Struggling to keep tracks of your Contracts?
ProcureTiger’ Contract management (CMS) module automates and streamlines contract processes during key stages. The stages include contract initiation, process and workflow, approval, execution, and contract renewal. This module facilitates the user to create customized workflows to dynamically direct documents through the lifecycle process and also provide an overview of all the contracts Current, Live and Archive.
Procuretiger’s Contract management software helps businesses Redline, negotiate, and sign contracts digitally steamlining the contract lifecycle, automating the contract management process and helps reduce contract cycle times, mitigate risks, and improve governance and compliance.
A central Repository where all contracts and documents are Stored and managed. Procuretiger’s CMS automate tasks, track deadlines and provides better visibility of Business’s contractual obligations for the legal team to manage the contract process more efficiently.
Here are our 5 stages of CMS: Contract Requirement and Drafting: The CMS process in initiated with a request outlining the contract requirements. Once the request is made, a member of the legal team drafts a contract. Procuretiger’s CMS provides one-click option to choose from available pre-approved templates/Clauses that can easily be inputted into a document
Execution: Once all terms are agreed, the system allows the user to configure optional work flow for approval before execution and subsequent signatures by all the Parties. Procuretiger’s CMS allows the users to digitally sign the documents saving time in to and fro of the approved copies of the contract for manual signatures
Contract management: After execution, during the tenure of the contract, it is stored in a central repository. Centralised data helps in enhanced efficiency of managing contracts by renewals and closures.
Renewal / Closure: Once the contracts have reached the end of their term, the system allows the contracts to be renewed or terminated automatically as agreed upon by both parties.
Increased Efficiency: Automated processes like contract creation and approval with configurable workflow help Businesses save time
Audit Compliant: Allows businesses to track compliance w.r.t any third party Audit and/or Regulatory/legal requirements reducing monetary disputes.
Collaborative Approach: Web Based system with multiple stake holders like Legal, Sales, Finance teams can access and collaborate on drafts real-time enhancing the communication and reducing delays.
Visibility and Transparency: Allows Businesses with a rights based 360 view of their contracts, allowing them to make informed decisions.
Secured: Offers strong security features like configurable Work Flows, Roles and rights Based access, multi factor user authentication etc
Reduced Costs: Procuretiger’s CMS speeds up the contracting process by easy and fast locate contracts, collect signatures and approvals, complete the drafting process and much more. By having a clearly defined process online, things get completed faster, reducing the time spent on each contract significantly
Speedy Negotiations: conventional methods of negotiations are time taking and cumbersome with time spent redlining documents, drafting emails and discussing provisions across a range of channels. It is people dependant, inefficient and often results in delays.
Self Service: Procuretiger CMS facilitates the businesses to self-serve by using templates, also allowing finance and procurement teams to self-serve many different contract types, with limited engagement of Legal and Compliance departments.
Role Transformation of in-house legal team: Process driven contract management increases the ability of the Legal team with searchable files
