Every organization wants to maximise their contract performance management rather than merely managing their contracts. Contracts are the lifeblood of any organization, but without automation of workflow in the contract lifecycle management, 50% of the time is spent on negotiations with 30% increase in processing costs and 90% higher erroneous payments according to a study by Goldman Sachs.
An efficient CLM software automates your workflow by connecting the right people at the right time reducing bottlenecks with unlimited virtual reminders and alerts triggered at every stage of the contract lifecycle. Here is how Ultria’s CLM – a cloud-based contract management software powered with AI and machine learning can streamline your contracting process at every stage from requests to renewals with greater visibility.
Simplifies Contract Request Initiation
Ultria’s CLM System System provides standard and easy to use intake forms through which employees, stakeholders and third parties can raise a contract request with the click of the button from anywhere in the world and initiate the contract process. A user-friendly dashboard with permission-based access enables one to raise a contract request and bring it to the notice of the concerned party who can approve it with ease.
Optimizes Contract Creation
Ultria’s CLM comes with standard and configurable contract templates that are compatible with third party systems and applications like Microsoft Word easing the process of authoring the contracts in the contract system at the contract creation stage. A pre-approved standard clause library that is regularly updated and easily configurable into the contract templates improves productivity and contract compliance with legal and regulatory rules. The ability of the contract management system to match third-party contracts and multi-lingual contracts enables to create globally compliant contracts.
Expedites Contract Approvals and Contract Negotiation
Once the contract is created, Ultria’s CLM expedites the approval process by triggering approval alerts and notifications for whole or part of the contract to the concerned parties. Once approved the contract is made accessible to concerned parties for negotiation and changes. With version control and contract tracking software, who made what change to the contract is visible reducing confusion across the concerned stakeholders keeping them in sync with the latest version of the contract.
Safe and Secure Signature Process
It is the signing stage of the contract that finalizes it and propels it into action. Integration of Ultria’s CLM software with Docusign enables concerned parties to sign the document from virtually anywhere in the world with electronic contract signing. E-signatures ensure that the entire contract is encrypted and tamper-proof heightening its security. With online contract signing, the contract cannot be altered without triggering an alert, making it safe and secure for signees guaranteeing the authenticity of the contracts.
Centralized Contract Repository
Once a contract is signed, it is stored in a central repository of the Ultria’s CLM. With a centralized contract repository software, the data in the contract is searchable and always up-to-date. Concerned parties can easily access contracts at any stage of the contract lifecycle and also evaluate its performance. With AI powered Ultria CLM, free text and meta data search can be conducted on contract data identifying new opportunities, risks and create effective reporting. With all contracts at a centralized repository, it is easy to identify active, expired or expiring contracts due for contract renewal without haste.
Automated Risk Mitigation
A searchable centralized contract repository making contracts highly transparent and visible ensures risk factors are not overlooked. AI powered Ultria’s CLM with machine learning can map real time trends on meta-data enabling to create a risk assessment matrix. Contract risk score and rating, risk exposure and risk probability pattern trends initiates concerned stakeholders to take timely action to mitigate risk. Cloud-based contract management software software also enables contract compliance by ensuring adherence to regulatory, commercial and clause compliance requirements across borders.
Tracks Contracts for Seamless Renewals
Never miss a renewal date or make erroneous payment to unperforming contracts. Ultria’s CLM creates higher visibility of contracts by providing an audit trail of who did what and when enabling concerned parties to track up-to-date contract changes. With real-time reporting on engagement and activities performed around the contract it is easier to track if concerned parties are meeting contractual obligations and uncover hidden costs. Confident contract tracking gives the organization timely alerts for contract renewals enabling them to review and develop a plan-of-action putting them at a stronger position for contract negotiations at the time of renewal.
Ultria’s CLM powered with AI automates workflows with an efficient cloud-based solution that not just provides a central contract repository software software but also end-to-end contract lifecycle management. It enhances your contract relationships with reduced turnaround time with legally approved contract clauses that meet standard and international compliance requirements. It manages complex and voluminous contracts with a user-friendly interface that is access based and helps to reduce bottlenecks, mitigate risks and expedites approvals, compliance and execution. Its confident and secure contract tracking tools with comprehensive audit trails, performance insights and risk score pattern can increase your ROI and build better and trusted collaborative relationships across stakeholders.