Businesses deal with thousands of contracts every single day.
The Fortune 1000 companies handle anywhere from 20,000 to 40,000 active contracts at any point.
When so many multiple contracts are in progress at a time, it becomes more and more challenging to control operational, financial, and compliance risks. When contracts expire, you risk having gaps in services provided, renewing at a much higher market price, or jeopardizing compliance with environmental standards or internal policies.
However, many businesses still don’t have systems or teams in place to manage contracts and related workflow.
That’s where contract lifecycle management software comes in. This software stores legal documents, helps you carry out the contract process, and even monitors the post-signing duties.
Yet, not all contract management tools are created equal. Only a few CLM tools have contract management dashboards that give you valuable contract insights at a glance.
Interested in getting better contract analytics with a contract management dashboard?
Let’s dive into it!
The role of dashboards in contract management
Here’s the thing, an automated dashboard enabled by contract management software is the most powerful tool of your contract analytics and risk management.
Contract management dashboards like Avokaado’s one allow you to make a data-driven decision for the company’s growth using the latest and most accurate contract data:
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Here are 5 reasons why a contract management dashboard helps you with your contracting process.
Provides a visual summary of the contract’s progress
A contract management dashboard should be the quick window that will let you see your progress in managing contracts. Ideally, it should feed you with the most important KPIs for contract management that will measure your efficiency.
These contract management performance metrics include:
- The time it takes from contract drafting to signing
- A measurement of collaborative and processing metrics, such as the number of outstanding contracts, number of revisions, and approval process duration
- The number of contracts transferred to business units
Keeps deadlines and renewal dates under control
The dashboard helps you beat contract deadlines. If you’re asking, How many contracts are we still working on? Also, where are the bottlenecks?
A contract management dashboard can give you the real-time status of all the contracts you have in a snap. You’ll easily see how many contracts are pending, how many are in draft, what’s still pending review and approval, and how much they are valued at.
An important contract management KPI here is contract effectiveness. This metric covers:
- Getting unpaid agreements collected and avoiding unpaid dues from renewed contracts
- Making sure you don’t forget an action item
- Learning the recurrence rate of contract renewals
Minimizes contract compliance risks
Contract terms and conditions should comply with contract law and public policy. It includes keeping contracts secure, delivering consistent service, and ensuring they stay current.
Dashboards enhance the contract process by tracking all assigned contracts and team members responsible for them. The contract management dashboard lets you know:
- Who can access a contract, therefore, regulating it
- Document changes through audit logs
- The expiring contracts with automated alerts
- Transparent statuses of documents
- Resolution of complaints history
Helps you focus on closing business-critical contracts
Prioritization is important even for managing contracts. Though most contracts are helpful for monetary purposes, there are some that require less focus than others. This is especially true for common contracts like NDAs or other HR-related documents.
The contract lifecycle management metrics needed here are:
- Annualized contract value (ACV) of all recurring contracts, including those that are renewed and those that are not
- Flawless execution of the contract obligation, so you can begin negotiations on a contract with that specific partner
- Analysis of past performance and trends to duplicate the best process and improve the ineffective ones
Choosing the best contract management dashboard
👉 In case you’re still doubtful about the use of CLMs (contract lifecycle managers), you can learn more about them here.
Most contract management software include a smart dashboard that displays an overview of your contract management performance metrics. Typically, they display graphs that illustrate the following:
- Number of contracts by their lifecycle stages
- Average number of days until the completion of a contract
- Comparison between current and preceding year’s contract data like performance and cost
- Number of contracts by organization type, department, or status type
- Total value of the different types of contracts
- Number of templates used by the business
In the real world though, it requires different views to look at your contract management process.
👉 Take Avokaado for example.
Avokaado CLM software offers 3 different views ― workspace, document, and template.
Each view corresponds to what you’re after:
- Do you need to oversee contract progress?
- Do you want to view documents you created or collaborated on?
- Do you need a look at the templates already in your library?
Pick the view that’s right for you:
- Workspace view – This is for overseeing contract progress like how many contracts are drafted, under approval, to be signed. (You also get alerts on hot contracts and when a contract gets completed.)
- Document view – You get this view on every contract you’ve created and those that were sent to you. All other folders are set to display the documents according to their statuses: Drafts, Approval, Signing and Done stages.
- Template view – This view is for you to create a template (not to draft a legal document itself). Creating a template lets everyone in the company rely on it and use it later for drafting contracts.
Whatever contract view you take, your contract data is automatically organized by the system. Plus, these data are accurate, updated in real-time, and readily displayed on your dashboards.
The 3 views of Avokaado’s dashboard
- Workspace view
This is your personal office when it comes to contract management. It has everything you need to create or manage documents. Workspace view includes tracking their statuses, viewing deal statistics, and setting reminders for critical dates.
Using this view, you’ll receive notifications when a co-worker adds you as a collaborator or when those you added as collaborators take action on your documents.
One unique feature that Avokaado’s dashboard provides is the 360° view. Using it, you can easily see the status of your company’s documents, who has access to them, and when they were last edited.
Please note that your Account Managers decide who can access the 360° view.
Once in the 360° view, rather than just seeing your own documents, you’ll see all of the documents for everyone in your team.
To be specific, you’ll be able to see:
- The document name
- The status
- Where it was created and who made it
- Who has access
- Date of the last edit
- Documents view
This view, as the name suggests, focuses on documents at a particular stage in the pipeline. The view is divided into 5 tabs: All documents, Drafts, Approval, Signing, and Done stages.
You can also perform other actions on your documents by clicking on the document options at the end of the document line. These will let you move, duplicate, download or archive your document.
If you prefer a more organized and personalized look, try storing your documents in folders. This is especially helpful if you’re working on lots of documents at a time.
Avokaado CLM lets you store the documents in folders so you can only view the documents you need to see at a given point. You can also create subfolders to organize things a little more.
When you need people to access a set of documents, you can share a folder with specific users or usergroups. Basically, you are sending them an email that contains a link that takes them directly to that folder.
- Template View
You can find all the templates you have in your personal template library under the Template tab. They are sorted by categories, such as the recently used template per industry/transaction.
Satisfied with its content? Start drafting a new document by clicking on the desired template. You’ll see your input as you type.
Didn’t find the template you need? You can also browse Avokaado’s selection of pre-lawyered templates by clicking on the ‘Go to store’ button.
Contract management dashboard: The easy way to manage contracts
When it comes to contracts, you want to make sure that everything is in order. You also want your team to quickly get a sense of what they need from the contract management dashboard.
With Avokaado’s dashboards, you’ll not only keep track of what’s been done and what needs to be completed. You’ll also ensure everything stays on schedule. Know when there are bottlenecks, delays, or gaps in contract fulfilment as soon as they arise.
This way, your company won’t have a lapse in productivity or profitability.
Ready to have a dashboard that has all of the above? Try modern Avokaado CLM for free for 7 days.