Organizations nowadays are striving towards digitalization and getting rid of massive stacks of paper, endless rows of filing cabinets, and clunky, ineffective ways of managing. Every day a company deals in stacks of contracts and traditionally the management of these documents has been disjointed at best. Contract Lifecycle Management comes to the rescue by systematically & efficiently managing the contract creation, negotiation, execution, and analysis for maximizing operational and financial performance.
According to a recent survey, this need for streamlining workflows is expected to expand from $1086 million to $3167 million in the industry — more than tripling in value — within the next six years. The compound annual growth rate for the contract management solutions industry is predicted to be a healthy 16.65%.
We present to you smartContract – the complete CLM solution! It is an intuitive Contract Lifecycle Management Solution from SR Tekbox, which helps you automate your contract management processes. smartContract enables organizations to create, store, edit and manage any type of business to ensure transaction compliance for the terms agreed to in those contracts.
- Self-Service Contracting Empower business users to create a contract in self-service mode and significantly reduce legal operating expenses. This mode helps reduce and improve cycle times and achieve faster time to revenue. The smartContract platform can help set up clauses, templates, and business rules that govern contract creation by users. This new-age contract management solution supports an easy intuitive user interface which in turn encourages adoption by any front-line user.
- Intuitive Request Wizard smartContract improves collaboration and ensures a structured flow of information between business and legal with intuitive request forms. These intelligent, easy-to-use forms ensure that the correct data and documents are captured. This contract automation software the guides requests through a workflow and review process that automatically identifies the right expert or group to work on each contract.
- Template and Clause Management One of the many things that make smartContract better than the rest is its exciting features that are specially designed to make user’s life easier. With that aid, smartContract helps you accelerate your contract creation process with pre-defined Contract Templates, set up with template selection rules and smartContract’s Word Add-in feature which enables template authoring in Microsoft Word with the ability to pull library clauses into any document.
- Collaborative Contract Management smartContract leverages its platform’s online collaboration portal to enable multiple stakeholders to contribute to the contract drafting and delivery process. Legal users can also be appointed TATs (Turn Around Times) with proactive alerts with any contract administration or obligation tasks.
- Third-Party Collaboration This cloud based CLM solution help achieve faster cycle times and reduce communication overhead with a secure online collaboration portal. Vendors and thirds parties are provided secure access to their contracts, submit contract redlines, review contracts and upload compliance documentation.
- Redlining Version Management Improve contract management lifecycle with smartContract by significantly improving negotiation governance with redlining and version management. Every redline is saved as a new version and evaluated for impact on work approval and evaluated on the impact on workflow, with draft comparisons and comparing any draft versions.
- Negotiation Intelligence Want to equip your business stakeholders with the right insights during negotiations? smartContract helps access related documents while reviewing negotiated clauses. Theplatform helps users understand the full history with the third party, so they can quickly decide position and accelerate closure.
- Contract Approvals & Execution smartContract leverages all data associated with a contract using rule-based workflow definitions. The system enables workflows and orchestrates a multi-criterion approvals process, with support for sequential and parallel approvals, integration with E-signature and seamlessly updating of the document.