Executing contracts is a hassle and has always been that way. The rapid adoption of technology has made it easier for everyone to come to a legal agreement when it comes to executing contracts. However, organizations are still juggling multiple platforms, tools, and systems to execute legal contracts efficiently. The right tools make contract workflow management easier if you know how to use them.
InkPaper is a contract workflow management system that offers an integrated browser extension. InkPaper streamlines the entire contract process and helps you move contracts quickly from one stage to the next. [1] Rather than the bottlenecks inherent in spreadsheets, limited point solutions, homegrown systems, InkPaper lets you configure approval workflows on the web- both parallel and serial so that the process stays in motion.
Dashboards can show you where contracts are in the lifecycle at a single glance, and you can directly notify the responsible parties about the next step. Multiple functions such as reviews, edits, tracking, signatures, trigger emails, and alerts are all built into an integrated web browser. You can do it all on the web without switching to different applications, from creating a contract to getting approval.
Top 3 Obstacles to your Contract Management Process and How InkPaper Solves Them
1.) Collaboration: Often, interdepartmental communication isn't always on point. The endless back and forth of emails, shared drives, virtual meetings, and multiple sign-ups are time-consuming and cause fatigue. Even a small team can have trouble keeping everyone on board, leading to dispersed contracts over multiple locations without proper tracking.
How InkPaper Solves This: InkPaper here helps in multiple ways. From providing real-time collaboration to offering a centralized, searchable contract repository where you can find and look through all of your agreements in one single place.
You can access this directly from the web with a one-time sign-in. After uploading the contract and giving access control to the responsible teams, you have all the contracts in one searchable place. Hence, no more sifting through emails, signing in and out of various systems, or opening 20 different files on the desktop to find a single contract.
2. Risk management: A contract is only as good as the data used to create it. When you rely on different systems for a different set of information, i.e., creating a contract in one system, using a different one for reviews and negotiations, and another for approval, this opens your company to all kinds[2] of risks. As a result, you encounter possibilities for human errors, inconsistent language, incorrect terms, and clauses.
It is equally time-consuming and error-prone to ask stakeholders to sign in to 3 different systems or multiple different tabs to negotiate a contract. It further leads to missed deadlines and renewals, adding to the risk.
How InkPaper Solves This: InkPaper's cloud-based platform shares a single source of verified and consistent metadata across your entire enterprise. InkPaper captures all the data for you throughout the request, authoring, negotiations, and approval to focus on increasing business opportunities and to make you less worried about making high-risk legal mistakes.
InkPaper also integrates with Gmail and Outlook, thus giving you a seamless experience of sharing contracts directly from the platform to Gmail or Outlook. Whenever stakeholders reply to the thread, you get the information directly on the InkPaper platform. It reduces the overall risk related to missed deadlines and renewals.
3. Signing: Electronic signatures are great if you have enough options, and your client uses the same platform (multiple clients using the same platform). Otherwise, downloading an integration for every new contract with a new client is a hassle.
How InkPaper solves this: With InkPaper, you get all the electronic signatures you need right inside the system itself. No need to scramble extra signature slots when agreements change or no need to integrate new systems. It is painful for signatories to make new accounts to execute agreements. That’s why once you’ve created an account for third-party signatories, they can sign directly from the email they receive from InkPaper[3] . You no longer have to worry about new logins or deal with password problems, just a click to get to the right place.
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