Workflow management solution also enables excellent business insight: providing visibility of where a contract is in the lifecycle process and helping identify bottlenecks (for a particular contract or in general relative to the entire process). The inherent data store can also be easily searched, audited and analyzed to inform and drive intelligent business decisions and improve business efficiency and effectiveness.
It is designed to ensure even the most complex workflows operate simply and have flexibility where permitted and required by the business. The workflow engine can apply workflow to any system data object, contract or document and has the ability to assign approvers even at granular clause levels.
Dependent on the contract type created or modified, the appropriate workflow is dynamically created with more or less steps according to the exact business requirement.
Workflow processes can be set up so contract approvals are sequential (serial) or so multiple parties can work on their respective contract components and approve simultaneously (in parallel).
Automated workflows coupled with business rules, related decision points and approvals process, streamlines corporate governance and standards/regulatory controls.
Workflow flexibility is crucial for the success of contract lifecycle management and other business process management tools as it ensures quick adoption rates and helps eliminate contract lifecycle process bottlenecks.