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.

Outlines

00:00

📊 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.

Keywords

💡Contract Management

Contract management refers to the process of managing contracts from creation to execution and beyond. In the video, it's highlighted as essential for running a successful business, helping companies maximize profits and minimize risks by streamlining processes and reducing errors. It includes ensuring contracts are legally sound, easily accessible, and actively managed after signing.

💡Risk Management

Risk management is the practice of identifying and mitigating potential risks in business contracts. The video emphasizes its importance in avoiding contract breaches and safeguarding the business from unnecessary losses. Effective risk management includes ensuring that contracts are enforceable and legally sound, while also preventing human errors such as misplacing documents or using incorrect templates.

💡Process Improvement

Process improvement involves optimizing the workflow related to contracts, from creation to post-signing management. In the video, the term refers to making the contract management process more efficient by automating repetitive tasks and reducing manual errors. This improvement ensures faster deal velocity and smoother execution.

💡Pre-sign Phase

The pre-sign phase refers to the period before the contract is signed, involving negotiations, adjustments, and preparation. The video discusses this phase as critical for setting up a seamless signing experience, where both parties can make comments and adjustments directly within the contract.

💡E-signing

E-signing, or electronic signing, refers to the ability to sign contracts digitally, without the need for physical signatures. The video highlights e-signing as a convenient tool, allowing contracts to be signed anywhere, reflecting modern lifestyles. It streamlines the process and reduces the need for in-person meetings or paperwork.

💡Post-sign Phase

The post-sign phase refers to the period after the contract has been signed. The video emphasizes that, instead of simply filing contracts away, businesses should actively manage them, including setting up reminders for renewals and assigning tasks. This approach ensures that contracts remain useful and relevant to ongoing business operations.

💡Automation

Automation in contract management refers to the use of technology to streamline and manage various tasks automatically, such as filing contracts, sending reminders, or tracking renewals. In the video, automation is presented as a key way to reduce human error and improve efficiency in handling contracts.

💡Stakeholder Management

Stakeholder management involves ensuring that all parties involved in a contract have their expectations met and their roles clearly defined. The video mentions this as a component of risk management, which helps in avoiding contract breaches and ensuring smooth business operations by aligning all stakeholders.

💡Enforceability

Enforceability refers to the legal strength of a contract, ensuring that it can be upheld in a court of law if necessary. The video emphasizes the need for contracts to be enforceable to safeguard against potential risks and losses, highlighting this as a crucial aspect of both contract creation and risk management.

💡Contract Portfolio

A contract portfolio is the collective set of all contracts a business holds. The video points out that managing a contract portfolio strategically is vital, as small risks in individual contracts can accumulate into significant issues when viewed across the entire portfolio. Effective portfolio management helps businesses track and mitigate risks on a larger scale.

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]