alert-icon
Only limited material is available in the selected language. All content is available on the global site.
Wolters Kluwer Navigation
  • Solutions
  • Careers
  • INVESTORS

About Wolters Kluwer

Wolters Kluwer is a global provider of professional information, software solutions, and services for clinicians, nurses, accountants, lawyers, and tax, finance, audit, risk, compliance, and regulatory sectors.

About Us
  • About Wolters Kluwer
  • Strategy
  • Our Organization
  • Management
  • Supervisory Board
  • Value Creation
  • Events
Expert Insights
  • All Expert Insights
  • Health
  • Tax & Accounting
  • Finance
  • Compliance
  • Legal
Get Help
  • Contact Us
  • Login
  • View Solution List
  • eShop & Bookstores
  • Media Center
  • News & Press Releases
  • Solutions
  • Careers
  • INVESTORS
PrimaryNav Button
Wolters Kluwer Logo
Search
    No Suggestion
    WK logo

    Visit our global site, or select a location

    • Americas
    • Europe
    • Asia & Pacific
    Brazil
    Home page:
    • Portuguese
    Canada
    Home page:
    • English
    • French
    Latin America
    Home page:
    • Spanish
    United States
    Home page:
    • English
    Belgium
    Home page:
    • Dutch
    • French
    Czech Republic
    Home page:
    • Czech
    Denmark
    Home page:
    • Denmark
    France
    Home page:
    • French
    Current Page:
    • French
    Germany
    Home page:
    • German
    Hungary
    Home page:
    • Hungarian
    Italy
    Home page:
    • Italian
    Netherlands
    Home page:
    • Dutch
    Norway
    Home page:
    • Norwegian
    Poland
    Home page:
    • Polish
    Portugal
    Home page:
    • Portuguese
    Romania
    Home page:
    • Romanian
    Slovakia
    Home page:
    • Slovak
    Spain
    Home page:
    • Spanish
    Sweden
    Home page:
    • Swedish
    United Kingdom
    Home page:
    • English
    Current Page:
    • English
    Australia
    Home page:
    • English
    China
    Home page:
    • Simplified Chinese
    Hong Kong
    Home page:
    • English
    India
    Home page:
    • English
    Japan
    Home page:
    • Japanese
    Korea
    Home page:
    • English
    Australia
    Home page:
    • English
    New Zealand
    Home page:
    • English
    Philippines
    Home page:
    • English
    Singapore
    Home page:
    • English
    Taiwan
    Home page:
    • English
    Thailand
    Home page:
    • English
    Vietnam
    Home page:
    • English
    Primary Navigation
    • Health

      Trusted clinical technology and evidence-based solutions that drive effective decision-making and outcomes across healthcare. Specialized in clinical effectiveness, learning, research and safety.

      Health Overview
      Solutions
      • UpToDateEvidence-based clinical decision support
      • OvidThe world’s most trusted medical research platform
      • Lippincott SolutionsEvidence-based software for institutions
      • Clinical Natural Language ProcessingDrug data and clinical screening modules to support appropriate medication decisions
      View All Solutions
      Challenges
      • Improving patient outcomes
      • Managing population health
      • Reducing healthcare costs
      • Optimizing telehealth and virtual care
      View All Challenges
      Expert Insights
      • Talking Cloud: 3 minutes on Amazon Web Services (AWS) cloud platform
      View All Expert Insights
    • Tax & Accounting

      Enabling tax and accounting professionals and businesses of all sizes drive productivity, navigate change, and deliver better outcomes. With workflows optimized by technology and guided by deep domain expertise, we help organizations grow, manage, and protect their businesses and their client’s businesses.

