Did you know that 1 in 4 employees store contracts in a way that exposes their organization to significant risk?
These contracts may be stored at their workstation, in an email database, or in a file sharing program. Storage of such contracts often lack security and organization, making it difficult to ensure that the right people, and only the right people, have access. That’s where a dedicated, out-of-the-box contract management system comes in. Using a system, such as iCOR by M-Files, organizations can rest assured that their documents and contracts are stored in an unified, easy-to-access, secure location. Below are four ways that a contract management software can improve your contract process.
Utilizing a document management database allows you to keep all of your contracts, files, and supporting documents in one place. This makes finding needed files a breeze, and ensures that you and your staff can access what they need, exactly
when they need it. Employees are able to perform at a higher efficiency, as iCOR by M-Files eliminates the time-consuming hassle of searching through countless folders for a specific document. In iCOR by M-Files, your documents are categorized and organized according to metadata. This allows you to search for a file based upon what it contains, rather than trying to find it based on where it’s stored.
Managing your contracts in a single system also makes team collaboration easier than ever. Multiple employees can work on the same contract from differing locations, making sure that each individual is always working with the most current version of the file. iCOR by M-Files means no more relaying various documents back and forth through email, or having to physically be in the same space to collaborate on a project. Using a contract management software solution gives your employees the power to work on contracts securely, both in the office and on-the-go.
As collaboration begins on a contract and multiple edits are made, it often becomes difficult to sort out the various versions of a contract that may exist. However, with iCOR by M-Files, the software keeps a full audit history of each and every edit or revision that has been made to a specific file. This ensures that you know exactly who made what change, and can see who is currently viewing or editing the document. Additionally, the system grants you the ability to revert to a previous version of the contract in the event that an older version needs to be recovered.
Using a good contract management software also gives you the ability to control which employees have access to specific documents or classes of documents. This ensures that only those who need to see the secured information can. iCOR by M-Files gives you the freedom to work from anywhere, without sacrificing security.
iCOR by M-Files takes the tedious task of contract management and creates an automated workflow that allows your documents to flow from step-to-step seamlessly. Having the ability to integrate with other software, like DocuSign, iCOR will automatically push your contracts from team member to team member collecting the necessary signatures and approval at each stop.
With iCOR, notifications alert individual employees and clients that it is their turn to view and approve the document. This automation also allows for an instant overview of where the contract is in the process, and whose approval it awaits. Additional notifications can also be set to notify individuals of upcoming contract expirations or submission deadlines. Having the ability to streamline the contract management process gives your organization more time to create stronger, better contracts. With iCOR by M-Files, you’ll never lose track of a process or miss a deadline again.
Being encrypted both at-rest and in motion means that your data is continuously secured in iCOR regardless of where you are. This same security extends during initial new content creation, as well as to previously created data that’s brought into iCOR. Allowing employees to edit and revise all while still in the confines of the software adds an additional layer of data protection in today’s fragile world of cybersecurity. After all, protecting sensitive company, client, and vendor information is critical to mitigating breach liability regardless of your industry.
Having a database of digitized files also provides a backup for physical documents from possible damage or physical theft. iCOR eliminates the fear of document loss due to fires or floods, and makes data recovery, if needed, easy and effective. Using a contract management system ensures that you have the needed security compliance and support throughout every step of the process ranging from contract initiation to renewals and archival.
Want to Know More?
Our information management experts are available to answer any questions or concerns you may have regarding your contract management strategies. Whether you are looking to schedule a demonstration of iCOR by M-Files, or simply want some literature regarding the solution, our team can help. Fill out the form below for more information or contact us to connect with a COR365 representative.Share