The explosion of content has been a tremendous challenge for the legal team with very high volume of legally binding contracts and records that are circulated. In several organizations, contracts are spread throughout in various departments, with different file types. What’s worse they are stored in different systems in varying formats and there are manual steps in processing. Consequently the overall costs of managing these contracts become quite high and what’s worse, enterprises are dealing with a huge risk of not complying with regulatory requirements. These risks become more acute as they are not able to locate the correct versions of the contracts and track approval by key decision makers.
The legal department is increasingly getting equipped with a comprehensive system to support their entire business process and ensure proactive compliance and information governance. The legal team is constantly looking for ways to better perform their role to provide superior service while at the same time be error proof. They are also increasingly looking for ways to go paperless to bring down costs as well as physical storage / office space. They’re looking for ways to systematically classify, retrieve, surely share retain, archive and safely dispose records and thereby ensure no increase in risk exposure.
Critical Success Factors
It is imperative for the legal team to have access to the right information when they need it. They need to have access to a single source of truth. Also it is important for them to securely collaborate during the execution cycle and ensure that the business process is conducted in a secure, speedy and efficient manner. The legal team must be equipped with the right technologies to not only ensure agility but also help enforce compliance, legal and policy requirements across enterprise content in multiple systems.
Key Business solutions
This is a comprehensive out-of-box solution for all types of contracts. This solution automates the entire lifecycle of the contract right from initiation, authoring, workflows, negotiation, approval, execution, and archival / renewal. With this solution, your legal team or business users are able to locate knowledge across the enterprise, ensure standardization and minimize risk. All key milestones can be managed via this solution and corresponding incentives can be taken advantage of. This solution also has a powerful analytics tool that enables extensive insight into the contract performance. For more information visit ECM
Your legal team needs to collaborate with various stakeholders during the entire lifecycle of the contract. Several organizations are leveraging social media technologies with an enterprise grade content management infrastructure. With this solution, your legal department can really build agility in their business process by not only sending comments, review contracts etc. but also send updates to their peers. This solution is a huge time saver for your team because it offers central project sites with user profiles, discussion feeds, documents and wikis – everything in one place to keep everyone up to date. The ability to set up user profiles with photos and background information makes a big difference in helping people from cross-functional teams in different locations to work better together. Users can also access information via their mobile device thereby ensuring secure access to information anywhere.