Contract Management

Enhance Efficiency and Mitigate Risk with M-Files Contract Management Solutions

Contracts are the heart of business operations, stipulating your relationships with customers, vendors and partners. But if you have not yet adopted software to automate contract management, you may be losing a considerable amount of time to inefficiency while leaving your business exposed to risk and loss of opportunities.

M-Files can help. Our intelligent information management technology serves as a powerful contract management software solution that can accelerate contract management workflows, keep sensitive information in contracts secure and help enforce the terms of contracts to better benefit your business.

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What to Look for in Contract Management Software

An effective contract management software solution must include key capabilities to streamline contract creation, approval, storage, and compliance.

Streamline Contract Intake

A robust contract management software solution should support contract intake from multiple sources, including scanned paper agreements, email attachments, CRM or ERP systems, and user-generated content.

Centralize Contract Storage

Contracts are often scattered across different systems, making them difficult to track. The right contract management software unifies all agreements into a centralized repository, ensuring better organization, security, and regulatory compliance.

Enhance Contract Search and Retrieval

The best contract management software enables quick access to contracts, reducing the time spent searching for agreements, clauses, or key terms and improving operational efficiency.

Adapt to Various Deployment Needs

Organizations have different storage needs based on compliance and security requirements. A contract management system should offer cloud, on-premises, or hybrid deployment options to align with business needs.

The Challenges of Contract Management

M-Files is an AI-powered information management solution that offers advanced document automation capabilities. It connects documents across various platforms, analyzes files to provide context, and enables faster search and retrieval, boosting productivity while ensuring a seamless digital experience for employees, partners, and customers.

Locating Documents

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.

Lack of Visibility into Contract Performance

Without proper tracking, organizations may struggle to measure contract performance, compliance, and obligations. A contract management system provides real-time insights, analytics, and reporting to ensure contracts deliver expected value and mitigate risks.

M-Files Offers a Smarter Way to Manage Contracts

Collaborating on digital documents has traditionally been challenging with multiple versions to manage. M-Files document automation software simplifies this by maintaining a single, secure version and automatically tracking changes in historical versions, making it easy to review, rollback, and streamline collaboration.

A Better Way to Store Documents

M-Files organizes documents by "what" instead of "where," using metadata for quick search while keeping files in place. Users can find documents by entering keywords instead of searching specific locations. This removes the need for a central repository, ensuring seamless access across platforms.

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.

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.

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.

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Familiarity

You can use your favorite daily tools, such as MS Teams or Salesforce to manage your documents.

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Easy Collaboration

Share content securely, and co-author documents simultaneously — wherever you work.

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Streamlined Daily Work

Let M-Files suggest tags for your documents and add workflows for faster processing.

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Discover the Power of Artificial Intelligence Capabilities

Watch videos and access resources to learn how AI can transform your knowledge work with M-Files Aino.

Featured Resources

Unleashing AI potential with M-Files and Microsoft 365

The Smarter Way to Work with Automation and AI

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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.

Why Manage Contracts with M-Files?

M-Files offers a smarter way to work. By making it easier to find, access and share the right documents with the right people, M-Files eliminates frustration, wasted time and business risk of inaccessible information. By automating document-based workflows, M-Files helps streamline and simplify routine tasks so employees can focus on high-impact, highly-skilled work that yields greater outcomes and higher job satisfaction.

Collaboration is easier with M-Files. Rather than emailing attachments back and forth, colleagues can share a link to a single, authoritative version of a document that everyone can work with and comment on. Secure client portals make it easy to share information and processes with people outside the organization. With M-Files’ integrations and APIs, employees can use the platform with business and productivity tools they prefer rather than learning a new system.

Deployed in the cloud, on premises or as a hybrid solution, M-Files is used by thousands of organizations in more than 100 countries worldwide.

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