Learning institutions use contract management software for various purposes; whether it’s fulfilling the students, organizational or public objectives, or ensuring the delivery of certain products and services, learning institutions have a variety where contract management software can be utilized. According to the overwhelming amounts of contracts these learning institutions use, it will be wise and more efficient for these institutions to adopt contract management software.
Getting a particular document can be difficult due to manual search across the stored files, shared drives, and any other possible location. Creating a new contract manually can lead to searching for specific clauses and absorbing a lot of time due to an unorganized process. This would be much simpler suppose all your contracts are kept in one searchable repository. That’s way, you will need to click few buttons when it’s time to create a new contract, and clause and correct terms are pulled together for you.
Contract management software for learning institutions offers its users a secure repository of automated contract workflow, contract templets and clauses, and many more. Below are reasons why using contract management software can be abundant for learning institutions.
Contracts can probably contain some sensitive information. Certain contracts and documents are meant for certain authorized personnel and are not intended to be visible for everyone. Therefore, some measures should be implemented to keep records and contracts secured. In this case, contract management software can be used to set permissions or encrypt them to be accessed to certain parties. By using this feature, institutions will set specific permissions for certain personnel to keep the content private.
For instance, user permission could be that only a specific department or person is permitted to access the details of individual contracts. By using contract management software, allowing specified personnel to view the agreement will be possible. This is beneficial for any institution that deals with sensitive details shared with all the personnel.
Onboard faculty and staff quickly.
Contract management software allows institutions to create various employee agreements at the same time. The software’s templates feature allows the users to import the lists of names, position, titles, mailing addresses, rates to generate and send contracts automatically.
The online signing feature simplifies the onboarding processes and cuts the whole processing time. The specific faculty and staff will no longer require access to the scanner, printer, or stamps to sign their respective contracts. This means that the institution will get the contracts signed faster and view every executed agreement instantly.
The automated reminders and alerts
Contract management software features automated alerts with support post-execution of the task such as payments, renewals, and reminders. Many learning institutions are transitioning from no process at all automation and workflows. Sending information about contracts and negotiations through phone can result in process bottlenecks and missed steps. Having automated approvals will be easier to track the obligations hence eliminating the possibility of missed due dates.
With the learning institutions such as colleges and universities, the excess workflow processes are involved when sending contracts to various parties to await the completion of their jobs. One of the common instances is whereby workflow in education is concerned with the procurement process. The college or university has various departments where contracts pertaining purchase of service and goods must be sent. It can be sent to the first recipient with specific tasks. Upon completing the first recipients’ duties, the contract can automatically be forwarded to the following recipients with a new job to be completed.
Such tasks can be simple to review the contract legal, budgeting detail, and either reject, accept, or ask for additional information. The automated contract process offers ease in the transport of the tasks to recipients. It ensures that the right person will complete every step involved in the workflow cycle within the specified time duration.
Many learning institutions dealing with constant issues of finding a place to keep their contracts secured and shared can find their solutions at contractsafe.com . With the use of ContractSafe management software, all the school’s issues pertaining to contract management will get long-lasting solutions, making sure that the institution can operate to its maximum potential.
Monitoring contract compliance
There are risks typically for learning institutions if they fail to utilize a reliable contract management process. The consequences include the omission of sensitive data, terms & obligations, which can result in negative impacts such as lost savings or penalties. However, using contract management software can help to reduce these risks.
Most of the software acts as a repository and store contracts and documents. This will help to make sure that the university’s/college’s papers are kept organized, securely, and in a centralized location. Another benefit of using these contract management software is their ability to set up alerts for important dates and events for specific contracts and tasks. This makes it easier for the college/university to track down when specific contracts need to be fulfilled and ensure that these contracts will not be forgotten.
Improved efficiency in record keeping
All the institutional contracts can be filed paperless in the contract management software. With the software, the institutions will not require to print out contracts or keep in the filing cabinets, but they will still have the option to print them or opt to download them in PDF format.
Contract clauses and templates feature
The templates replaced the initial manual drafting process to allow fast and streamlined contract authorization. The system, by just clicking few clicks, can create the contract on behalf of certain personnel or faculty from the template instead of searching and pulling parts required out of a massive bunch of documents. The users can configure the system to automatically pull the correct items and clause based on the contract, ensuring the essential things are included.
Store documents and contracts in a secure and centralized repository with the essential tools will allow collaboration; learning institutions will reduce the time taken to execute contracts, increase vendor visibility across all departments, and stay ahead of auto-renewing contracts in your learning institution.