Contract Management Software (CLM) for
Manufacturing Sector

contract-management-software-clm-manufacturing

Smart Contract Management Is Critical For Successful Manufacturing Operations

manufacturing-contract

Manufacturing firms typically deal with a slew of contracts to serve the operations of their dense demand & supply chains. In addition, there are large numbers of subsidiary documents that contract managers have to deal with.

This gives a high chance for contract mismanagement & errors, which can lead to severe repercussions. An automated contract management solution is the best approach manufacturers can use to improve contract lifecycle management in the industry.

  • Smart contract management software defines manufacturing document workflows from drafting to execution while identifying & eliminating inefficiencies throughout the process.
  • The first product to enter the market has a competitive advantage. By aligning CLM software with document processes, manufacturers can observe a reduction in the time it takes them to create, review, negotiate & sign contracts.
  • Manufacturing firms need to comply with many rules & regulations, which only tend to increase with time. A CLM tool simplifies compliance with industry & government standards by automating contract creation, modification & overall maintenance.
  • Manufacturers’ data security is a high priority as numerous bad actors seek sensitive business information. CLM assists in keeping data secure while making it easily accessible to the intended authorities.

Contract Management Challenges In Manufacturing

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Manufacturers can’t afford to devote manual attention & effort to every contract when compliance & regulatory challenges are constantly rising. Also, a lower turnaround time is critical for manufacturers to bring their products into the market faster than their competitors.

  • The most daunting challenge for companies in the manufacturing sector is strategically managing thousands of contracts simultaneously. They are vulnerable to missed obligations & payments or delays in renewals due to a lack of visibility into contracts.
  • Decentralized manufacturing contract storage poses a high potential for errors & misplacement. Uncoordinated contracts expose the company to unnecessary risks, such as the client withholding payment or delayed deliveries.
  • Due to inefficient contract management methods, subpar tools & paper-based processes, manufacturers cannot easily extract critical data from contracts. As a result, they must manually pull key data like sales invoices & supporting documentation, which increases the likelihood of errors.
  • Manufacturing firms invest more time & resources in compliance processes due to growing pressure from government regulations & rising security standards. CLM software helps streamline compliance processes while not adding additional burdens.
  • Manual contracting allows for limited inter-departmental collaboration, which leads to contract processing delays. This results in an increase in procurement costs & ultimately, dissatisfied supplier & customer relationships.

Smart CLM - Streamlined Contract Management Solution For Manufacturing Firms

contract-management-software-clm-manufacturing-sector

Manufacturers have to manage multiple contracts, including vendor contracts, labor contracts & manufacturing service level agreements. SignDesk’s manufacturing contract software for the manufacturing sector enables them to optimize all contracting processes, minimize risk & streamline compliance management smartly.

  • Smart Contract Creation: Create agreements in minutes using wizard-based authoring & in-built clause library with templates to help you draft agreements in no time.
  • Online Negotiations: Collaborate digitally & negotiate contract terms faster using smart contract lifecycle management software for manufacturing industries.
  • eSignature Capability: SignDesk’s CLM software features an eSign platform that allows stakeholders to electronically sign contracts & accelerate contract execution.
  • Milestones Management: Govern crucial project milestones with ease & high visibility, and stay on top of operations with custom milestone setting & tracking capabilities.
  • Activity Tracking: With CLM, staying up to date with project performance becomes more effortless. When contracts hit project milestones, stakeholders receive instant updates.
  • Centralized Digital Storage: Store & retrieve contracts faster using a central repository that ensures maximum contract visibility.
  • Smart Contract Analytics: Advanced algorithms estimate contract TAT & risk, and monitor clause performance to furnish actionable insights.
  • Real-time Notifications: Never miss a contract renewal with real-time renewal & expiry alerts sent at custom time ranges before key contracts are set to expire

Featured Use Cases

With CLM, manufacturers can automate contract lifecycles, improve contract management efficiency & bring them into effect faster. With SignDesk’s contract management software, you can refine the way you handle your contracts.

template-and-clause-libraries

Template & Clause Libraries

Clause-Locking-&-Digital-Negotiations

Digital Negotiations

Central-Contract-Repository

Central Contract Repository

Real-Time-Status-Tracking

Real-Time Status Tracking

eSign-Integrations

eSign Capability

Audit-Trails-&-Activity-Logs

Audit Trails & Activity Logs

Automated-Expiry-&-Renewal-Alerts

Automated Expiry & Renewal Alerts

Client-Profile-Creation

Client Profile Creation

Smart-Analytics-&-Tracking

Smart Analytics & Tracking

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