Manage Contracts with Increase Efficiency and Compliance
October 04, 2019
Manage Contracts with Increase Efficiency and Compliance
Score 9 out of 10
Vetted Review
Verified User
Overall Satisfaction with Agiloft Contract Lifecycle Management
This system is being used across the whole organization; however, the Legal department is the main user. We have not yet rolled this out completely, as we are still fine-tuning it as we receive feedback from our core users. The goal is to use this system to manage both internal and 3rd party contracts across every department. Our current method is manual, meaning all drafting, reviews, approvals, and tracking are done by hand, through Microsoft Office, or via email for each agreement. We are hoping that Agiloft will reduce the turn around time for each contract and give us a simpler way to track the initiation of contracts through to expiry. Much of this we have already experienced through system testing. This should also allow us to get closer to a paperless system.
- Customization of print template request forms: The customization of the request forms that are used to fill the blank fields in our contract templates is simply amazing. They don't only pull simple information like dates or financials but can be built in the back end to operate around rules. For example, We have a rule set up that a territory can't be selected for a given agreement if that territory is already in use. Before this we would have to manually search a list of all territories and whether they are exclusively used.
- Tracking Function: This system allows us to track our contracts using any data we deem necessary. We can track by expiry, contract amount, contract type, territory, contract requester, etc. We can also create saved searches for particular contract data sets that we use frequently. These can also be very easily used to generate charts or graphs which allow us to see our rate of compliance and much more. This a functionality that we did not have when we tracked everything using one big excel spreadsheet, which had to be updated manually.
- Employee/User Management: Agiloft allows us to manage our employees' ability to interact with the system. In our organization, some groups need more access than others. Some need to be able to view our contracts, and some need to participate in negotiations, approvals, signing, etc. This allows us to create groups which we can organize our employees into and restrict or enable access where necessary. Before Agiloft we would have to send contracts to employees via email upon request. Now they can search for themselves, which is much more efficient.
- It would be nice if there were a way to upload an executed agreement and have the system pull the details into the contract record.
- Maybe having a "themes" option so that individual users could pick a color scheme/layout that worked best for them.
- Having a Chat feature could be helpful instead of sending internal emails.
- Increased employee efficiency is by far the most noticeable impact. Contract generation time has been cut in half, if not more because the required fields on the request form eliminate the endless back and forth vial email.
- Increased Compliance Rate: Departments can now only obtain legal approval through Agiloft, which drastically reduces the number of contracts signed without legal review.
- One short term negative impact is training all employees on the system. This is time-consuming and sometimes met with hesitation by staff. But long term this increases efficiency across the board.
Prior to implementing Agiloft, we used ProLaw. ProLaw acts as an electronic library for all contracts across the company. We were able to get this to work for us but it was limited in what functionality it provided. Agiloft is far superior when it comes to tracking and contract generation. Both systems store the agreements; however, Agiloft does a lot of the work for us. It creates the agreements with the click of a button, manages user permissions, sends automated reminders without requiring setup. These are all things ProLaw either didn't have or had but required manual entry. I was not the one who selected Agiloft as our new system, but after using it I can see why it was chosen.