Cloud Tech: The Next Chapter for Contract Management

Cloud-based applications and working environments offer unparalleled amounts of flexibility when it comes to handling day to day operations. The improved versatility that hosted solutions and cloud-based services afford has led to many companies pursuing a complete digital transformation of their business model, significantly changing how they work with their clients on a daily basis. This change is especially prevalent in legal organizations who have adopted newer, more innovative ways to manage their contracts.

Over the last several years, cloud computing has come a long way in providing organizations with better and more efficient ways to manage their businesses. Here are three ways that cloud-based contract management solutions are continuing to shape the way legal departments do business.

Better Storage Efficiency

Filing important documentation so that it's easily accessible can be cumbersome for companies that are actively growing their client base. Contract management software makes this process much more efficient by storing pending and completed contracts all in one centralized location. This flexibility significantly minimizes the likelihood that essential documents become lost or misplaced over time. Hosted file storage also makes it much easier to locate and reference contracts that need specific renewals or have been archived in the past.

Improved Contract Security

Confidentiality is one of the core responsibilities that legal departments have when building, executing, and enforcing contracts across multiple parties. While there are many ways that legal teams can format and store their contracts, being able to maintain the highest security standards at all times is vital to the integrity of legal documentation. By using a dedicated contract management solution, companies can ensure that the information contained in their contracts is stored securely, protected by two-factor authentication and permission-based rules and triggers.

Streamlined Contract Management

One of the defining features of cloud-based contract management solutions is their ability to help companies streamline their processes so they can process contracts quickly and focus on other important aspects of their business. Cloud technology and "smart contracts" make it easy to access your data and reports securely from any location and automates much of the processes associated with contract creation, reviews, approvals, signage, and termination. The versatility of cloud-based contract management solutions also allows you easily audit your documentation to see who's been viewing your documentation and if they require amendments or retractions. All of these features provide a much more automated way of managing contracts that save organizations significant resources when handling their day to day operations.

Cloud-based contract management solutions have entirely changed the way legal departments execute their processes. More than just an organized method of storing contracts and other legal documentation, contract lifecycle management software provides a more streamlined approach to building and distributing essential contracts, all under a centralized and secure virtual platform. By utilizing the flexibility that cloud computing technology affords, companies can take full advantage of the better convenience and cost-saving benefits associated with their contract management software.