If you too have spent time chasing contracts, spending hours checking whether this or that clause is present and in what form, you know the importance of organizing your documents in a contract library.
The first essential step towards efficient and secure contract management, the implementation of a contract library has become indispensable for modern companies.
In this article, we explain the benefits for the company and how to choose it. In short, it should be simple to use, accessible to operational teams and integrated with your preferred tools.
If this article is useful to you, you may be interested in the "The complete guide to modernizing your legal department" that you can download here.
Information accessibility and operational autonomy
Internal information retrieval is one of the biggest sources of business inefficiency.
Take the example of a marketing director who wishes to use a client logo for an advertising campaign.
If no contract library is in place, the marketing director is likely to ask the company's lawyer to obtain the desired information.
Once briefed, the lawyer goes looking for the contract on the company's servers, before realizing that the latest version of the contract had not been uploaded by the sales team.
Following this discovery, the lawyer contacts the sales team and finally obtains the contract after several reminders. A few days later, the marketing director finally has the information needed for the advertising campaign.
I'll let you imagine the time wasted and the consequences on the lawyer's daily life.
If, on the other hand, a contract library is set up, the contracts are centralized and easily accessible for the different teams, who can then become autonomous in their search for information and, therefore, become more efficient.
Reduce the time spent searching for information
In most cases, contracts are stored in PDF format after signing.
Unless you keep an up-to-date tracking table with all the clauses contained in each contract, it is very difficult for companies to quickly find out the key information in a contract and to be able to make strategic decisions off the back of it.
If you are looking for all of your contracts with a certain clause, chances are you will not be able to access the information in a reasonable time. You will probably be forced to read through all the contracts one by one to find this information, relying on your memory to help you save time.
With a contract library, this is not the case. You have the ability to search directly based on the content of the contracts which saves a considerable amount of time.
Reduce losses caused by the poor tracking of contracts
The majority of companies today still use an Excel file to track contracts. This is a problem for three reasons.
Firstly, the time spent updating the information collected in this file becomes very important as the activity increases. Secondly, manual monitoring of contracts involves inevitable human error, with high risks for the company such as missing an important deadline. Finally, when the team grows and several people are required to manage contract tracking, collaboration on this type of file becomes very complicated, with tracking of changes being difficult to trace.
Conversely, a contract management solution will automate the management of the contract after signing, making tracking reliable and efficient, and with much less effort.
Tomorro's Contract Library
Categorize your signed contracts with custom attributes
The main challenge for companies is not only to centralize all contracts but also to be able to find them quickly when needed, often urgently. To achieve this, Tomorro allows you to tag the important information of your contracts with custom attributes. It's very simple - you define the information to be filled in for each contract from the platform's settings. This information then appears in the summary sheet of each contract and allows you to make precise searches based on these attributes in the contract library.
Search your contracts easily with filtered views
If your company has several hundred signed contracts, you know how important it is to be able to search quickly when you need information.
To make your life easier, we have designed a filtered search function that allows you to search your contract database according to the information contained in your contracts: clauses, type of contract, type of renewal, etc.
You can even save your searches to view these filtered results when required.
Don't miss a deadline with automatic reminders
Everyone is worried about missing a deadline - and understandably so. Missing a contract deadline can have serious consequences for your business so it's essential that your contract library offers automatic reminders for your contract deadlines.
You'll finally be able to say goodbye to your Excel tracking file which is difficult to keep up-to-date and unreliable for you and your teams.