Contract Management
M-Files Contract Management
A cloud-based, out-of-box solution for automating contract management and enforcing contract compliance
Contracts have an enormous impact on your organization's revenue and compliance
Contract management is one of the most critical aspects of managing your business relationships. It’s important to use the right system. Pre-configured contract management (CM) solutions often meet organizational needs more effectively than building a custom CM solution. M-Files Contract Management is a purpose-built, solution for the creation, review and approval of contracts to drive consistency, transparency and accountability.
Benefits of Contract Management
Visibility
Without easy access to contracts, procurement teams and contract managers risk eroding the value of agreements. M-Files unifies contracts and contract data into a unified view to make sure that everyone collaborates on the same version.
Control
M-Files maintains a full audit history and version control. Automatic permissions ensure that only authorized users have access to the data. On the buy side, organizations can achieve higher savings by reducing “off contract” spending by tracking rebates and ensuring that negotiated savings are captured.
Efficiency
Automating contract management increases efficiency and streamlines processes. In M‑Files CM, automatic workflows seamlessly move contracts through their lifecycle and consistently keep staff updated on new tasks using notifications and assignments (i.e. pending signatures).
M-Files Contract Management Supports the Entire Lifecycle of a Contract from Initiation to Archival
- Initiate and request: Contract templates can be used to streamline the initiation process. Manage a library of approved and versioned contract templates.
- Draft and negotiate: During the drafting and negotiation process, drafts are version controlled. Microsoft Office and Office 365 integration fosters collaboration.
- Review and approve: Flexible workflows allow multi-step reviews and approvals.
- Sign electronically: Documents can be signed using the eSignature capabilities of DocuSign or the M-Files Mobile App.
- Execute: Milestones, obligations and issues are managed with automated assignments and notifications.
- Manage: Contracts are indexed with key metadata such as clients, projects, or properties to help organize content dynamically. Amendments, attachments and other related documents can be linked to the main contract and dynamic dashboards track status, expirations and other milestones.
- Search and retrieve: Advanced search and flexible views ensure fast contract retrieval.
- Renew and archive: Automate manual renewal and archival process. On the sell side, alerts on expiration dates allow more time to upsell and cross-sell.
Contract Management Infographic
Next generation contract management solutions like M-Files CM allow organizations to automate contract management processes while ensuring that risk is mitigated. This infographic illustrates the contract management process.