      Tax & Accounting Overview
      Solutions
      • Finsit Cloud financial insights software
      • CCH OneClickCloud accounting software – a truly unique smart workspace
      • Hosting Solution (power by HDUK)Virtual environment for your business-critical applications and data
      • CCH Personal Tax Simplify and streamline every step in the tax return process.
      View All Solutions
      Expert Insights
      • Case study: MMP Limited's accounting suite
      • Modern practice management: how to accelerate your practice growth
      • The switching process: how accountancy practices can transfer to new software efficiently
      • The power of KPIs: how to track your accountancy practice’s metrics of success
      • Five Top Tips To Optimise Your Accountancy Practice Management
      • 4 Must-Have Technology Solutions for Your Digital Accounting Practice
      • How Future-Fit Accounting Practices Are Meeting Clients’ Demand for Flexible Working
      • Accountancy Practice Management for Future-Fit Growth: part III – why business intelligence really works
      View All Expert Insights
    • Finance

      Our solutions for regulated financial departments and institutions help customers meet their obligations to external regulators. We specialize in unifying and optimizing processes to deliver a real-time and accurate view of your financial position.

      Finance Overview
      Solutions
      • CCH TagetikUnified performance management software
      • OneSumX for Finance, Risk and Regulatory ReportingIntegrated regulatory compliance and reporting solution suite
      • CCH Tagetik: Budgeting Planning & ForecastingConnect Finance & Operations. Explainable Predictions. Actionable Insights.
      • CCH Tagetik: Predictive IntelligenceExplainable Predictions. Actionable Insights. Smart Decisions.
      View All Solutions
      Expert Insights
      • Wolters Kluwer has been recognized in the 2022 Gartner® Magic Quadrant™ for Supply Chain Planning Solutions
      • Consolidation & Close demo
      • Imagine planning for a future you already know!
      • Leading Australian ADI chooses our OneSumX for Basel solution
      • 2022 global CPM trend report: The future of finance is managing constant disruption
      • Unleash the power of your finance systems
      • Infographic: Basel III to Basel IV adaptations
      • 2022 BARC Score Financial Performance Management (FPM) DACH
      View All Expert Insights
    • Compliance

      Enabling organizations to ensure adherence with ever-changing regulatory obligations, manage risk, increase efficiency, and produce better business outcomes.

      Compliance Overview
      Solutions
      • TeamMateSolutions suite for auditors
      • CCH GDPR ComplianceGDPR compliance and training
      • EnablonSoftware solutions for Risk & Compliance, Engineering & Operations, and EHSQ & Sustainability
      • OneSumX for Finance, Risk and Regulatory ReportingIntegrated regulatory compliance and reporting solution suite
      View All Solutions
      Expert Insights
      • Leading Australian ADI chooses our OneSumX for Basel solution
      • Unleash the power of your finance systems
      • Infographic: Basel III to Basel IV adaptations
      • Basel and climate risk: How will guidelines evolve?
      • Finance Transformation: Getting the most from your team for improved financial performance and control
      • Insights Magazine - Issue 16
      • Optimizing balance sheets and leveraging risk to improve financial performance
      • Banks, ESG and Climate Risk Management: New models for new risks
      View All Expert Insights
    • Legal

      Serving legal professionals in law firms, General Counsel offices and corporate legal departments with data-driven decision-making tools. We streamline legal and regulatory research, analysis, and workflows to drive value to organizations, ensuring more transparent, just and safe societies.

      Legal Overview
      Solutions
      • LegiswayAll-in-one legal management software
      • KleosCloud-based practice management technology
      • Legal SmartDocumentsAutomate the creation and management of contract templates
      • TeamDocsDocument collaboration for laywers in law firms and corporate legal departments
      View All Solutions
      Expert Insights
      • The rise of the legal operations function
      • The legal department enabling the business
      • 5 ways to digitalise corporate housekeeping at your legal department
      • 5 questions every legal department must answer before implementing an e-signature tool
      • Using artificial intelligence for contract management
      • Optimising contract management workflows
      • [Infographic] – Tips for effective case management
      • 5 ways mobility is transforming the daily life of lawyers
      View All Expert Insights
    1. Back to Home >
    2. Back to Expert Insights >
    3. Optimising contract management workflows
    Smiling Man reading on Laptop
    Legal02 May, 2022

    Optimising contract management workflows

    Effective contract management, which refers to workflows a company employ to manage the creation, negotiation, execution, performance monitoring, and closure of contracts between various parties, is an integral function of any legal department.

