Effortless Contract Management: The Magic of Version Control and Redlining

Negotiation contracts can be extremely time-consuming, as this process forms the base of every company. A huge organization can always have numerous contracts that it needs to negotiate simultaneously, which results in multiple rounds of revision that sometimes might not come to light as per your intent and thus becomes cost-effective both in terms of time and money. To mitigate these risks and ensure smoother Contract management, incorporating version control and redlining through contract lifecycle management software can be a game-changer. 

The Solution to Contract Chaos

Version control and redlining are powerful tools that safeguard against mistakes and confusion that often arise from dealing with multiple paper contract versions. With version control, all contract versions and changes are centralized in one location, making it easier to identify and manage the latest iteration. Additionally, contract management and document management software often employs a “check-out” process, enabling users to avoid simultaneous changes and see who is currently reviewing or making alterations to the contract. 

Redlining is another crucial feature offered by contract management software. When a user checks out a contract for review, redlining automatically tracks any changes made to the document. Once the desired modifications are completed, the user saves the document and “checks-in” to accept the changes. Version control then provides a time stamp indicating the most recent changes to the contract. This clear display of deletions and additions significantly reduces the difficulty of reviewing multiple paper versions. 

Boosting Productivity, Collaboration and Efficiency

Productivity can be greatly increased by implementing version control and redlining in business process automation using AI.  Having all the changes in one place and easy access to previous versions eradicates confusion and delays. No more searching for the correct paper contract management or waiting for hours to receive an updated version for approval. With these tools, users can access all contract versions with a few keystrokes, ensuring that everyone is working off the most up-to-date iteration. 

The benefits of version control and redlining extend beyond internal teams. Electronically stored and edited contracts can also be made accessible to external users, ensuring that collaboration between parties runs smoothly without any delay. Shared access between parties will make sure that everyone is on the same page and working towards the same outcomes. 

Whether your business handles multiple contracts at once or only one at a time, version control and redlining present numerous advantages, which translate into better time management and higher efficiency in the Contract Lifecycle Management. The quicker the approval process, as well as easier transitions from negotiations to the contracts, the benefits of using such technologies will begin to accrue. 

In today’s fast-paced business landscape, efficient contract management is critical for success, especially for industries like Healthcare. Healthcare organizations may involve themselves in handling a high volume of contracts that may involve the organization with healthcare professionals, suppliers, pharmaceutical companies, research partners, insurers, and technology providers. Inefficient management of contracts leads to errors and oversights that may leave the healthcare organizations open to losses financially, violations, and even lawsuits. According to Black Book Market Research, “Healthcare providers in the U.S. spend $157 billion each year to manually manage their contracts. That’s because 96% of healthcare providers have not yet automated their contract management.” [1]  

Redlining is a widely used legal tool in the healthcare automation solutions industry to track contract changes and facilitate review by legal teams and compliance officers, ensuring contracts align with regulatory requirements and protect patient data. Healthcare contracts often involve sensitive information and patient data, making redlining an essential feature to ensure compliance with data protection laws, such as the Health Insurance Portability and Accountability Act (HIPAA). 

Embracing version control and redlining through cloud-based contract management software such as AffableBPM solution can streamline the negotiation process, eliminate confusion, enhance collaboration between internal and external teams while aligning with regulatory requirements. By doing so, businesses can maximize productivity, avoid costly mistakes, and achieve more favorable outcomes in their contract negotiations. So, ask yourself: How are you managing your contract management lifecycle?  

[1] https://www.contractlogix.com/contract-management/contract-management-system-in-healthcare/