What are the Benefits Of Using Cloud-Based Software? – Guide
Cloud computing has been around for nearly two decades, and despite data pointing to business efficiency, cost advantages, and competitive advantages, much of the business world continues to operate without it. According to a study by the International Data Group, 69% of organizations are already using cloud technology in some capacity and 18% say they will implement cloud computing solutions at some point. At the same time, Dell reports that companies investing in big data, cloud, mobility and security are achieving up for 53% faster revenue growth than its competitors. As this data shows, more tech-savvy companies and industry leaders are realizing the many benefits of the cloud computing trend. In addition, they use this technology to run their organizations more efficiently, better serve their customers, and dramatically increase their overall profit margins. All of this seems to indicate that, given the obvious direction the industry is heading, there has never been a better time to stick your head in the cloud. Cloud computing is a term that has become very widespread in recent years. With the exponential increase in data usage that has accompanied society’s transition to the digital 21st century, it is becoming increasingly difficult for individuals and organizations to keep all of their important information, programs and systems running on internal computer servers. The solution to this problem has been around for almost as long as the Internet, but only recently has it been widely adopted by businesses.
Advantages of using cloud-based CLM software
Enhanced security of your contracts with cloud-based CLM software
Their contracts include highly confidential information that, if exposed, could lead to financial, relational or brand reputation damage. A cloud-based CLM offers enhanced enterprise security measures compared to standard contract management systems or, worse yet, paper-based record-keeping processes, offering:
real-time collaboration
With documents available in the cloud, your team can take advantage of real-time collaboration, making every step of the contract process not only efficient, but also transparent. Every edit, download or change to your contracts is tracked through a clear audit trail. Cloud CLM software also includes user permissions to ensure data governance and visibility into who is accessing contracts.
24 hour security
SaaS providers run security protocols 24/7, ensuring that any security updates that occur do not interrupt your service.
always in compliance
SaaS vendors are responsible for maintaining security compliance to protect customer data and minimize risk exposure. Otherwise, they would quickly be out of business. Cloud-based CLM software providers backed by Service Organization Control (SOC) 2 compliance are certified from both a security and reliability perspective. SOC 2 certified vendors must follow information security policies and procedures to ensure customer data is protected and remains private.
Scalability for your contracts
If your organization relied on an internal IT infrastructure to operate up by this point, you no doubt understand the complications associated with scaling your business. This same challenge also applies to your contract management processes. As more contracts arrive, your IT infrastructure will also need to adapt to store these documents. With cloud-based CLM software, you don’t have to worry about storage. SaaS-based models allow storage to scale up or down, depending on the business needs at that particular time. The cost-effectiveness of cloud-based CLM software also stands out when storage is involved. Instead of having to pay dearly for on-premises servers and storage systems, including those that may never be fully utilized, your organization can leverage a flexible platform tailored to your contract needs. The flexibility of a SaaS model is especially ideal for supporting your company’s future growth. With a cloud-enabled contract management platform like Intel Agree, your organization can take advantage of unlimited storage, templates, users, and electronic signatures. SaaS platforms are also equipped with a number of third-party integrations, allowing your teams to leverage their favorite software, systems, and platforms to support CLM processes. With a cloud-based solution, your team will be more than ready to handle a wave of contracts that make their way through the pipeline and remain productive in any scenario.
centralized data
Contracts are constantly evolving and older versions of documents are ideal reference points for reviewing how previous negotiations fared. With new contracts coming your way, your team needs a way to search any document at the click of a button. button. They shouldn’t have to sift through piles of paper or endlessly click through generic CLM software to track individual contracts – it just wastes valuable time and resources. Cloud-based CLM software provides a foundation for creating a centralized, searchable contract repository for your team to access anywhere anytime via a connected device. This data accessibility is ideal if your organization has offices across the country. With a cloud-hosted contract management system, all team members can easily compile all data, find contracts and share documents seamlessly. It’s also no secret that the cloud is a more affordable option for data centralization. Without having to manage the infrastructure, licensing, maintenance and provisioning on your own, your company can reinvest those savings in other mission-critical objectives to grow your business. For legal teams, centralizing data also offers a number of contract management efficiencies. Teams can gain better contract visibility and access real-time contract data to accelerate processes and decision making.
Remote access to your contracts
Technological advances make it possible for employees to be connected and productive outside the office. whether they are home or on the road, the cloud brings new meaning to data accessibility, especially during this extended remote working period. This feature is ideal if your organization’s team members are constantly out of the office and need to access or sign a contract without limitations. Cloud-based CLM software not only empowers your team to access data remotely, it also enables real-time data capture. If your employees are located in different offices or time zones, they can easily collaborate on contracts regardless of their physical locations. Another critically important feature of a SaaS contract management solution is your disaster recovery features. If a catastrophic event were to occur at your physical location, would you be able to maintain productivity? With a cloud-based CLM platform, you would already have your contracts stored in a secure and readily accessible location if your employees cannot work in the office for an extended period of time. As the current period of social distancing has proven, your organization must be prepared for any situation. If you haven’t digitized your contracts yet, now is the time to do so.
Best organization for managing your contracts
Finally, a cloud-based CLM solution can help your teams become more organized. With a SaaS CLM platform, your employees can sort individual clauses within their contracts in a standardized clause library, assign contracts by type (eg NDA) and organize their contracts by their respective categories. What’s even better is that most SaaS vendors continually innovate their solutions and offer regular software releases. any new features and the enhancements will be implemented directly into the CLM application, so your team doesn’t have to lift a finger. What your employees used to do manually in-house can now be offloaded to a trusted SaaS provider. If your company had disparate contract management processes that impacted productivity, the cloud enables efficiency, scalability, organization, and security through a single platform.
Final note
I hope you like the guide What are the Benefits Of Using Cloud-Based Software?. In case if you have any query regards this article you may ask us. Also, please share your love by sharing this article with your friends.