    Legal plays an important role in ensuring contracts enhance business results, protect the company from losses and deliver on expectations. To fulfil this mandate, it is vital that Legal has oversight over the entire contract lifecycle.

    Unstructured contract management processes can result in losses due to risks including, but not limited to, delays in contract negotiations, disagreements over contract scope, inappropriate contract structures, performance failures, and/or missed renewal deadlines.

    The good news is that Legal is in a perfect position to identify and mitigate these risks with more efficient and effective workflows. In fact, technology can help Legal minimise risk by structuring ad-hoc processes, automating contract creation, empowering colleagues with collaborative tools, and so much more.

    A legal management tool to store, share, track, and report contracts

    If your contracts are scattered in filing systems, stored on different computers or servers, or managed on various spreadsheets, it can be difficult to stay on top of critical details. When contractual benefits and/or obligations are “out of sight, out of mind”, it is impossible to have an accurate overview of your legal matters, compromising your ability to proactively manage risks, identify business opportunities and ensure compliance. What’s more, legal data can provide some of the most reliable information for forecasting and taking strategic decisions. If you take business decisions with wrong or incomplete data, the consequences can range from fines (in the case of audits) to a loss in reputation, market share, operating licenses or revenues.

    Instead, when all your legal documents are easy to locate, you can keep track of obligations and benefits with dashboards and reporting. You can make summaries of contract information and share them with colleagues in other departments to ensure that they understand all the key terms and risks involved.

    A central repository for your contract should allow Legal and other stakeholders across the business to extract crucial information such as:

    • WHEN: The dates that the benefits or obligations need to be performed.
    • WHO: The persons or the department responsible for performing contractual benefits or obligations and the parties they should be performed for.
    • WHAT: A clear overview of the nature of the benefits or the obligations along with what the business is expected to do as per the contract terms.
    • HOW: A precise explanation of the methodology to be applied when performing contractual benefits or obligations.

    A legal management tool with an effective search function and customised dashboards will help you find all contractual information at the click of a button. What’s more, you can access your contracts updated with various amendments and set alerts for deadlines and key dates so that you never fail to fulfil an obligation or close/ review a contract in due time.

    Legal management tools can also help you improve on contract reporting by accurately measuring and analysing contractual activities with customisable KPIs and graphics to then be shared with the Board and make informed decisions.

    A contract automation tool to draft contracts

    You can create and maintain a library of Word-based templates for contracts and colleagues in other departments can select a template for the type of contract they need to create. The template includes your approved standard language and clauses, and the department simply “fills in the blanks” using a simple, dialogue-driven questionnaire. You can eliminate repetitive tasks and deliver drafts quicker. Any deviations can be discussed and, if necessary, you can adjust the Word-based contract template or the underlying business logic for the future.

    By standardising contract language, clauses and design in the templates that you approve for use, you ensure compliance across contracts used by the business. Any updates you make are automatically shared with users. As a result, new laws, policies or regulations are incorporated immediately, reducing your risk and avoid economic losses.

    A collaboration tool to review contracts

    With a contract collaboration tool, you can invite stakeholders to access a contract, make changes, add comments in the text and decide whether to accept or reject suggested edits from others and obtain a comparative summary of the versions.

    By automatically saving all the information in a single place, you can be sure that you will see all the changes and comments made by each person with access to a particular file.

    When stakeholders can make edits to a document at any time, even simultaneously, without documents having to be checked out or sent as email attachments, this minimises delays and saves you more time for the tasks that really matter. According to a global legal survey, 65% of legal professionals identify time lost on administrative tasks as their biggest pain point.

