05 May Improve Contract Performance with Workflows & Events
As a Contract Performance Platform, we’re all about, well, contract performance! Here are some inside tips to help you get the most out of our product.
It can be difficult to determine what responsibilities to assign to your teams in order to fulfill agreement obligations. How far before expiration do certain contracts need to be terminated? What contracts can be re-negotiated, and when? Who’s responsible for making sure a new auto-renewal goes through?
Actionable insights are a core part of the Contract Wrangler solution, and our Workflows and Events capability enables customers to create and track actions across teams.
Let’s dig into the details. Workflows and Events encompasses the following features:
- Smart Events – Automatically calculates contract event dates, including auto-renewal, expiration, option to terminate, and option to renew.
- User Events – Enables users to add custom events to any agreement, such as mid-term evaluations (MTE), team check-ins, and more.
- Event Watching – Enables users to set email reminders for any event. Default reminders are set to 30, 60, 90 days in advance, but users can customize and filter email reminders as well.
- Contract Owner – Facilitates assigning users as contract owners for a streamlined reminder and management experience through the Contract Wrangler Dashboard.
- Tasks – Creates and assigns workflows to users. Link tasks with to-do lists, due dates, and events.
Contract Wrangler extracts accurate contract data, which is then verified by attorneys-in-the-loop, helping you ensure that tasks and events are assigned and completed before important (and costly!) auto-renewal, renegotiation, or termination deadlines arrive.
Workflows and Events are the key to flawless execution of your agreements.
Not only can these features help your teams fulfill your organization’s contractual obligations, but the Contract Owner feature in particular creates ownership transparency that frees up resources across your enterprise. It sounds like a stretch – can a Contract Performance Platform truly save you time and money? Well, yes.
The chief complaint we hear from the legal teams retained by our customers is that their time and energy is primarily focused on manual data entry and retrieval. From sales and procurement, we hear that renewal dates are difficult to locate, and the legal jargon is daunting, which then requires the legal team to spend hours combing through countless documents in order to find one simple piece of information – hours that would be better spent on more complex and pressing matters.
Our Workflows and Events features automate contract event date reminders, tasks, and workflows, allowing everyone on your team to do their very best work. We’ll give you the tools, now go out and build something great!