In the fast-paced world of business today, effective contract management is paramount. The ability to accelerate time to signature, securely retain and proactively manage contracts of all types, is a critical requirement for in-house legal teams and their business colleagues. While the last few years have seen a plethora of bespoke applications launched to address these needs, less well known in that Microsoft 365, with its suite of powerful tools, offers out-of-the-box capabilities that can revolutionise contract management for the entire organisation, not just the legal department.
Microsoft 365 and SharePoint: The Foundation for Enterprise Contract Management
Microsoft 365 and SharePoint provide a robust foundation for managing enterprise contracts efficiently. SharePoint, as a collaboration platform, allows legal professionals to create, share, and manage documents easily and securely.
By leveraging SharePoint’s document libraries, versioning, and access control features, legal teams can ensure that contracts are stored and accessed correctly.
Microsoft 365’s integration with SharePoint enables real-time collaboration through MS Word, Outlook and MS Teams, making it easy for legal professionals to work together on contract creation, revisions, and approvals. The cloud-based nature of Microsoft 365 ensures that authorised personnel can access contracts from anywhere and any device, fostering collaboration among distributed teams.
Automated Workflows with Power Automate
One of the key challenges in contract management is the need for a end-to-end contracting workflow automation. Microsoft’s Power Automate allows legal professionals to develop automated workflows that can streamline entire contract processes. For instance, you can create workflows for contract approval, ensuring that all necessary stakeholders review and authorise contracts promptly.
Power Automate can also automate notifications and reminders, reducing the risk of missing crucial deadlines. Whether it’s notifying about contract renewals or prompting for required approvals, Power Automate can significantly enhance the efficiency of contract management processes.
Customisable Forms with Power Apps
Microsoft’s Power Apps enables contracting professionals to create custom forms tailored to the specific needs of their contract management processes. With Power Apps, you can design intuitive forms for contract creation, capturing essential information efficiently from the end user. These custom forms ensure that all necessary details are collected, reducing errors and enhancing data accuracy.
Moreover, Power Apps allows legal teams to integrate these forms seamlessly into SharePoint for data retention, creating a cohesive environment for contract management within the Microsoft ecosystem.
Data Analysis and Reporting with Power BI
Understanding contract data is vital for informed decision-making. Microsoft’s Power BI empowers legal professionals to create insightful dashboards and reports on their contracting processes. By leveraging Power BI, legal teams can gain valuable insights into contract performance, monitor key metrics, and identify areas for improvement.
For example, legal professionals can use Power BI to analyse contract lifecycles, track the frequency of specific clauses, and identify patterns that can inform negotiation strategies. The visual representation of contract data through Power BI enhances the ability to make data-driven decisions, ultimately improving the overall efficiency of the contract management process.
Legal Technology Consultants: Panoram’s Expertise in Custom Solutions
While Microsoft’s out-of-the-box capabilities offer a solid foundation, organisations often have unique requirements that demand tailored solutions. This is where Microsoft Consultants, such as Panoram, come into play. Panoram specialises in building custom contract management tools for in-house legal professionals, leveraging Microsoft’s technology stack.
For example, you might require an NDA solution that combines several Microsoft applications that requires specialist skills. The following NDA example is a combination of Microsoft SharePoint and Power Automate capabilities.
Panoram’s team of experts understands the intricacies of legal workflows and can design solutions that align with the specific needs of legal teams. From customising SharePoint libraries to creating advanced Power Apps for contract creation, Panoram ensures that the technology serves the unique requirements of legal professionals.
Panoram’s Off-the-Shelf Solutions
In addition to custom solutions developed in M365, Panoram also offers off-the-shelf contract management software built in Microsoft technologies. Our pre-configured solution provides a quick and efficient way for legal professionals to automate their contract management processes without the need for extensive customisation.
Panoram’s off-the-shelf solution is built in Microsoft 365 and SharePoint, providing a user-friendly and familiar environment for legal teams to work in.
In conclusion, Microsoft’s out-of-the-box capabilities, coupled with the expertise of Legal Technology Consultants like Panoram, present a powerful combination for revolutionising contract management for in-house legal professionals. Whether leveraging the inherent features of Microsoft 365 or opting for customised solutions, legal teams can enhance collaboration, ensure compliance, and streamline their contract management processes effectively.