    Document collaboration tools will indicate any new changes in contract versions before you continue working on them. Instead of creating a jumble of document versions and wasting countless hours manually checking and comparing changes, the tool saves each individual change in a central database, including suggested edits, notes and discussions This gives you a completely transparent view of the history of every edit and reduces the potential for mixing up different versions

    An eSignature tool to approve contracts

    If you are looking to digitise contract workflows, it is nearly impossible to keep e-signature tools out of the tech implementation plan.  Businesses run on contracts and other agreements. The role of e-signature is to automate agreement workflows and streamline contract generation, review and approval. With an effective e-signature tool, you can ensure such documents are approved on time without causing delays.

    With an e-signature tool, you can execute contracts quicker, and abolish the legal department bottleneck. You can collect signatures on contracts, agreements and legal documents quick and secure anywhere on any device while protecting confidential information. E-signatures eliminate the costs of printing, faxing, scanning, express delivery and the risks involved with “print-sign-scan” by always keeping your data secure and private at all times. What’s more? You can get instant status visibility and always know where your contracts are in the signing process and set automatic reminders and receive notifications at every step.

    By taking stock of how your business manages contracts, you can identify where technology can help you drive structure workflows, increase efficiency and mitigate risks in due time. Not only can you ensure that contracts perform as intended, but you can also proactively protect the business and elevate the level of service Legal provides to the business.

    Optimise contract workflows with Legisway
    Legisway is a secure all-in-one legal management software from Wolters Kluwer, designed to help legal professionals improve efficiency across contract lifecycle management workflows, mitigating risks and creating value for the business. You can integrate Legisway with partners to and draft contracts using pre-approved templates, review contracts with stakeholders collaboratively, and use e-signatures to validate contracts.
    To learn more, visit our website here
    Explore related topics
    Enterprise softwareDigital transformationNeeds for efficiencyDigital platformsSoftware Solutions
    solutions

    Legisway

    All-in-one legal management software
    Learn more
    Ready to see what Legisway can do for your business? 
    Request a demo

    Related insights

    The legal department enabling the business
    The legal department enabling the business 5 ways to digitalise corporate housekeeping at your legal department 5 ways mobility is transforming the daily life of lawyers

    Related Insights

    • The rise of the legal operations function
      Article
      Legal
      May 25, 2022
      The rise of the legal operations function
      The impressive rise of the legal operations function in legal departments around the world.
      Learn More
    • The legal department enabling the business
      Article
      Legal
      May 18, 2022
      The legal department enabling the business
      Effectively mitigate risks to safeguard the organisation while enabling endeavours for business success
      Learn More
    • 5 ways to digitalise corporate housekeeping at your legal department
      Article
      Legal
      May 06, 2022
      5 ways to digitalise corporate housekeeping at your legal department
      5 ways you can streamline corporate housekeeping processes to ensure corporate governance.
      Learn More
    • 5 questions every legal department must answer before implementing an e-signature tool
      Article
      Legal
      May 06, 2022
      5 questions every legal department must answer before implementing an e-signature tool
      Here are 5 questions every legal department must answer to ensure they make the right choice.
      Learn More
    Footer Navigation
    • About Us
    • Strategy
    • Organization
    • Management
    • Supervisory Board
    • Value Creation
    • News & Press Releases
    • Events
    • Solutions
    • Health
    • Tax & Accounting
    • Finance
    • Compliance
    • Legal
    • Expert Insights
    • Careers
    • Investors
    • Sitemap
    • Site Owner
    Follow Wolters Kluwer
    • Facebook
    • Twitter
    • LinkedIn
    • YouTube
    Wolters Kluwer Logo

    When you have to be right

    • Terms of Use
    • Privacy & Cookies

    © 2022 Wolters Kluwer N.V. and/or its subsidiaries. All rights reserved.

    Back To Top