Contract management

Automate contract management with M-Files

Managing contracts is part of business in every industry vertical. Yet, many companies lack contract management processes that can streamline monitoring, review, negotiation, and renewal of contracted parties and services. Without effective contract management, it’s far more difficult just to find the most recent version of contracts, let alone check them for compliance or use them to gain insight into risk management, potential cost savings, and vendor relationships.

M-Files offers a next-generation, intelligent information management platform that provides superior contract management capabilities. With M-Files, you can manage and control contracts digitally through their lifecycle from creation to archival to minimize risk, increase efficiency, and build more solid business relationships.

Make your contracts effective

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

The challenges of contract management

A superior contract management software solution can address several of the biggest challenges related to handling contracts.

Locating documents

Employees in various departments often save versions of contracts on their own devices or within their email stores. A contract management solution can help to ensure that only authorized users have accessed to contracts and that only the most current versions are saved.

Unauthorized access

Contracts frequently contain sensitive data or personally identifiable information that could be damaging if exposed. Contract management technology can control access to documents through user access permissions that ensure only the right people can open a file.

Monitoring contracts

Too many organizations rely on rudimentary methods like calendar reminders and checklists to monitor important contract deadlines. An effective contract management tool will provide a more comprehensive approach to tracking deadlines and compliance with contract provisions.

Unintentional expiration

When contracts expire inadvertently, the cost and risk to the organization can be significant. Contract management technology can help to avoid this risk by initiating contract renewal procedures well in advance of expiration.

Inefficient workflows

Many contract workflows are manual processes that are prone to error and chaos when the volume of contracts becomes overwhelming. Contract management software can automate the creation, review, approval, and signing of contracts to improve productivity and ensure price compliance.

M-Files offers a smarter way to manage contracts

M-Files is an intelligent information management platform that provides powerful tools for contract management. M-Files’ cloud document management tools provide several key capabilities that can introduce greater efficiency, clarity, and security into the process of creating and executing contracts.

A better way to store documents

As an innovative document management system, M-Files uses a "what" approach to storing documents, rather than a "where" approach. M-Files tags every document with metadata that describes its content, purpose, workflow, dates, and people associated with the record. Rather than looking for documents in specific locations, workers can find what they need simply by typing a few words about what they’re looking for in the M-Files search bar. In this way, contracts and documents can stay wherever they are currently residing – in network storage, in email archives, within ERP systems, or in other applications and platforms – rather than being migrated to a central data repository.

Faster search and retrieval

With M-Files, you can find any contract within seconds simply by searching for the name of the contractor, the type of work being contracted, an invoice or job number, or by other pertinent information.

Automated workflows

M-Files guides contracts through digital workflows to accelerate reviews, signatures, and archival of executed documents. M-Files can also issue assignments and notifications to personnel when action is needed, and provide updates about the status of contracts at every stage of their lifecycles.

Tighter security

M-Files provides enterprise-level encryption and uses strict permissions to determine who can access contracts based on their role, group, project, document type, and other criteria.

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Benefits of contract management with M-Files

Eliminate mistakes

Use the most recent version of templates along with data pulled from other systems such as CRM and ERP technology to create contracts that are free of mistakes.

Keep control of files

Strong security, automatic permissions, full audit history, and version control help to protect sensitive information and minimize exposure to risk and potential penalties.

Enable electronic signatures

Integrations with popular eSignature technologies make it easy to execute contracts quickly and efficiently with just a few clicks.

Enforce the terms of the contract

Establish workflows to monitor contract terms and notify the right people when milestones occur, action is obligated, or issues arise.

Simplify renewal and archiving

Get alerts when contracts are about to expire and initiate automated workflows for renewal or archival.

Greater visibility

M-Files provides complete visibility into contracts and processes while placing contracts in context with related information such as correspondence, terms, dates, customer or supplier info, and other data that can help to improve contract management.

Improved efficiency

Seamlessly move contracts from creation to signature while minimizing effort required from workers.

Work with familiar tools

With M-Files, your workers can create and manage contracts using their favorite tools such as Outlook, Gmail, and SharePoint. M-Files integrates easily with most common line-of-business applications, which means your workers don’t need to learn a new tool or get used to a new platform to improve contract management. With M-Files, employees can access relevant, current, and accurate information no matter where it is stored or in what format.

The M-Files mobile client base makes it easy for workers to manage contracts no matter where they are – at home, at a customer’s site, or on the road.

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 manage contracts with M-Files?

M-Files provides an AI-powered platform for file management and records management that makes it easy to find, access, and share the right documents. As a result, workers waste less time and experience less frustration, and businesses can minimize risk and improve productivity.

M-Files connects all documents and information across every platform and repository in the business, analyzing each document to place it in context. Smart automation streamlines and simplifies routine tasks so employees can focus on high-impact, highly skilled work that moves the business forward.

M-Files’ enterprise data management platform is easy to customize to the needs of any specific use case or business requirements. APIs enable businesses to connect M-Files to existing systems, allowing users to find what they need no matter what platform they’re working in.

Advanced technologies and ease-of-use have made the M-Files platform the choice of thousands of organizations in more than 100 countries worldwide.

FAQs

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What is contract management?

Contract management is the process of creating, executing, storing, monitoring, renewing, and/or archiving contracts in a business setting. Superior contract management can help to ensure contracts are executed with accuracy and that the terms and stipulations within contracts are observed by all parties.

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What is contract management software?

Contract management software automates many of the tasks of managing contracts. From storing and retrieving documents to processing reviews and approvals to obtaining signatures, contract management software handles many of routine tasks related to contracts, ensuring greater accuracy and visibility in the process.

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What are the benefits of contract management solutions?

By managing contracts more effectively and efficiently, contract management solutions help to reduce costs, ensure compliance, minimize risk, and ensure that the business realizes the full value of contracts.

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