Enterprise contract management is the process that large organisations use to manage their contracts end-to-end.
These organisations, especially in regulated industries, face greater contract volumes and complexity - so they face more risk. Consequences including fines and reputational damage can cause severe impacts, on a much greater scale than experienced by their SMB counterparts.
Dedicated enterprise contract management software is used to increase visibility, provide better control via automation and help businesses safeguard compliance.
The benefits of effective Enterprise Contract Management
If your business still uses manual methods and disparate combinations of spreadsheets, shared drives and calendar notifications, it won't be able to adapt to changing customer demands, regulations and vendor expectations. You'll always feel like you're chasing your tail - a headache that will worsen as your enterprise grows.
Dan Ireland, Executive Vice President of Legal at Exscientia says that before using contract management software: "We were spending so much time digging through emails, getting attachments from DocuSign envelopes, dragging and dropping them into the right folder, renaming them, and all that kind of stuff. Not a good use of a lawyer's time". Using enterprise contract management software to support your processes will:
- Automate data entry and centralise agreements, creating a single source of truth
- Simplify and automate workflows, reducing errors and saving time
- Mitigate legal risks and safeguard compliance with automated reminders
- Prevent missed deadlines and renewals, avoiding financial losses
- Provide real-time visibility into contract status for better decision-making
- Simplify vendor and third-party management, strengthening relationships
- Facilitate collaboration and communication among stakeholders
- Optimise spend and resource allocation through cost insights.
Assess how enterprise contract management software can support your business by using the template below. It will help you to identify gaps in your CLM approach that can be improved with dedicated technology.
What Contract Management Software Features Should Enterprises prioritise?
1. Central repository and version control for easier auditing
Having full visibility and maintaining version control of contract documents is non-negotiable, especially for regulated enterprises that face internal and external audits. A centralised repository makes it easy to locate and access up-to-date agreements when needed.
This streamlines internal processes and simplifies the auditing process, as auditors can quickly verify the accuracy and integrity of contract documentation. They can also track changes and review the entire audit trail without your business spending hours pulling it all together.
2. OpenAI contract summaries for faster decision-making
For enterprises dealing with a high volume of contracts, manually reviewing and analysing each document can be time-consuming and resource-intensive. AI contract summaries identify critical clauses, dates, obligations, and risks within your contracts.
This feature significantly reduces the time and effort required for contract review by automatically extracting and summarising key information. It frees up valuable resources, allowing teams to focus on more strategic tasks and accelerating contract approval cycles.
3. Customisable and best practice workflows
Automated, customisable workflows, ready-to-use best practice workflows and approval processes offer your enterprise flexibility and control over its contract management processes. Accelerate contract cycles, improve responsiveness to business needs, and ensure that contracts are processed efficiently while maintaining compliance and oversight.
With conditional approvals, your enterprise can establish bespoke criteria that must be met before a contract progresses to the next stage of approval. Parallel approval functionality empowers simultaneous review and approval paths for contract documents involving multiple stakeholders or departments.
Use Best Practice Workflow templates to get set up straight away
4. Financial and cyber risk intelligence for proactive mitigation
Navigating regulatory landscapes can be a constant source of pain and uncertainty. Compliance failures can result in hefty fines, damaged reputations, and legal consequences. Access to 24/7 risk monitoring and automated alerts when your vendors’ compliance status change allows your enterprise to mitigate risk proactively.
Compliance management and alert tools, powered by tools like the Market IQ Suite, offer your enterprise peace of mind in the face of a changing market. Minimise compliance risks, protect your reputation and ensure business continuity all while focusing on your core objectives with confidence.
Enterprises can monitor the compliance status of vendors 24/7
5. Integration capabilities with your tech stack
If your business has siloed data across disparate systems, your contract management processes are probably inefficient and full of errors. Integrate an enterprise contract management system with your existing tech stack to enhance productivity, improve data accuracy, and improve user adoption.
Integration capabilities with Netsuite, Salesforce, and Zapier alleviate this pain point by seamlessly connecting platforms that are important to you. This unified approach simplifies contract management processes and empowers you to make informed decisions based on reliable, up-to-date information.
Gatekeeper integrates seamlessly with NetSuite
How to select an Enterprise Contract Management Software provider
Who your enterprise partners with is just as important as the contract management solution. When making your choice, keep in mind whether they offer.
1) In-House Implementation: Choose a provider with dedicated in-house implementation teams to guide your business through the onboarding process. You can access personalised support and expertise, minimise implementation challenges and accelerate time-to-value straight away
Scarlet King, Senior Director of Strategic Sourcing at AccentCare shares: “The Gatekeeper team added tremendous value throughout the implementation process and surpassed my expectations. They did all the heavy lifting”.
2) User-Friendly Interface: You’ll need to choose a solution with an interface designed for ease of use and accessibility. With intuitive navigation, drag-and-drop functionality, and customisable views, users can quickly adapt to the platform and perform tasks efficiently. This user-centric approach enhances adoption rates and user satisfaction, driving greater productivity and engagement.
3) Continuous Innovation and Updates: The world of contracts is always moving and evolving. Your chosen solution should follow suit. Choose a provider who demonstrates continuous innovation and product updates, ensuring that your business always has access to the latest features and capabilities.
Darin Van Duser, our customer at NYCM Insurance shares: “There were product enhancements that I mentioned in my first few conversations with Gatekeeper, that were implemented into the platform in less than a year. Gatekeeper is one of the few vendors I’ve ever seen put customer feedback ahead of anything else”.
4) Security Credentials: Look for certifications that your chosen provider maintains robust controls to protect against unauthorised access, data breaches, and other security risks. SOC and ISO certifications validate a provider’s commitment to maintaining the highest standards of security in managing customer data.
You can see how Gatekeeper helps its customers by reading the case study below.
Wrap Up
By harnessing Gatekeeper, enterprises can streamline contract lifecycle management, mitigate compliance risks, and enhance data security—all while driving operational excellence and fostering growth.
From best practice workflows to Market IQ that provides real-time risk insights, Gatekeeper empowers enterprises to stay ahead of issues and adapt to evolving challenges with agility.
if you want to know more, book a demo below.
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