Are you facing challenges with managing contracts manually?
Are delays in approvals, document mismanagement, or a lack of collaboration holding you back?
If any of these issues sound familiar, this blog is for you. Switching to cloud contract management helps address these pain points.
Adopting this approach allows you to experience faster approvals through automated workflows and eliminate the risk of lost documents with a centralized repository.
Let’s discuss what cloud contract management is and who benefits from it. Also, we will discuss its key advantages, how it compares to traditional systems, and the steps for selecting the right software.
What is cloud-based contract management?
Cloud-based contract management involves managing contracts digitally through a Software as a Service (SaaS) platform. This approach eliminates the need for a manual fragmented approach, where contracts are stored across multiple systems or in physical form.
Instead, businesses can store, track, and manage contracts in a centralized digital contract repository, accessible from anywhere with an internet connection, improving efficiency and reducing errors.
Let’s help you understand better with an example.
Imagine a company that previously stored contracts in physical files or on computers. This approach often led to document loss, inefficient approval processes, and difficulties in collaboration. With a cloud contract management system, the company can easily upload all contracts to a secure online repository. Team members now have easy access to the contracts and can automate workflows for approvals.
How cloud contract management compares to traditional contract management solutions
Here is the table differentiating cloud contract management and traditional contract management with detailed information.
| Feature | Cloud Contract Management | Traditional Contract Management |
| Visibility | Real-time access to contract data and performance metrics, improving transparency | Limited visibility, often relies on manual updates and tracking |
| Control | Centralized management for the entire contract lifecycle, reducing inconsistencies | Decentralized control with potential variations across teams |
| Compliance | Automated compliance checks and alerts, lowering the risk of errors | Manual compliance tracking, increasing the chance for oversight |
| Integration | Seamlessly integrates with CRM, ERP, and other business tools | Limited integration capabilities, often requiring manual data entry |
| Deployment | Hosted on secure cloud servers, minimizing local infrastructure | Installed on local servers, requiring ongoing maintenance |
| Accessibility | Remote access via internet, available from any location | Limited access, typically restricted to specific physical locations |
| Maintenance | Managed by the cloud provider, reducing internal IT requirements | Requires dedicated in-house IT team for updates and support |
| Cost Structure | Subscription-based model with predictable costs | High upfront investment and potential ongoing maintenance costs |
| Scalability | Easily scales up or down to match business needs | Scaling requires additional resources, often limited by infrastructure |
| Security | Enhanced security protocols managed by the cloud provider | Relies on in-house security measures, potentially variable quality |
6 Key benefits of using cloud-based contract management for your business
Here are the key benefits of cloud-based contract management.
1. Establishes a centralized contract repository for easy access
One of the significant advantages of cloud-based contract management is the centralization of all the contracts in a secure location. This centralized repository ensures quick and easy access to any document. Also, it reduces the time spent searching for specific agreements, enabling contract organization. With everything in one place, your team easily retrieves and references contracts without any hassle.
2. Facilitates real-time collaboration among teams
Cloud-based platforms help teams to work on contracts instead of depending on location. This real-time collaboration builds better communication and speeds up the contract approval process. Teams can comment, edit, and finalize all the contracts within the same platform which eliminates delays from back-and-forth emails and ensures everyone stays on the same page.
3. Streamlines automation of contract workflows
Cloud contract management automates repetitive tasks like contract creation, approval routing, redlining, and eSignature processes. Automating workflows improves efficiency by allowing your team to focus on higher-value tasks rather than manual contract administration. Automated workflows ensure consistency and compliance throughout the entire contract lifecycle management process.
Recently, a B2B SaaS company named LeadSquared was looking for an advanced solution to streamline its contract lifecycle management while handling large amounts of contracts. After evaluating multiple vendors, LeadSquared chose HyperStart CLM for its outstanding features and capabilities. Here is what the company has experienced:
Achieved a 60% reduction in contract creation time.
Saved over 6 hours per contract review using AI.
Accelerated contract reporting by 92%.
Still not sure? Here is a testimonial from the Head of Legal at LeadSquared.
We took demos of around 5 CLM vendors and chose to go with HyperStart. They were the only CLM vendor who had SOC2 compliance and met the criteria of around 22 parameters which we had evaluated them on.
Om Prakash Pandey
Head of Legal, LeadSquared
4. Provides enhanced security and compliance measures
Cloud solutions offer advanced security features like encryption, role-based access controls, and audit trails. Such features help secure sensitive contract information allowing authorized users access to specific documents. Also, cloud platforms support compliance with industry regulations. This gives businesses peace of mind when managing sensitive contract data.
5. Supports scalability and flexibility as your business grows
As your business grows, so do your contract management needs. Cloud-based systems are highly scalable to add more users to increase storage without investing in new infrastructure. This flexibility makes your contract management processes adaptable to growing business demands.
