How to simplify Contract Management through Pact in 2024

Any contract that an organization issues, has two major components to take care of- One is tracking the progress of the contract and other is ensuring value for money. Right? How about an app that takes care of all the tracking and costing part? Manual inaccuracy in money management is humane, but not something that every organization would be able to bear. Similarly, tracking the progress of your contract, be it small scale or large scale- is not an easy task. That is where Contract Management Apps or integrations like Pact come to rescue.

Moreover, if you are already an organization that uses project management apps like Jira by Atlassian, the ‘Pact’ by Optimizory is already well integrated there.

So, let's read more about simplifying contract management via an App integrated with Jira!

What is Contract Management?

Contract management is essentially the comprehensive, systematic approach to handling all stages of an agreement, from its creation to its termination. It encompasses various activities and functions, ensuring smooth execution and maximum benefit for all parties involved.

What are the key stages of Contract Management?

Ever signed a contract and then wondered, "Wait, what happens now?" Or perhaps you've witnessed the chaos of misplaced agreements and missed deadlines. It's most likely to be the latter if you are an organization already involved in a lot of multi party contracts.

So firstly, Let's look into the key stages that turn a blank page into a binding promise that gets executed, keeping everyone on track and happy!

Here:

Formation: Drafting, negotiating, and finalizing the contract terms and conditions.
Execution: Managing the fulfillment of obligations outlined in the contract by both parties.
Monitoring: Tracking performance, ensuring compliance, and identifying potential risks or issues.
Amendment: Addressing any changes or modifications needed during the contract's lifespan.
Renewal or Termination: Deciding on contract extension or closure upon its expiry.

These are the key stages of any contract that gets signed in the first place. However, don't you think we are missing out on another important intricacy here? It's money management!

Release payments from time to time.

What does a contract management App do?

A contract management app, also known as Contract Lifecycle Management (CLM) software, is an app that helps businesses/ organizations efficiently handle different aspects of their contracts, from creation and negotiation to execution and ongoing management.

Here's what a contract management app typically does:

Creation: Helps draft contracts using templates, automate clauses, and collaborate with different stakeholders.
Negotiation: Facilitates secure online negotiations, tracks changes, and helps reach agreements faster.
Approval: Sets up automated workflows for routing contracts for internal approvals, ensuring adherence to compliance regulations.
Execution: Enables e-signatures for faster contract finalization and eliminates the need for printing and physical signatures.
Performance and Risk Management: Tracks key obligations, detects potential issues, and sends alerts for deadlines and renewals.
Reporting and Analytics: Provides insights into contract data, identifies trends, and helps optimize the contracting process.

What can Pact do for you? Contract Management for Jira

Are you wrestling with contract management outside your Jira ecosystem? Struggling to juggle separate apps and maintain a holistic view of your agreements? Pact offers a breath of fresh air, effortlessly integrating contract management into your existing Jira setup. Imagine visualizing contracts, tracking negotiations, and monitoring key dates directly within Jira – that's the power Pact brings to the table.

With Pact, your contracts become Jira issues, allowing you to optimize the platform's robust features for time management, collaboration, and workflow automation.
It adds vital cost-related custom fields to your Jira issues, transforming them into comprehensive financial trackers. Just think- deadlines, deliverables, and budgets, all meticulously tracked within the familiar Jira interface.

Its intuitive dashboard becomes your central hub for contract oversight. Gain instant insights into key information like contract status, upcoming milestones, and potential risks.
But Pact doesn't just offer top-level visibility; it dives deep into the heart of your agreements. One can analyze specific requirements, track the ebb and flow of negotiations, and pinpoint any issues that might require attention.
Your contracts rest safely within your secure Jira Cloud site, ensuring confidentiality and compliance.
It empowers you to export graphs and contract information for further analysis or sharing, fostering better collaboration and informed decision-making.

So, why juggle multiple tools when you can have it all within Jira? Pact streamlines contract management, enhances visibility and control, fosters collaboration, regulates costing, ensures risk management and makes more sense of your existing Jira investment.

Conclusion

In a nutshell, Pact is more than just a contract management app; it's an app that revolutionizes how you handle agreements within your organization.

‘Pact’ as the name itself gives a hint; it's a promise.

A promise to liberate your contracts from the chaos of spreadsheets and scattered documents, and usher them into the ordered world of Jira. Imagine, your contracts transformed into Jira issues, breathing and pulsing within the familiar ecosystem you already are well acquainted with. Pact seamlessly integrates, harnessing Jira's time management muscle and injecting its own financial tracking prowess. No more manual money madness, just precise cost control right at your fingertips. Pact offers transparency, a window into the soul of your agreements, revealing every requirement, negotiation wrinkle, and critical milestone.

So, give it a try and see how effortlessly it transforms your Jira into a single, powerful hub for all your contract needs.