It is still important that any business executive understand the basics of the process of contract management. Keep in mind that this is a tedious and meticulous process that necessitates time, effort and a whole lot of concentration. This is in spite of the fact that the process has been automated.

Essentially, there are 9 stages in the process of managing contracts. This is just for the typical setting anyway.

First of all, there is the request. This is the starting point. A request is done in order for contracts to be made. Applications will be done and all the pertinent documents will be searched in order to put up a decent contract that will make all parties satisfied.

The next part is called authoring. With the automation of the contract management process, the creation of contracts becomes a lot easier. The users of the system will just have to use word processing tools. The same is true for a language that has already been standardized. The latter can just be included depending on the agreement you come up with.

After this comes the negotiation stage. Various versions of the contracts appearing in different formats will be compared side by side. This way, any discrepancies can be quickly and duly noted. This will then reduce the time of negotiation by half.

Then the approval stage is up. This is actually where the bottlenecks occur. But with a contract management process, the process becomes much quicker because there are already approved and automated workflows. This can include but is not limited to the parallel as well as serial approvals among others.

Afterwards, there is the execution. Here, the users can freely control as well as truncate the signature process as they wish. This is through the use of certain tools like eSignature and fax support.

Obligation management is next. This is where your company gets the assurance that the deliverables are met. This is also the stage when the value is not at all leaking from the contracts. This involves expirations, renewals, major events, analytics and reporting among others.

Amendment is also part of the deal. With the automated process, you will have to use just a single tool to view all the business relationships across various amendments of contracts.

After this is the audit and reporting stage. And when you have your system automated, you can get your hand on various tools like alerts for contract compliance, audit tracking even at the field level, generation of reports on demand, and access to reports and records with just a single click among others. Integration of reporting tools with third parties will also be much easier and quicker.

Last but certainly not the least, there is renewal. Since your contract management process will already be automated, identifying those who are up for contract renewal will be done faster. Plus, contract drafts will be automatically created using the previous contract as the basis. With that, no one will be overlooked and no potential income or revenue will be lost.

Reniew software

After knowing all these, the next step would be to determine where to find them. The good news is, the answer is with the Reniew software. It has everything businesses would need in order to reap the benefits of a fully automated contract management system. Not only will you be able to enjoy the perks of the process mentioned above; there are also a lot of other sophisticated features that will give you the assurance that investing in it will give you the best value for your money.

If you are looking for information regarding contract management process click on the link. Or you can visit Reniew website at http://reniew.com/ for a contract renewal software.

If you are looking for information regarding contract management process click on the link. Or you can visit Reniew website at http://reniew.com/ for a contract renewal software.

Author Bio: If you are looking for information regarding contract management process click on the link. Or you can visit Reniew website at http://reniew.com/ for a contract renewal software.

Category: Computers and Technology
Keywords: contract management,automated contract management,contract management process