The Contract Certainty Blog
Exari Mobile Site
The Contract Certainty Blog

How Do You Define Mass Actions?

How Do You Define Mass Actions?

December 05, 2018 Mike Maziarz

How Do You Handle Mass Contract Updates?

Everything’s fine in moderation, they say. A single cookie won’t ruin your diet, but the whole box could undo countless treadmill miles. Unfortunately, not everything’s as simple as taking a single Oreo and putting the rest away. Moderation is not always an option, especially in our professional lives where workloads grow to meet the demands of a global economy.

As the pace of business increases, so too does the need for solutions that will automate our daily tasks – especially tasks done at scale. Take your contracts for instance: the more successful your company becomes, the more contracts you will need to draft, sign, store, and manage.

Contract Updating

And with more contracts come more amendments. Dates, names, addresses, prices, and terms of a contract may all require updating during a particular contract’s lifecycle, while new internal or industry regulations may require portfolio-wide amendments. Updating a handful of contracts may be no big deal, of course, but what about hundreds or thousands?

Traditionally, this would be massively, or even prohibitively, time-consuming. Indeed, each amendment requires you to locate the original document, create the amendment, communicate with the counterparty, negotiate, and execute. The end result is excessive billable hours and wasted productivity.

But now, companies are able to leverage technology to automate these processes and achieve in hours what used to take weeks. By storing your contracts in a centralized repository, structuring all your contract data in a universal way, and utilizing an integrated self-service contract creation wizard, you can complete thousands of amendments at once.

With an automated approach you are able to

  • Search and filter functions to be more efficient
  • Create templates and pull data to seamlessly populate fields and avoid mistakes
  • Structure templates into a hierarchy for intuitive access
  • Keep track of master agreements to stay up to date

Efficiency is the key to success. With Exari Mass Actions, you are able to track contract changes with comprehensive workflows, seamlessly populate template fields, automatically structure amendments within the contract’s hierarchy, and more. If you need a robust search and filter function that is able to find specific contracts or contract groups all while structurally storing your data and populating necessary template fields, consider Exari.

mike

Mike is Exari's Chief Marketing Officer.