Contract management software

Protect your business with contract management software

Contracts are the heart of business operations, stipulating your relationships with customers, vendors and partners. But if you have not yet adopted software to automate contract management, you may be losing a considerable amount of time to inefficiency while leaving your business exposed to risk and loss of opportunities.

M-Files can help. Our intelligent information management technology serves as a powerful contract management software solution that can accelerate contract management workflows, keep sensitive information in contracts secure and help enforce the terms of contracts to better benefit your business.

Make your contracts effective

See how M-Files enables you to manage and control contracts digitally through their lifecycle, from creation to archival.

The state of contract management

While employees in every business understand that contracts are vital, many may lack the contract management software tools to adequately monitor, track, store and renew a broad array of contracts.

In many organizations, contract management suffers from several serious issues

Inability to find documents fast

Contracts are often saved in shared folders, on individual workstations, as attachments to email or as hardcopies in a filing cabinet somewhere. Without proper management, contracts can be easily lost, stolen or inadvertently leaked. Additionally, without a centralized view of contracts, workers often have trouble laying their hands on the most recent version of contracts quickly

Inadequate protections

Contracts inevitably hold a great deal of sensitive data. From personally identifiable information to business plans and competitive details, the information in contracts can cause damage to your organization and other entities if it is breached or accidentally revealed. Yet many organizations may lack stringent security measures that help to keep contracts safe.

Poor monitoring capabilities

Contracts outline terms, responsibilities, payments and other actions required by your company and your contractors or customers. Without adequate monitoring, some of these required actions may be overlooked or omitted, resulting in the inability to get optimal value from your relationships with customers, partners and vendors.

Inconsistent and error-prone workflows

Contracts inevitably go through a series of reviews, edits and approvals before they are submitted for final signature. Companies that lack superior contract management software frequently find that this process is ripe for mistakes, missed deadlines and lost opportunities.

Contract management software from M-Files

M-Files delivers an AI-powered intelligent information management solution that simplifies contract management to improve efficiency, enhance security and compliance, and automate time-intensive workflows.

M-Files’ contract management software takes a unique approach to organizing contracts and other documents. Rather than requiring files to be moved to a central repository in a time-consuming and costly migration, M-Files creates connections to each document where it already exists – whether it’s in local hard drives, network folders, within ERP systems, in cloud storage or other business applications and platforms.

M-Files’ artificial intelligence and machine learning technology analyzes each file to extract information about its contents and applies metadata tags that make it easy to identify and find files within seconds. By breaking down the traditional data silos that exist between business systems, M-Files enables contract managers and other personnel to have a single view of all contracts within the organization, simplifying management, security and compliance.

Additionally, M-Files provides a workflow engine that can automate workflows for contracts. M-Files automatically creates assignments and notifications, checks back with workers to make sure things are getting done, and guides contract documents through each stage of their workflow from draft to reviews, comments, revisions, approvals and signature.

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Contract management capabilities

M-Files’ contract management software offers a full set of capabilities for managing contracts more effectively.

Create contracts from templates

Automatically create contracts from the most recent version of templates, with accurate data pulled from other technology such as CRM platforms and ERP systems.

Enforce contract terms

Configure workflows to issue notifications to the right employees when milestones are missed, obligations are unmet, or issues must be addressed.

Avoid versioning headaches

Put an end to contract editing via back-and-forth emails. Send all parties a link to the one authoritative version of the contract. Make edits freely while M-Files keeps an historical record of changes and comments.

Accelerate workflows with eSignatures

M-Files integrates easily with DocuSign, Adobe Sign and other solutions. Finalize contracts with just a few clicks from anywhere in the world.

Never miss a contract renewal

M-Files provides alerts when contracts are set to expire, enabling contract managers to renew, terminate or archive contracts.

Automate workflow with superior contract management software

M-Files delivers the tools to automate many of the routine and time-intensive tasks involved in contract workflow. M-Files’ Workflow engine lets you configure custom processes for creating, reviewing, approving and signing contracts. Metadata within each contract guides the document from one reviewer or approval to the next. M-Files enables both sequential and parallel processing – you can have personnel review contracts in the assigned order, or multiple people can review and comment on the same document at the same time.

After contracts are executed, M-Files’ workflow automation ensures that essential contract terms, milestones and deadlines are not missed. M-Files can issue automatic notifications at critical moments in the process to ensure that significant steps and processes are performed on time.

How M-Files enables efficiency for your business?

Faster search

What you need, when you need it. That is the way M-Files works. Fast, easy, and intuitive.

Familiarity

You can use your favorite daily tools, such as MS Teams or Salesforce to manage your documents.

Easy collaboration

Share content securely, and co-author documents simultaneously — wherever you work.

Streamlined daily work

Let M-Files suggest tags for your documents and add workflows for faster processing.

Why choose M-Files?

M-Files makes it easy to find, access and share documents and information, minimizing wasted time, frustration and business risk. By connecting all documents and information wherever they reside within an organization, M-Files breaks down data silos and makes it easy to serve the right information to the right people when they need it while also supporting data governance efforts.

As a superior data management technology, M-Files integrates easily with a wide range of business applications, platforms and systems, enabling workers to access documents via M-Files with the tools they use every day. And with M-Files’ mobile client, employees can search for and find contracts and other documents anytime, anywhere, on any device.

FAQs

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What is contract management?

Contract management is the business discipline of coordinating the preparation of contracts as they are created and signed. Contract management also monitors contracts to make sure that deadlines and deliverables are met. Managing contracts additionally involves tracking expiration of contracts and deciding to renew or terminate them.

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What is contract management software?

Contract management software simplifies the complex administrative processes of shepherding contracts through multiple levels of review, markup, revisions, approvals and signature. Contract management software can also automate the tasks of monitoring and tracking performance and deliverables against contract stipulations.

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What is document management software (DMS) vs. contract management software?

Document management is the task of organizing, storing, securing, retaining and ultimately disposing of documents. DMS software simplifies and automates many aspects of information management, including file management and records management. Contract management software is a specific type of document management technology that is specifically concerned with creating and tracking contracts.

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