Legal & Compliance Automation Solutions
Your legal department must manage contracts while minimizing risks. This challenge makes easy access to information and tasks critical. You can get all of this and more with enterprise contract management software. This solution captures, stores, and manages the entire contract lifecycle and allows you full visibility on a single secure platform.
A key benefit is that the software automates the predictable steps of your processes. For example, automation can take care of repetitive tasks for you. Meanwhile, you can spend this time completing tasks that require your expertise. At the same time, your staff can complete the tasks that require their human brains. Reporting functionality and quick dashboard views offer full visibility of all contract-related data. Such information might include:
- Supporting documents
- Staff ownership details
- Expiration and renewal dates
- Executed contracts
- Other related data
And all of this is accessible in a single location. This means you won’t waste any more time searching far and wide for information.
Contract management is an essential part of your organization. However, if your processes are inefficient, it can be costly and risky. With contract management software, you can manage your full contract lifecycle. And you can access all this in one place with complete visibility. This software helps you accomplish this by offering a variety of tools to help you do your job.
Contract management workflow automation can solve your efficiency problems. This solution accelerates your review and approval process. It automates your contract lifecycle from request to negotiation, authoring to approval, execution to expiration and renewal, and post-contract analysis. In short, it routes contracts to the right people and places at the right time. As a result, you can be sure that your contracts won’t fall into the wrong hands.
- Improve your compliance by allowing you to track all changes and actions in each contract’s history.
- You enjoy instant real-time visibility into the contract process. This feature allows you to view contract statuses and contract profitability. It also means you can quickly identify specific bottleneck causes. You even gain complete visibility into the contract lifecycle. From key milestones and workloads to upcoming obligations, you won’t miss a thing.
- Saves you time by eliminating the hassles of document chasing. No more wasting time searching for documents spread across the office or multiple applications or locations! This technology also can accelerate negotiation and cycle times and the entire auditing process itself through instant visibility.
- Allows you to automate your contract management processes with tools like internal authoring and collaboration, external negotiation, legal review, and contract tracking.
- Increases your security as it allows you to store all your contracts and other documents in a single secure location that is easy for those with permission to access when needed. If you choose a cloud-based solution, your security is enhanced even further. This investment also comes with the added convenience of being able to access your information from anywhere securely.
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Audits & Compliance
If you’re relying on manual processes, you may often find yourself searching far and wide for documentation that is scattered across your organization or even misplaced. This process inhibits your productivity, as it consumes valuable time and negatively impacts compliance.
Document management and process automation software offers a solution to this common problem, as they allow you to manage your documents in a single electronic location. This convenience makes it easy for you to quickly and securely share documents with outside auditors. These solutions not only give you an easy, secure way to access and manage your documents, but they offer complete visibility into the entire process.
- Improves your security by integrating your systems, which allows for more secure access to all your organization’s documents.
- Saves you money and time because improved compliance means that you don’t have to spend as much time correcting mistakes that come with not being compliant. You will also save money by reducing how often you must distribute policy changes and documents to employees.
- Enhances your productivity because you spend less time fixing errors. You also won’t have to spend any more time locating documents that you need that inconveniently may be in various locations across your organization.
- Increases your organization’s transparency as it manages compliance and audits constantly. It accomplishes this by featuring audit trails, automated document retention, and complete visibility into your data and every action that anyone took on each document.
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As your organization continues to add to its extensive collection of data, keeping up with compliance laws becomes increasingly essential. You face standards that apply to your information throughout its lifecycle, regulating everything from how you store and use it to how and when you can destroy it. Eventually, your organization may own so much information, that manually managing it can reduce your efficiency drastically. It may even put you at risk for compliance issues. Fortunately, records management solutions can help you automate the way you manage your information. This technology can solve any security or efficiency problems you may have in no time.
With a records management solution, you can configure automated rules and workflows for tasks like approvals, storage transfer, archival, and finally, document deletion. As a result, this tool can help you automate your records declaration, holds, and retention. It also allows you to manage your physical records alongside your electronic records. It also offers uniform retention policies and chain of custody.
- Saves money through lower processing costs surrounding manual document deletion and saves expensive storage space costs with automatic destruction of documents that have lost their value.
- Reduces the legal risk you previously faced by having expired records on file, and enables you to meet industry regulations and requirements for data retention.
- Helps you to enforce document destruction policies consistently across your organization.
- Enhance compliance with a trackable audit trail that displays all actions taken during your document’ lifecycles.
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Managing Massive Quantities of Employee Paperwork
Colony Brands was having a hard time managing paper trails for employee records especially around Christmas when they rehire 4,000 to 6,000 temporary employees. Now with OnBase, Colony Brands is able to quickly look up previous employees through their familiar Ultipro interface. This has allowed them to hire quickly and efficiently during their peak season.