Unlocking the Future: How AI Contract Tools are Revolutionizing Contract Management
Often, one of the biggest challenges that an enterprise faces when seeing a contract through its lifecycle is that many times the data isn’t streamlined and exists in too many places. When data lives in multiple places that aren’t integrated, it can not only make searching for contacts difficult, but worse, it allows for errors, inconsistencies, and inevitably a breakdown of communication between departments. When a contract is touched upon, and data is collected by various departments in a company, like sales, legal, finance, and procurement, eliminating those risks and increasing efficiency and collaboration are vital to a company’s success.
In February of 2022, Malbek listened to our customers express their pain points and came up with a solution to address this issue. Malbek Konnect Marketplace enables Malbek Contrax to connect with popular applications such as Slack, Salesforce.com, Microsoft Dynamics, Oracle, SAP, DocuSign, Microsoft Dynamics, Oracle SAP, DocuSign, AdobeSign, and more. These connectors require virtually zero technical expertise or customization, allowing contracts to live beyond the confinements of the CLM software itself, increasing collaboration, visibility, and accountability across the board.
TIBCO Software Inc, a global leader in enterprise data, entrusted Malbek to streamline processes during acquisitions. One TIBCO business user stated “99% of the application could be administered by the business admin themselves, especially integrations, forms, and workflows. This global implementation led TIBCO to increase efficiencies and reduce contract lifecycles by 70%.
With the Malbek and Slack integration, you can effectively share key updates and contract activity in real-time with the intended recipients, thereby expediting your contracting cycle time. You spend less time emailing updates to your cross-functional teams and more time on key contractual terms that matter most. The contracting process often creates a disconnect between departments, causing friction among groups. By using our Slack integration, you can improve collaboration, increase efficiency and eliminate risk.
Here are some key features of our Slack integration:
- Actions: Using our action feature you can easily search, review, and approve contracts without having to open up yet another application. You can also check for contracts in your queue to stay on top of upcoming renewals and flag ones that need attention. You can also reply to tagged comments allowing different departments to seamlessly work together throughout the contract’s lifecycle.
- Slash Commands: Perhaps the most useful feature when panic strikes are slash commands. Using this feature, you can easily and quickly search for, and access, contracts based on keywords, phrases, and metadata, directly from within Slack. Simply using “search:/s <keyword” can eliminate hours of your and your team’s time.
- Conversations: If Slack is the go-to method of communication in your organization, why shouldn’t your CLM have it too? Effectively communicate with your team and other departments, being able to easily access, track and review contracts through the system makes collaboration so much smoother. Malbek provides you with the messaging tools and context you need to have timely and effective conversations regarding contracting flows.
- Notifications and More: Slack integration allows you to take care of the work in one place. Get notified when a contract requires action, or you are tagged on a document to review terms. Easily review and reply to tagged content directly from Slack and get the contract moving faster!
With so many moving pieces throughout a contract lifecycle, it is important that all stakeholders have visibility, accessibility, and accountability throughout the process. Integrating Malbek CLM with Slack brings numerous benefits including real-time communication, streamlined workflows, enhanced visibility, mobile accessibility, and collaboration. By leveraging the strengths of both platforms, organizations can foster effective collaboration, increase productivity, reduce risk, and ultimately enhance the overall contract management experience.
Learn more about our Slack integration and take your contract lifecycle management to the next level!