Monday.com is one of the leading Work Operating (OS) systems and it was designed to streamline project management for scaling businesses. But can it streamline the tasks that are most critical to a company’s growth, like contract management?
Well, by integrating Monday.com with a contract tool, you can reduce contract admin and automate contracts with ease.
Discover how you can manage your business contracts in Monday.com and empower commercial teams to self-serve on legal agreements in this post.
What is Monday.com?
Monday.com is a cloud-based application that enables organizations to establish workflows, manage teams, and track projects company-wide. The software usually unites different departments across the business and provides greater visibility into projects in progress in real-time.
But when combined with a contract automation tool like Juro, it can even automatically update other teams on the progress of key documents and processes, like contracts. This makes life significantly easier for legal teams and the commercial teams they work closely with on legal agreements.
Why is managing contracts painful for growing businesses?
Business contracts typically have a lot of stakeholders. That means in-house legal teams need to work tirelessly to communicate contract obligations to the relevant department. Whether it’s prompting finance teams to send invoices or ensuring customer success teams start customer onboarding promptly, managing contract compliance can be a tedious and time-consuming endeavor.
In a manual contract workflow, business teams often email legal teams asking them to create a contract for a specific transaction. From here, lawyers will draft the contract in Word, send it back and forth via email to the relevant parties, send updates on a contract’s progress via Slack and end up creating lots of different versions of each legal document to capture the changes made during negotiations.
This creates a series of problems. Firstly, there’s a lack of visibility into the progress of contracts, with different versions of a contract stored in different places and emailed to different parties.
It also creates a lot of contract admin for legal teams, as they’re required to switch between tools constantly in order to get contracts over the line. This creates unnecessary delays and prevents in-house legal teams from working on the high-value tasks that require their attention most.
A manual contract workflow can even cause friction post-signature, as contracts are often stored in shared drives and not looked at again. This causes important contract data like renewal dates and obligations to be missed. There’s often no single source of truth for contract terms and obligations, so contract tracking can become a nightmare.
If these sound like problems you're familiar with, your manual contract workflow is likely holding your business back. If you want a contract management solution that scales with you, hit the button below to find out more. But if you're keen to find out how Monday.com can help, read on.