audit-ready, now and always. It is equipped with a comprehensive activity log                           tracking for every single change. Now you can track all changes, approvals and                           background   discussions   with   the   embedded   comments   threat   and   chat   conversations.  Manual Version Control  Based on the size of an organization, innumerable contracts may be in motion. Many                             of them will demand edits and approvals before the actual signature is executed.                           With numerous manual edits being shared and distributed, the entire process                       becomes error-prone. It’s not new to accidentally introduce a wrong version of a                           contract into an already regressive process. A deal may get perilously delayed due to                             the wrong version of a contract. A majority of businesses use Microsoft Word for                             Redlining and it may seem like a good idea at first. There’s the track changes option                                 which makes it easy to track alterations and visualize alterations from the original                           document. However, it is really easy to lose track of your edits combined with the                               hassle of saving numerous versions.    © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com

  7.   DocuCollab Contract Management Software helps with auto sequencing and                 managing all these saved versions effectively. The user will control the access to the                             documents and share only those portions of the document that need editing                         resulting in a reduced number of versions and improved productivity. Besides, any                         user can ​track and prevent unauthorized changes to critical clauses using                       paragraph-level workflow and edit permissions. DocuCollab’s Conversation Channels                 transform every document into a separate conversation eliminating lost documents                     and version control issues. You can now forget about version control issues, thanks                           to DocuCollab’s fully automated and multi-user paragraph-level version control and                     tracking feature. It allows any contract professional to easily track, review and turn                           back a paragraph to any previous version.  Sensitive Information Redaction  In the world of contracts, certain negotiations are more sensitive and confidential                         than others. It is mandatory to ensure that transparency is maintained about the                           information that should be kept confidential. It is not uncommon at times for                           lawyers, legal staff and contract professionals to oversee sensitive information                     thereby failing to properly redact the said information. Such lapses result in the                           dissemination of confidential information, civil liability or disciplinary action.                   Improper redaction of sensitive information manually may result in coercive                     consequences. Without the existence of an automated solution, mistakes are bound                       to happen when technology is not involved. According to the thoughtful words of                           Dave Deppe, president of UnitedLex, a legal services outsourcing firm, “It has never                           been as important as it has been today to redact information properly because the                             impact and consequences are much greater!”    DocuCollab Contract Management Software offers Paragraph-Level Security. It                 allows you to lock or hide the contents of contracts at the paragraph level by                               controlling   digital   rights   to   protect   confidential   data.   This   patent-pending   © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com

  8.   micro-collaboration   contract   management   software   makes collaboration on     documents much easier. You will control the access to the documents and share                           only the portions of the document that need editing. Besides, you can also track and                               prevent unauthorized changes to critical clauses using paragraph-level workflow and                     edit permissions.  Renewals And Milestone Tracking  Most businesses depend on manual processes for the entire contract lifecycle. They                         store documents and contracts in a shared drive and their contract managers                         normally track contract metadata in a spreadsheet. The entire contract lifecycle from                         request to renewal is handled using e-mails, spreadsheets and Word in most                         organizations as they are not ready to invest in a contract management solution.                           Contract personnel on average spend massive amounts of time to create calendar                         reminders and alerts to keep abreast of significant milestones including tasks,                       approvals, expirations and renewals. Spreadsheets are capable of holding key dates                       like expirations but the manual data entry and regular maintenance of such                         spreadsheets are error-prone.    DocuCollab Contract Management Software ensures that your team spends 90%                     less effort while tracking contracts and milestones. DocuCollab is powered with                       powerful and extendable metadata and pro-active rule-based alerts. You can also set                         alerts and notifications for events throughout the lifecycle of the contract ensuring a                           high renewal rate and seamless milestone tracking.    Click here to discover how you can automate every step of your contract                           management   lifecycle   through   DocuCollab’s   seamless   contract   lifecycle   management tools.  © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com

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