The most intuitive contract management solution

What is contract management?

Contract management is a way of streamlining the management of a contract, from its creation to its execution, including the negotiation, signature and storage stages. Once relegated to the background, companies are gradually beginning to recruit contract managers and equip themselves with contract management software to improve efficiency and control legal and financial risks.

Contract manager: a new profession

I'ACCM research shows that companies lose an average of 9.2% of their revenue each year due to poor contract management. Faced with this reality, some companies are starting to review their organisation to limit risks and identify opportunities to reduce costs at all stages of the contract life cycle. In recent years, we have seen the emergence of Contract Managers with legal, financial and commercial skills, so that they can intervene in all aspects of the contract. But these positions are currently limited to large groups or certain sectors such as construction, where the value of a contract can be very high. For the majority of companies, technological tools remain much more cost-effective.

2022: the rise of digital solutions

Digital contract management solutions make it possible to manage all the stages in the contractual life cycle from a single interface, thanks to features that help with creation, collaboration, electronic signature and automatic reminders. As a result, sales cycles are accelerated, the human cost of the time spent on a contract is reduced, and contract deadlines are automatically tracked, enabling supplier contracts, for example, to be optimised. The impact on cash flow is real.

Who are contract management solutions for?

Historically, contract management software was mainly used by the legal departments of large companies. However, in recent years, solutions such as Tomorro have democratised access to these tools, as technology has evolved and business needs have pushed software publishers to develop simpler, more affordable solutions, meaning that any business that negotiates and manages contracts can do so with greater ease and confidence.

This means that any company that negotiates and manages contracts can do so with greater ease and confidence. Today, modern solutions offer access not only to the legal department but also to all the company's employees, enabling them, for example, to create requests or access contracts.

Our advice on choosing a contract management solution

Want to get started? Here are the essential features of a simple, effective contract management solution.

1. Creation

Contract templates are imported and saved on the platform to empower operational teams and ensure that the contracts used are compliant and up-to-date.

• Predefined contract templates are generated based on criteria entered by operational staff: type, country, amount, etc.
• Data available in the company's CRM (Salesforce, Hubspot) is injected into the template.
• Missing data must be completed by the co-contractor.

2. Validation procedures

Automated validation procedures ensure that everyone involved in creating and negotiating the contract has the information they need to make the right decision at the right time.

• Validation scenarios are defined according to the characteristics of the contract (amount, department making the request, type of contract, etc.).
• A summary of the important elements to be validated is available to the decision-maker.
• Email reminders are automated.

3. Negotiation

Negotiation takes place online on a shared document, enabling several people to work together and easily track the history of changes.

• Contract negotiation is managed directly on a shared collaborative document.
• Each new version of the contract is compared with the previous one.
• The history of changes is reliable and legible.

4. Signing

Signing is done directly online, without having to leave the platform.

• The signing process is integrated into the solution
• The order of signatories is defined beforehand, with automatic reminders.
• Delegations of authority are managed in the solution.

5. Storage

Contracts and their metadata are stored in a single location to facilitate access to information and secure sensitive company data.

• Permission levels are pre-established to manage access.
• Contracts are recorded in the company's CRM using an integration.
• The history of old contracts can be imported into the platform at once

6. Monitoring

Monitoring contracts in application is simplified and automated.

• Metadata is recorded, enabling searches to be carried out on the content of stored contracts, in particular to find clauses.
• Automatic reminders of contract deadlines are provided
• Reminders are recorded in your diary using an integration.

7. Analysis

Contract data can be accessed in the form of reports.

• Contract reports can be accessed (types of contract, volume, amounts negotiated, etc.).
• Reports on operational efficiency throughout the lifecycle can be accessed (review times, signature times, blocking clauses, etc.)
• Exporting your data is easy, for example in the event of an audit.