Leverage Business Opportunities by Managing Contract Digitally

Contract BuilderContract Lifecycle Managemente-Sign

What is contract management

Contract management, also known as Contract Lifecycle Management (CLM), involves the management of contracts throughout their lifecycle. The contract management lifecycle encompasses processes such as drafting contract templates, contract signing, execution, generating visual reports, and archiving.

How does an HRM platform help in 4Rs management?

We have identified three challenges that most people face with paper contracts in today’s complex business environment.

Contracts complexity

Every contract has distinct legal terms, agreements, management specifications, and requirements that must be carefully considered during execution. However, in today’s business environment, paper-based contract management methods are deemed insufficient for managing such complex processes as contract drafting and approval at a level that ensures business effectiveness. Hence, digital contracts come into play.

Prolonged approval cycle

A standard contract approval process often involves managerial, departmental, and directorial levels. This necessitates the use of digitalization, as paper-based contracts require contracts to pass only after they have been physically approved by previous personnel, leading to time-consuming delays. Therefore, the longer the approval cycle, the more time it takes to complete tasks in a business-effective manner.

High risk exposure

The lack of necessary approval decision-making information often exposes transactions to risks. Paper-based contracts often face difficulties in having specific authorized signatories present in person, or even experience tampering or misuse of stamps during the execution process. Other notable risks include scattered financial and performance-related information due to a lack of integration and coordination during the contract execution phase. The inability to monitor the contract execution process and respond in an agile manner also poses unforeseen risks to the business.

Benefits of contract lifecycle management

Version management

Easily create new versions with your own edits on pre-built contract templates. Control who can edit templates, highlight key points, and compare versions.

Seamless collaboration

Foster smooth collaboration and agreement between internal and external departments.

Intelligent-based audit compliance

Develop a self-defined approval matrix to streamline the approval workflow, allowing departments to work collaboratively while performing their respective duties.

Full-scale digitalization

Achieve full-scale digitalization, ensuring standardized contract approval through personal identity verification during the digital stamping (e-Seal) and digital signature (e-Sign) processes. Leverage digital documentation for quick retrieval and reduced hassle.

Automated risk control and monitoring

Utilize smart, intelligent technology to monitor potential contract-related risks. Benefit from built-in automated reminders for overdue contracts and changes in the credit of the counterparty.

Integration with business systems

Ensure transparency of contract terms and regulations to avoid ambiguity and expedite the contract lifecycle for project delivery, procurement, and production operations. Maintain control over payments by adhering to the contract terms.

Data analysis

Access detailed summary reports on signed contracts, contract execution, and risk monitoring. Visualize data in collaboration with business, finance, contract performance, and fund payments. Customize reports to your specifications.

Learn more about Weaver’s solution Contract Management.

Contact Weaver for more customized enterprise Contract Management platform services. Request your free demo today.

About Weaver

Founded in 2001, Weaver is a leading digital enterprise software provider headquartered in Shanghai, with regional presence and service networks across Singapore, Malaysia, and Indonesia. Weaver specializes in a low-code collaborative management platform with a diverse portfolio, serving over 70,000 organizations and enterprises across 87 industries. 

Get in touch with us:

Sales inquiry: sales@weaver.com.sg

Support: support@weaver.com.sg

Contact: +65 6908 5816

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