Contract Management
Full visibility into contracts and related information
Streamline contract creation, review and signing
Ensure compliance with powerful tracking and control
M-Files improves and simplifies the way your organization can manage its contracts. With M-Files you streamline and track contracts from draft to termination, avoid milestones from being missed and improve your visibility into the assets and liabilities of your business.
Having good visibility into your contracts is essential when it comes to managing your business, its assets and associated risks. Often however, contracts are stored in multiple locations, from file cabinets and file shares to people's email. This makes it hard to find them and even harder to assess the impact they have on your business.
M-Files corrects this problem by storing and managing contracts centrally and in context with all the things they are associated with: A customer, project, supplier, location, product or service, or anything else. This provides you with a 360° view, allowing you to find and organize your contracts by any relevant attribute and gain instant visibility into associated information such as contacts, correspondence, milestones and life cycle states.
Storing your contracts in one repository instead of multiple systems saves your employees lots of time when searching for them, enables them access from any device and location, even when offline, and helps your management control compliance, audit and litigation risks.
By managing contracts efficiently during the pre-signature phase your business can avoid unnecessary delays and missed opportunities and do business faster. This becomes difficult when the contract management process lacks automation, involves people in multiple locations and is dependent on duplication and paper. Time is often lost as contracts sit idle waiting for review, when multiple versions need to be consolidated and when the process depends on wet signatures.
M-Files can help by offering effective online collaboration tools, such as co-authoring, annotating and version management. Automated workflows improve transparency and avoid idle times, while our integration with DocuSign facilitates quick, secure and convenient signing functionality.
This will result in greater efficiency by speeding up the drafting process, reducing the time needed for the negotiation, approval and signing processes and by improving collaboration and sharing of content between internal and external parties.
Contracts introduce goals, schedules, deadlines, penalties, roles and responsibilities that all need to be managed in a prudent and coherent manner. Many businesses still try to do this by relying on spreadsheets and calendars, and often find out the hard way that this approach breaks down as the number of contracts increases.
M-Files addresses this by helping you standardize contracts based on a comprehensive library of approved contract templates, by ensuring that important milestones are met by initiating alerts and notifications, and helping you control risks by offering reports on all contract data. M-Files also automates access rights management and retention policies to make sure you comply with local or industry-specific regulations.
This sort of central and controlled environment will allow you to measure compliance, deliverables and performance on contracts and suppliers in a reliable manner, protect you from regulatory sanctions and penalties and help your executives and risk managers make accurate risk assessments.
“Our sales and operations side love the document management because they are able to pull up invoices on the fly when talking to customers,” says Atwood. “That’s a capability we never had before because of the limitations with our previous systems.”
DEREK ATWOOD | CHIEF FINANCIAL OFFICER, GMI GROUP
Contact us for an obligation-free consultation and find out more about M-Files.
Seeing M-Files Contract Management in action, and having an expert demonstrate how it adapts to and serves the unique requirements of your team and business, is the fastest way to finding out whether M-Files deserves more of your time.
Contact us today. We promise you will not be disappointed.
