All you need to know about contract management | Oneflow
Summary
TLDRThis 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.
Outlines
📊 Why Contract Management Matters
This section introduces the importance of contract management in running a successful and sustainable business. It highlights that the core purpose is to maximize profits and minimize risks. The speaker, Adam, from a company called Oneflow, sets the stage by explaining how contract management affects business processes, with a focus on improving efficiency and managing risks throughout a contract's lifecycle.
🔧 Key Areas of Impact: Process Improvement and Risk Management
The video outlines two key areas where contract management has a significant impact: process improvement and risk management. It covers the journey from proposal creation to execution, aiming to streamline the process and reduce the risk of undefined workflows. Risk management ensures contract enforceability, stakeholder expectations, and legal compliance. This section also stresses the importance of organizing contracts to mitigate risk and avoid human errors, like misfiling or choosing incorrect templates.
🚀 Process Improvement: Pre-Sign, Sign, and Post-Sign Phases
Here, the focus shifts to the three phases of process improvement: pre-sign, sign, and post-sign. Pre-sign involves negotiation and preparation for a smooth signing experience. Oneflow's e-signing tool allows users to negotiate directly in the contract and sign remotely. Post-sign emphasizes active contract management, including setting reminders for renewals and tasks, ensuring contracts stay relevant and contribute to the business’s growth.
📉 Risk Management: Minimizing Business Losses
The video emphasizes the importance of risk management in avoiding unnecessary business losses. It warns that small risks in individual contracts can accumulate to have a larger impact across an entire contract portfolio. Oneflow’s approach helps businesses categorize and manage these risks more effectively, transforming contract management into a strategic process.
💡 Oneflow’s Strategic Approach to Contract Management
In the closing, the speaker highlights Oneflow’s strategic advantages. The platform accelerates deal velocity, automates processes, and empowers businesses to handle contracts more efficiently. Viewers are encouraged to explore Oneflow’s free trial to experience its premium features and further enhance their contract management capabilities.
Mindmap
Keywords
💡Contract Management
💡Risk Management
💡Process Improvement
💡Pre-sign Phase
💡E-signing
💡Post-sign Phase
💡Automation
💡Stakeholder Management
💡Enforceability
💡Contract Portfolio
Highlights
Contract management is fundamental to running a successful and sustainable business, focusing on maximizing profits and minimizing risks.
Two key areas where contract management impacts business are process improvement and risk management.
Oneflow streamlines the contract process from proposal creation through negotiation and execution, creating a straight path to contract signing.
Risk management in contract management helps safeguard against unexpected and unnecessary losses by avoiding breaches and managing stakeholder expectations.
Ensuring contracts are legally sound and stored correctly reduces human error and improves risk mitigation.
Automation of contract storage saves time and reduces human mistakes, like misplacing contracts or using the wrong templates.
Oneflow emphasizes three critical contract phases: pre-sign, sign, and post-sign, improving the entire lifecycle of a contract.
The pre-sign phase focuses on negotiations and preparing for a seamless signing experience.
Sign phase allows contracts to be signed digitally from anywhere, enhancing convenience and aligning with modern lifestyles.
Post-sign phase involves active contract management with reminders for renewals and task assignments to keep contracts working for the business.
Risk management involves looking at the entire contract portfolio, where small risks in individual contracts can accumulate into significant risks.
Oneflow’s approach categorizes and manages risks more effectively with its contract management tool.
The tool helps businesses handle contracts more strategically, such as accelerating deal velocity or automating processes.
Oneflow adapts to the lifestyles of today, offering flexibility through e-signing tools.
A free trial of Oneflow is available on their website, allowing users to explore premium features and benefits.
Transcripts
[Music]
why does contract management matter when
you think about it it comes down to the
core fundamentals of running a
successful and sustainable business and
keeping it in the black in other words
it's about maximizing the profits and
minimizing the risk hey my name's Adam
and I'm from the digital contract
management company called oneflow here
we're going to break it down for
you we've identified two key areas of
where contract management has a serious
impact on your business process
Improvement and risk management from
proposal creation all through
negotiation and execution we aim to
create a straight line till a contract
is signed eliminating the chaos of
undefined processes risk management
safeguards against unexpected and
unnecessary losses it's about avoiding
contract breaches managing stakeholders
and expectations while ensuring
enforceability as well as that the
contracts are legally sound making sure
that all of your contracts are saved in
the right place and can be easily found
at any moment's notice is another really
crucial aspect for successful risk
mitigation so not only is automating
this part greatly save you time from
having to do it manually it also reduces
the opportunity for human error so this
helps managers know that all of their
contracts are in the right place but
also prevents users from making simple
human mistakes such as saving a contract
in the wrong folder or selecting the
wrong contract to use as a
template within process Improvement we
focus on three critical contract phases
the pre-sign the sign and the post sign
pre-sign involves negotiations fine
truning turn and preparing for a
seamless contract signing experience
here you make your life easier for
yourself and you can negotiate and
comment directly inside the contract
sign your counter body often opens a
contract at least four times this
doesn't necessarily need to be done in
an office or on a laptop because with an
e-signing tool such as oneflow signing
can be done anywhere you are to make it
more convenient because onef flow and
e-signing adapt to the lifestyles that
we live today post sign we're not filing
contracts away or hiding them in folders
hiding them in shelves we're actively
managing them these days from crucial
reminder renewals to Renewal dates to
assigning tasks we ensure that contracts
remain alive and are working for your
business risk management is about
minimizing unnecessary losses for your
business let's look be on the individual
contracts and focus on your entire
contract portfolio small risks on one
individual contracts become a lot more
significant when they are combined
together in the aggregate our Approach
at onef flow is about categorizing and
izing and managing these risks more
effectively with a contract management
tool like oneflow you'll handle your
contracts a lot more strategically
whether it's accelerating deal velocity
or automating internal processes we're
here to empower your business thanks for
watching our video if you want to learn
more about contract management and how
to use oneflow check out our hack videos
otherwise you can go to our website onef
flow.com and get a free trial there you
can use all of the benefits the premium
features that come along with oneflow
and you get a two-e trial
[Music]
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