All you need to know about contract management | Oneflow

Summary

This video by Adam from Oneflow highlights the importance of contract management in running a successful and sustainable business. It focuses on two key areas: process improvement and risk management. By automating contract processes from proposal creation to execution, businesses can save time, reduce errors, and streamline workflows. Risk management ensures legal compliance, prevents contract breaches, and minimizes unnecessary losses. Oneflow’s e-signing and management tools allow users to handle contracts more efficiently, improving deal velocity and overall business strategy. Visit oneflow.com for a free trial and more insights.

Takeaways

• 💼 Contract management is essential for running a successful and sustainable business, focusing on maximizing profits and minimizing risks.
• 🚀 Oneflow streamlines the contract management process, aiming for efficiency from proposal creation to contract execution.
• 📉 Effective risk management helps avoid contract breaches, manages stakeholders, and ensures contracts are legally sound and enforceable.
• 🗄️ Storing contracts in an organized way and automating storage processes reduces human errors and simplifies contract retrieval.
• 📝 Automating contract processes not only saves time but also reduces the chances of mistakes, such as saving contracts in the wrong folder.
• 📑 Process improvement in contract management focuses on three phases: pre-sign (negotiation), sign (execution), and post-sign (active management).
• 🖊️ E-signing tools like Oneflow allow contracts to be signed remotely, adapting to modern lifestyles and ensuring convenience.
• 🔔 Post-sign phase includes actively managing contracts, setting reminders for renewals, and ensuring they are working for the business.
• 📊 Risk management involves looking beyond individual contracts and managing risks across the entire contract portfolio.
• ⚙️ Oneflow's contract management tool allows businesses to handle contracts more strategically, accelerating deal velocity and automating processes.

Q & A

What are the two key areas where contract management impacts business processes?

The two key areas are process improvement and risk management.

How does contract management contribute to maximizing profits and minimizing risk?

Contract management streamlines business processes by eliminating inefficiencies and mitigating risks, such as contract breaches or stakeholder mismanagement, ensuring enforceability and legal compliance.

What role does risk management play in contract management?

Risk management safeguards the business from unexpected losses by preventing contract breaches, managing stakeholder expectations, and ensuring that contracts are enforceable and legally sound.

Why is automating contract management beneficial?

Automation saves time by eliminating manual processes, reduces human errors like misplacing contracts or selecting the wrong templates, and ensures contracts are easily accessible.

What are the three critical phases of contract management according to the video?

The three phases are pre-sign, sign, and post-sign.

How does Oneflow improve the pre-sign phase of contract management?

Oneflow facilitates easier negotiations by allowing users to negotiate and comment directly within the contract, preparing for a smoother signing experience.

What flexibility does Oneflow’s e-signing tool provide during the contract signing phase?

Oneflow’s e-signing tool allows users to sign contracts from any location, on any device, making the signing process more convenient.

How does Oneflow ensure active management of contracts after signing?

In the post-sign phase, Oneflow helps manage contracts by setting reminders for renewals, assigning tasks, and ensuring contracts remain actively beneficial for the business.

Why is it important to manage risks across the entire contract portfolio?

Managing risks at the portfolio level prevents small risks in individual contracts from becoming significant when combined, ensuring strategic oversight and minimizing cumulative risks.

How does Oneflow help businesses handle contracts more strategically?

Oneflow enables businesses to accelerate deal velocity, automate internal processes, and manage risks more effectively, empowering them to handle contracts more strategically.