How to Improve Your Document Management Processes

While legal professionals grapple with the challenges of managing a burgeoning volume of contracts, contract management software is emerging as a robust electronic document management system (DMS). Manual handling of these documents has proven time-consuming and error-prone, potentially leading to compliance issues and operational inefficiencies. A blog post by Cobblestone Software highlights seven key ways in which contract management software can serve as a DMS. 

1. Centralized document storage. Contract management software can centralize document storage, providing legal professionals with a unified repository for all contract-related digital documents. It eliminates the need for physical storage and facilitates easy and secure document access.
2. Advanced search capabilities emerge as a powerful feature, allowing legal professionals to effortlessly find contracts and related documents by searching text and metadata using keywords, phrases, and clauses, thus enhancing efficiency and accuracy. 
3. Robust security features. Contract management software can maximize security features by offering advanced security protocols that comply with SOC 1 and 2, multi-factor authentication, and permissions-based access controls to safeguard sensitive documents.
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4. Compliance tracking becomes more manageable with automated tools offered by contract management software, allowing for efficient tracking and management of compliance requirements across contracts and vendors. In addition, users can create highly configurable workflows for oversight over compliance-related tasks.
5. Task automation. The ability to automate routine tasks, such as document drafting, negotiation, routing for approval, setting task escalations, and centralizing eSignatures reduces manual effort and minimizes errors.
6. Integration with other processes, seamlessly connecting with customer,  relationship management (CRM) systems, enterprise resource planning (ERP) systems, financial systems, human resource information systems (HRIS), and procurement systems. 
7. Advanced analytics and reporting tools provide deep insights into contract performance, risk areas, and counterparty trends, enabling informed decision-making and strategic planning, which can be viewed on executive graphical dashboards.