SignDesk is excited to announce a significant advancement in contract management processes. Businesses can now experience effortless contract drafting and negotiating with the MS Word integration for our contract lifecycle management solution (CLM) branded as – Contr.act.
By integrating Microsoft Word into our CLM platform, users can effortlessly create, edit, and negotiate contracts directly within MS Word, enabling smooth collaboration with counterparties. This powerful integration not only streamlines contract management but also elevates the user experience, making the process simpler and more efficient for legal, business, and contract management teams. Let’s explore how MS Word integration in CLM enhances user experience.
How Does MS Word Integration in CLM Enhance User Experience?
Contract management is a critical business function that necessitates collaboration and speed. Traditional contract management practices, however, can be time-consuming, prone to errors, and lack visibility and efficiency.
Integrating MS Word’s familiar interface into the contract management system enhances the user experience for teams and individuals who work on contracts.
SignDesk Contr.act streamlines the contract process by combining the power of CLM with the ease of use of MS Word documents. This integration brings several significant benefits to individuals and teams that manage contracts:
- Co-Authoring: Multiple stakeholders can collaborate on a contract to enable seamless drafting and editing workflows. Users can also upload a contract template, existing document, or contract draft and directly edit it in MS Word.
- Commenting and Editing: To negotiate or suggest changes to the contract’s terms, users can insert comments to specific sections of text that need to be addressed. They can also add other stakeholders to review/change them via looping them in the document’s comments.
- Redling and Change Tracking: Users can turn on the Track Changes feature to edit and make changes to the contract draft as needed. Any modification or insertion into the contract is highlighted differently to enable change tracking and version control for the parties. It allows users to maintain a record of the changes.
- Accept/Reject Changes: Users can copy the link and send it to counterparties, who can review and edit the changes in MS Word. They can make further modifications, add comments, and accept or reject changes to incorporate suitable suggestions into the contract.
- Templates and Clause Library Access: Users can open a standardized contract template and start editing it in Word. They can also access their Contr.act clause library within Word to quickly insert clauses into their contracts. This feature helps expedite the drafting process.
- Add Signers: Users can also add signers who need to sign and execute the document, right within Word.
Any changes made to the document in MS Word can be instantly synced with SignDesk CLM at the click of a button. The updated document will automatically appear in Contr.act, allowing stakeholders to seamlessly continue the contract workflow within the CLM platform. Now, let’s delve into the benefits of MS Word integration in SignDesk CLM.
Benefits of MS Word Integration in SignDesk CLM
Businesses can gain several key advantages by utilizing the MS Word plug-in in their contract management systems.
- Simplified Document Editing: Users can leverage the familiar MS Word functionalities and easily edit their contracts. Changes made can be synced and reflected in CLM for the next stage of the contract workflow.
- Improved Compliance and Standardization: Pre-approved templates in the library facilitate instant contract generation. Businesses can ensure standardization across their contracts and compliance with organizational standards.
- Streamlined Collaboration: Integration of Word in Contr.act allows multiple users to collaborate on contracts in real-time, simplifying contract review and negotiation. Using the commenting and @mention functions, users can facilitate negotiations and adding signers automates workflows for review and approval routing.
- Enhanced Visibility: With features version tracking and audit trail provided in Contr.act, businesses can gain real-time visibility into contract status and the changes made to it.
- Enhanced Productivity and Faster Contract TAT: Users can assemble contracts in minutes using the contract templates and clauses. This minimizes the risk of errors and inconsistencies in terms of the content and formatting of the contract. Businesses can lower their contract drafting and negotiating time using these functionalities.
How MS Word in CLM Simplifies Contract Management For Businesses
Drafting and negotiating contracts on CLM become easier with features like redline tracking to compare contract versions, pre-approved contract templates for quick contract creation, and quick clause insertion from the library, right within MS Word.
Different teams and businesses can benefit from the MS Word integration, making their contract management workflows more efficient.
- Legal Teams: Drafting contracts becomes faster and easier with pre-approved templates and clauses. Negotiations become streamlined and quicker with real-time collaboration and version control.
- Sales Teams: Contract generation during the deal closure stage is expedited with templates. Contract automation reduces errors and helps streamline client review, approval, and signature workflows.
- HR Teams: Can easily manage employee agreements, NDAs, and other contracts on CLM. With MS Word, contract generation can be automated, accelerating the onboarding process.
- Financial Contracts: The MS Word plug-in in CLM software makes drafting and reviewing agreements for loans, investments, and other financial agreements easier.
- Real Estate Contracts: Negotiating contract terms and tracking changes on rental agreements, lease agreements, and property sales contracts becomes seamless with the Word integration in CLM.
- Business Development Teams: Expediting contract drafting and facilitating collaborative negotiations streamline contracts like partnership agreements.
- Operations Teams: Managing contracts like SLAs, vendor contracts, etc., is easier within the SignDesk Contr.act ecosystem, which integrates the functionalities of MS Word with the efficiency of CLM.
Integrating MS Word into SignDesk CLM offers a multitude of benefits across different teams, making contract drafting, negotiation, and management more efficient and collaborative. From speeding up contract creation to enabling seamless workflows, this integration is designed to meet the needs of various business functions.
With these advantages in place, let’s delve into how MS Word in CLM further simplifies contract management for businesses, ensuring smoother operations and enhanced productivity
Transform Contract Management Efficiency With MS Word for SignDesk Contr.act
Contr.act combines the advanced functionalities of CLM software with the familiarity of the MS Word interface to enable businesses to simplify and enhance their contract management workflows.
It speeds up drafting, reviewing, redlining, and finalizing contracts, enabling companies to expedite contract execution and shorten contract TAT. Moreover, the MS Word interface for contract creation and editing provides a seamless user experience to the stakeholders involved from both parties.
Book a quick demo to see Contr.act in action and how it supercharges your contract workflow with the MS Word integration.
