Reasons to upgrade from multiple application to Contracts Management Software

An Effective Contract Management provides a clear view of terms and conditions for both the parties by putting all the necessary terms in it. Zoho Contracts has prebuilt templates and clauses which makes the work of the drafter easier. You could also have customized clause or template for Agreement. This saves time for drafting agreements. All the process of executing the contract is done in one platform thus saves time and cost of having a separate application and data storage spending. By monitoring contracts, Organizations can negotiate, identify opportunities for purchasing and leverage economies of scale to reduce costs.

In general there are financial risk, legal risk, security risk, Compliance risk, operational risk and so on. In order to mitigate these risk to certain extend, a CLM Software helps. A CLM software includes features such as predefined clause and contract templates, it comply with current rules and regulations and reduces the risk of non-compliance or litigation. A well managed contracts reduce the risk of financial penalties, fines and litigation & ensures that contracts are in compliance with legal and regulatory standards. This helps company to avoid unexpected expenses that could effect the profit.

Zoho Contracts acts as a central repository, it is secure and has a easy to access database. By centralizing contract storage and access this contracts management software helps business to improve operational efficiency by making it easier have a access to contracts templates as well contracts which are signed. In order to enhance organization's ability to deliver products and services more effectively, CLM Software reduces or lowers cost and optimises the resources. Thus results in more competitive, profitable and sustainable Organization.

To enter into an agreement both the parties must have consensus to execute an agreement. While entering into a contract both the parties must have clarity towards the terms and conditions. In case of clear clarity over the clauses in the Agreement, there will not be any dispute or less dispute regarding the terms. In case of any dispute over the terms which they agreed to, the easy access to the contracts enables the parties to have a clarity over the terms.  

Zoho Contracts acts as a one stop application, after the internal approval process the contract will be sent to the counter party. The counter party can comment on the changes by highlighting the clause that need to be altered. In case of any changes or alternation, the parties could renegotiate using Zoho Contracts. Post that the counter party can sign the contract or agreement digitally by using Zoho Sign. 

Zoho Contracts empowers businesses with in-depth analytics and reporting capabilities. Track contract milestones, analyze clause usage, and monitor obligations with ease. Make informed decisions, mitigate risks, and optimize your contract management process for greater efficiency and compliance. In Analytical reports, one could have all information about the contract's status and other information such as contractual price, what stage the contract is, whether it is signed or not and so on. 

In Zoho Contracts, the PII (Personally Identifiable Information) i.e. information of an individual and other contract data will remain encrypted. The user could also mark the fields of personal data to be encrypted from document settings. Zoho Contracts us governed by the Indian Laws as well as General Data Protection Regulation (GDPR) as well as Health Insurance Portability and Accountability Act (HIPAA).

Zoho Contracts secures the access to the application log in with multi factor authentication, thus prevents any data breaches. The user could also allow for granular access control. By having a visibility of the reports and enhancing all the relevant stakeholders in the audit process helps in improved compliance.