Best Practices to Ensure Contract Compliance – Part 3: Create Standard Workflows

Welcome to the third blog in our series on best practices to ensure contract compliance! This post will discuss how standardized workflows contribute toward achieving compliance for your contracts.

A standardized workflow not only accelerates contract authoring and approval but also ensures necessary input from all relevant stakeholders. The standardization of workflows is essential to reduce contract cycles and guarantee every stakeholder’s involvement, thereby eliminating ambiguity and confusion. The business-specific rules in workflow ensure that each step of the approval process—contract modifications, addition of supporting certificates and documents, and final approvals—go through the right people in the right order. This leads to lowered risks of skipping or violating crucial regulations.

The challenge is to bring all stakeholders together on a unified interface. This is successfully addressed by a Contract Lifecycle Management solution, which provides a common platform to all stakeholders with user-defined access. CLM also enables you to configure email / SMS alerts whenever a new contract comes to you for approval, further boosting the efficiency of the approval process.

Hence, to ensure compliance, you should:

  • Create standard workflows with set protocols & procedures
  • Define hierarchies for approval process
  • Ensure access to all necessary stakeholders during the contract authoring and amendment process

Watch this space for more on contract compliance management.

As the year 2017 draws to a close, this is a good time to consider deploying an automated contract management solution in your organization. To learn about the business benefits of a cutting-edge CLM solution and estimate its ROI for your company, click here.

Contact us at info@ultria.com to have all your contract management concerns addressed.

Related: Best practices to ensure contract compliance – part 1
                Best practices to ensure contract compliance – part 2

 

 

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Author Stuti Mehrotra

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