Why Look For A Contract Management Solution?

Posted on by i27 Solutions. Category: BLOG


Having a Contract Management Solution helps your business in several ways:

  • Ensure you receive or deliver what you agreed
  • Mitigate risk
    • Missed termination / renewal terms
    • Missed obligations agreed in contracts
    • Committing to unfavorable terms due to contract inconsistencies
    • Regulatory compliance risk (access rights, security, traceability)
    • Optimize your agreements over time with insight in contract performance

Doing it with traditional tools leads to challenges in 4 areas:

  • Visibility – We don’t know where all our contracts are, and we don’t know exactly what we agreed
  • Processing – Pre-signing hassles or missing milestones such as a termination date
  • Control – We dont know what we agreed exactly, we don’t know if we got or did what we agreed
  • Usability – Our tools suck, I can’t even review / approve a contract with my phone or quickly compare two contract versions

M-Files redefines how to manage you contracts

M-Files essentially redefines how the customer can manage their contracts by:

  1. Easy accessible – Any device, any location, any time… even offline
  2. Discoverable – Manage contracts by any attribute
  3. Find Instantly – Google-like searching power
  4. Secure – Automatically maintained access rights
  5. Instantly familiar – Works just like Windows
  6. Integrated with back office – To ensure compliance and optimization
  7. Supports the full contract life-cycle – From draft to record
  8. Flexibly deployable – On premise, in the cloud and hybrid

M-Files offers control of each contract from start to end

Finally, M-Files also gives more control over the contract management process: Consistency of our contracts, Ensure the right people have access all the time, Ensures we comply with our contracts by integrating with our back-office systems, Ensures we fulfill our obligations, keeps us informed on important milestones and reminds us about them and it also ensures we comply with any regulatory demands by tracking everything and by automating the retention of contracts according to the right schedules.