Managing contracts can be complex and time-consuming, with many stages and stakeholders involved. As a result, manual contract management can lead to errors, inefficiencies, and an increased risk of non-compliance. This is where Contract Lifecycle Management (CLM) comes in. CLM is a system that automates and streamlines the contract management process, from creation to signature. Another tool that can help simplify the contract process is the integration of eSignature. For example, DocuSign eSignature allows contracts to be signed electronically, eliminating the need for physical signatures and reducing the time and cost involved in the signing process.
How can CLM and DocuSign eSignature Simplify Contract Management?
By integrating CLM with DocuSign eSignature, businesses can simplify the contract process, improve compliance, and save time and resources. In this blog post, we'll explore how CLM and DocuSign eSignature work together to simplify the contract process and streamline contract management.
Challenges Faced Before Integration
Without integrating e Signature, challenges are faced in managing contracts manually, which can be time-consuming and prone to errors. Furthermore, this can lead to delays in the sales cycle and increased legal risk. Other challenges include:
- Difficulty in tracking the contract status and ensuring compliance with deadlines
- Limited visibility into the contract approval process and potential bottlenecks
- High risk of misplacing or losing the signed contract, leading to legal disputes and financial losses
- Inability to automate contract workflows and reduce the time and resources needed for contract management
- Delays in contract approval and signature can cause delays in the sales cycle and negatively impact customer satisfaction
- Difficulty in ensuring consistent contract language and compliance with internal policies and external regulations
- Limited ability to analyze contract data and derive insights for business decisions
- The increased administrative burden on legal and contract management teams can impact their productivity and job satisfaction
Benefits of Using CLM and DocuSign eSignature Together
Integrating CLM with eSignature lets you automate the entire contract process from creation to signature. This helps to reduce errors, minimize delays, and ensure compliance with legal and regulatory requirements. Furthermore, it helps improve contract visibility and compliance and accelerate the sales cycle.
How does an integrated CLM and eSignature solution help?
- Streamlines the entire contract management process
- Reduces errors and delays
- Improves compliance and reduces legal risk
- Faster contract completion
- Simplifies the contract creation and approval process
- Provides a complete audit trail of the entire contract process
- Eliminates the need for physical signatures and reduces the time and cost involved in the signing process
- Allows contracts to be signed from anywhere, at any time, as long as there is an internet connection
- Provides greater visibility into the contract management process
- Enables businesses to manage contracts more efficiently and effectively
Using CLM and DocuSign eSignature together provides a streamlined, efficient, and secure way to manage the entire contract process, from creation to signature and beyond. A step-by-step breakdown of the process of using CLM and DocuSign eSignature together to streamline the contract management process:
The process starts with the creation of a new contract. In this stage, the CLM system creates and stores the contract template. The template includes the necessary fields for data entry, such as contract terms, names, and dates.
Contract review and approval
Once the contract is created, the relevant parties must review and approve it. The CLM system manages this process, allowing for document collaboration and workflow automation.
After the contract is reviewed and approved, it is sent to the relevant parties for signature. DocuSign eSignature is used at this stage to collect electronic signatures from each party. The signing process is simple and convenient, and the signed contract is stored securely in the CLM system.
Contract execution and management
Once the contract is signed, it is considered executed, and the CLM system manages the contract throughout its lifecycle. This includes storing and managing the contract document, monitoring important contract dates and milestones, and tracking contract performance and compliance.
Contract renewal or termination
The CLM system also manages this process when a contract is up for renewal or termination. This includes sending reminders to relevant parties, managing the renewal or termination process, and ensuring that all necessary steps are taken to properly close the contract.
Unleash Contract Management with Aavenir Contractflow and DocuSign Integration
One of the main benefits of using eSignature is speed. With eSignature, contracts can be signed electronically and immediately, eliminating the need for printing, signing, and mailing physical documents. This can significantly reduce the time it takes to complete a contract, which can be especially important in time-sensitive situations.
Another benefit is convenience. With eSignature, parties can sign a contract from anywhere, at any time, as long as they have an internet connection. This can be especially useful for businesses that work with partners or clients in different locations, as it eliminates the need for physical signatures and reduces the time and cost involved in sending documents back and forth.
With Aavenir Contractflow, integrated with DocuSign eSignature, users can track the status of contracts in real time, identify bottlenecks, and accelerate the approval process. This helps to improve the overall efficiency of the contract management process, reduce costs, and increase revenue by closing deals faster. Furthermore, it offers additional benefits, such as built-in security measures to prevent tampering or fraud and a complete audit trail of the signing process, which can help improve compliance and reduce legal risk. Overall, when you have Aavenir Contractflow, you have a more efficient, convenient, and secure way to sign contracts, which can benefit businesses of all sizes and industries.
Close deals faster, reduce legal risk, and provide a better customer experience with an AI-enabled CLM Solution integrated with DocuSign – Aavenir Contractflow. Book a demo to see how it works for your organization.