6. Maximizes cost efficiency with subscription-based models
Contract management systems that are cloud-based operate on a subscription basis. This approach eliminates the requirements for heavy upfront investments in software or hardware. Such a model offers predictable pricing, which is advantageous for small and mid-sized businesses. Also, the reduction in manual tasks and improved efficiency leads to saving money in the long run.
Who uses cloud contract management software?
Cloud contract management software provides diverse advantages to different sectors and roles within any business. Here is the list of who uses this software and for what purposes.
Legal teams: Optimizes contract creation, review, and approval processes to ensure compliance and minimize risks.
Sales departments: Manages customer agreements, streamlines negotiations, and access contracts quickly to close deals faster.
Procurement teams: Administers supplier contracts, maintains compliance with procurement policies and ensures timely renewals.
Finance departments: Tracks financial obligations, manages contract payments, and enhances budgeting accuracy.
Project managers: Coordinates project contract details to ensure all stakeholders are aligned and informed about expected deliverables.
HR departments: Handles employment contracts, manages contractor agreements, and ensures compliance with employment laws.
How to choose the right cloud contract management software
Selecting the right cloud-based contract management software ensures smooth, secure, and efficient contract management within your business. Here are the key steps to consider.
Step 1. Define your organization’s specific needs and requirements
The first and foremost step is to understand your unique business needs and objectives. You can start by assessing the key challenges your business faces with contract management. Here are some of the challenges mentioned.
Identify pain points like contract organization and centralization or renewal tracking.
Consider the size of your legal or procurement teams and how many users require access.
Determine the complexity of contracts you handle, from basic NDAs to detailed vendor agreements.
Clarify whether your business deals with high volumes of contracts that require automated workflows or batch processing.
Review how contracts are currently stored and identify the requirement for a centralized repository.
Assess whether your business requires mobile accessibility for remote teams or executives.
Defining such requirements can help you find the solutions to your current contract management process faster
Step 2. Evaluate user-friendly interfaces and ease of use
A user-friendly interface can impact how rapidly your team adopts the cloud software. Platforms that offer intuitive navigation, clear instructions, and easy-to-use features without needing extra training. Also, test the system’s dashboard, search functionalities, and entire design to ensure it aligns with your team’s technical expertise. An easy-to-use platform boosts productivity and minimizes the learning curve for your team.
Step 3. Consider integration capabilities with existing systems
When seeking reliable cloud-based contract management software, ensure it easily integrates with the current tech stack in your organization.
Confirm that the software integrates with your CRM, ERP, or project management systems.
Verify compatibility with document storage platforms like Google Drive, SharePoint, or Dropbox.
Check for e-signature tool integrations like DocuSign and Adobe Sign to streamline the signing process.
Look for built-in APIs to connect the software with your organization’s custom applications.
Ensure the system offers error-free syncing with Slack, Microsoft Teams, or email systems to facilitate seamless collaboration.
Having software that excels in providing a wide range of integration options is necessary to simplify your workflow like signing contracts and efficiently managing documents. One such solution is HyperStart CLM which offers seamless integration with diverse tools. These tools include Gmail, Zoho Mail, Google Drive, Salesforce, Dropbox Sign, DocuSign, Adobe Acrobat Sign, SharePoint, and Microsoft Word.
Such integration capabilities ensure that your team manages contracts more efficiently without switching between multiple tools. HyperStart’s easy integration makes it an ideal choice for businesses looking to optimize contract workflows while maintaining their existing infrastructure.
Step 4. Assess security features and compliance standards
As per the General Council report, more than one-third of GC has high concerns over the explosion of emerging data. Security is the top priority in contract management, and so is ensuring that the software provides advanced security features. Encryption, multi-factor authentication, and role-based access control ensure data security and contract confidentiality.
Not only this, check if the platform complies with industry-specific regulations like GDPR for European businesses or HIPAA for healthcare providers. As you know, having a provider that prioritizes security is necessary when handling sensitive contract information. HyperStart contract management software shows this commitment by keeping your contract data safe from unauthorized access and breaches.
Step 5. Review pricing models and customer support options
Now, you need to choose a software solution that fits perfectly with your budget without sacrificing the necessary features.
Compare different pricing models like flat-rate subscriptions, usage-based pricing, or per-user fees.
Identify any long-term cost savings from features like automation or centralized storage.
Ensure that you are not paying for unnecessary features that your organization won’t use.
Assess the availability of support and training resources.
Selecting the right pricing model and customer support options ensures long-term satisfaction with your cloud contract software.
Streamline your entire contract lifecycle with HyperStart CLM
A modern business demands a contract management solution that prioritizes efficiency and security. HyperStart CLM excels in delivering an intuitive solution that streamlines processes while ensuring compliance with industry standards. Check out a few of the benefits offered by HyperStart CLM that might help your business streamline contract management.
Reduces contract administration time by 80%.
Speeds up contract review and signing by 5 times.
Implements the system in just 3 days.
Offers customizable pricing for a 75% faster ROI.
If you’re considering cloud contract management software to streamline your workflow, reach out to the HyperStart CLM sales team. Book a demo to explore the features firsthand.
