Contract Lifecycle Management

Our CLM solution also contains a repository of digital copies of all corporate contracts, protected against unauthorized access by user rights management. Users are authorised to access only the contracts and documents they are permitted to. The documents stored in the digital contract repository can be searched and filtered according to complex criteria, and the documents displayed in the search results can be accessed with a few clicks.

Contracts can be stored as certified digital copies, integrated with an authentication service, replacing paper-based document storage.

After scanning, artificial intelligence services integrate to make contracts previously created on paper available as complete digital copies in a searchable, filterable, and digitally transmittable format.

Key features of digital document storage and searchability in our Contract Lifecycle Management solution:

• managing metadata,
• access with user rights,
• searchability of document content,
• creation and long-term storage of authentic digital copies.

Using the templates that can be created using our contract lifecycle management solution offers several benefits:

• Saving on work hours: Contract templates allow users to create pre-defined and approved templates with just a few clicks, saving considerable time. There is no need to write a new contract each time, which speeds up the contracting process.
• Consistent content: Using contract templates ensures that all agreements contain the same standardized terms and conditions, reducing the risk of inconsistencies and errors. This is particularly important for large volumes of contracts.
• Legal compliance: Pre-defined contract templates ensure all contracts comply with current legal requirements. Templates stored in the system can be regularly updated to reflect legislative changes.

Our solution makes it possible to keep track of contract versions, which in many cases are significant in number, and the collaborative editing of copies, which makes the process much faster and more transparent. The system ensures that users involved in the process always work on the current instance of the contract. Changes, modifications, deletions, corrections, and comments made to the document are displayed transparently and traceably in DocuLine’s contract lifecycle management module to all internal and external stakeholders.

During the management of the various tasks related to contracts and the control of the process that brings them together, the actors involved in the activity receive their tasks and notifications according to the established business process, which aligns with the contract lifecycle phase.

Typical phases of the contract life cycle:

1. Emergence of a need
2. Negotiation, modifications with tracking changes
3. Approval of the final version
4. Execution of the agreement
5. Storage of documents
6. Records management
7. Search and retrieval of the requested document
8. Verification and reporting
9. Renewal or closing
10. Cancellation and exit process

Managing the responsibilities associated with each contract will significantly improve the organisation’s operational efficiency. Each agreement is assigned to a responsible person. If the person in charge of managing a contract leaves his/her position, the system requires the documents belonging to him/her to be assigned to a new person in charge. This ensures that all active, live agreements have an organizational or business owner so that the business knowledge and information associated with them is not lost and the contract handover process works properly.

Our contract lifecycle management solution enables the automated creation of contracts. The process reduces the potential for human error and ensures fast and efficient contracting, which is particularly effective for standardized contracts. In an integrated environment, contract creation is just a few clicks away. In the case of employment contracts, resources allocated to contract creation can be primarily saved when integrated with payroll or human resource management systems.

The DocuLine CLM module can also be integrated with digital signature services, saving significant time and costs, as agreements can be signed with just a few clicks. A range of services can be connected to the system to digitally sign a contract, even if the other party does not have such a solution. It is also possible to digitally sign employment contracts bilaterally and to store paper employment documents in digital format in compliance with legal requirements for the long term, replacing paper archives completely. Our solution is suitable for the fully digitized management of employment contracts for many permanent or casual workers in the manufacturing and construction sectors.

An essential part of implementing the contract lifecycle management application is uploading existing contracts and other agreements into the system. The initial upload, which includes processing, metadata and digitalization of previously concluded paper and electronic contracts, is supported by several valuable features:

• bulk contract uploading,
• metadata creation and recording,
• scanning and digital conversion of paper contracts using optical character recognition (OCR),
• automated metadata extraction using artificial intelligence services,
• AI-based automated document identification.