Why Contract Management Is Vital for Engineering and Manufacturing Companies

Contracts and document workflow are far too critical for engineers and manufacturers to rely on outdated manual processes. Through contract management software, workflows are accelerated, collaboration is increased, and documents are kept secure.

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Despite the importance of contract management, many engineering and manufacturing companies lack processes for monitoring, reviewing, negotiating, and renewing contracts. Without effective contract management, finding the most recent version of contracts is far more difficult than it needs to be. Checking them for compliance or using them to gain insight into risk management, potential cost savings, and vendor relationships is just a dream.

When you use M-Files as your contract management system, you get a system that is easy to implement and use. Instead of moving documents, M-Files creates connections to each document no matter where it’s located for easy, secure access right when you need it.

Integrating HubShare makes it even easier to automate contract workflows because they provide an all-in-one, flexible, customizable digital workspace with room for an unlimited number of portals customized to each client. Hubshare integration offers your team the most efficient possible experience while simultaneously providing your clients with the best possible customer service.

Benefits of Contract Management

  1. Find documents fast. Contract management can provide your engineering or manufacturing company with faster, more efficient workflows that are consistent. It can monitor contact actions while eliminating mistakes and missed deadlines.
  2. Establish consistent workflows. The best part is contact management is simple to implement and use. You’ll be able to create contracts with templates to save time. Contract terms are automatically enforced, and you’ll receive alerts for renewals when necessary.
  3. Protect sensitive data. At the same time, you’ll have better security for your sensitive data because you’ll always have just one authoritative version. You can even integrate e-signatures to keep the workflow moving. You’ll save time and money while seeing an increased ROI.

A Better Way to Manage Contracts

M-Files is, quite simply, a better way to manage contracts for your business. You can find any contract faster just by searching for the client’s name, account number, or any other identifying information. With fast retrieval, document reviews, signatures, and, eventually, archiving are handled automatically. If action is needed on any document, you are notified. And you get enterprise-level security through encryption and strict permissions that determine who can access contracts based on their roles or any other criteria that you select.

Are you ready to level up your contact management system? Contact us today.