RSMUS.comIn the fast-paced world of modern business, efficiency and automation have become essential components for success. One area where this is particularly evident is in contract processing. Managing contracts can be a complex and time-consuming task, often burdened with manual data entry, repetitive tasks, and the potential for errors. However, there is a solution that transforms the way organizations handle contracts and streamlines a multitude of other processes: Power Automate. In this blog post, we will delve into how Power Automate is revolutionizing contract processing and explore the myriad benefits it brings to your organization. From reducing human error to accelerating approval workflows, Power Automate is empowering businesses to achieve greater efficiency and productivity, ultimately paving the way for improved contract management and beyond.
Power Automate empowers IT administrators to take full control when designing a process. This platform leverages logic functions to aid in process design, as well as the ability to interact with other aspects of the Microsoft 365 environment such as Power Apps, SharePoint, Teams, and more. This flexibility and wide reach are what make Power Automate such an impactful tool.
Once a contract has been drafted and is ready for evaluation, the process often involves multiple parties who need to review the document. This collaborative aspect can make contract processing quite laborious, as it necessitates the input of various individuals. However, rather than relying on email for coordination, implementing a straightforward Power Automate workflow can greatly enhance the overall experience, guiding users through each stage of the process seamlessly.
Contract processing delays typically occur due to largely avoidable factors such as:
- The review/approval step for a contract is missed.
- The contract is routed to the wrong person.
- Users are not aware of the current status of the contract.
- And more.
Power Automate, in tandem with document repositories such SharePoint and Teams, resolves these issues.
- Power Automate Workflow features document routing, email/Teams messaging capabilities, approval streamlining and tracking, and permissions controls.
- Document Routing: depending on the status of the contract (Approved, Rejected, etc.), the document may need to be routed to a variety of locations. Power Automate can make these logic-based decisions automatically.
- Messaging: Emails and Teams messages serve as a great reminder for user-based tasks and responsibilities. Whether it is an initial email inviting a user to review a contract or a reminder that a user has not approved/rejected a contract after a few days, Power Automate’s automated messages greatly accelerate processing time.
- Approval Processing: Power Automate’s approval processing capabilities are replacing the old ways of physically signing off on documents such as contracts. These approvals can be sent through Teams and/or Outlook and are fully customizable to include unique messaging and metadata.
- Permissions Controls: Power Automate has the capability to grant and remove user access to documents. This can be useful if only specified users should be able to make changes to the contract at various points in the process.
- SharePoint Metadata: Something as simple as a “Status” column in SharePoint can have a widespread impact on the processing of a contract. Not only does it serve as a reminder for those that view the contract, but it also can be utilized logically in a workflow. For example, we could add a trigger condition to an approval workflow to only run when the status column is updated to “Ready for Approval.” This type of logic allows for a wide range of user actions, serving to keep the process in motion.
Power Automate not only streamlines contract management but also provides organizations with the agility and efficiency needed to navigate the complexities of modern business operations. By harnessing the power of automation and integration, organizations can elevate their contract processing, reduce delays, and allocate resources more strategically, ultimately fostering growth and success.
RSM is available to support you with Power Automate. For more information, please reach out to Michael McLaughlin.
Michael McLaughlin
Michael is a Power Automate Designer and Engineer for the RSM Modern Work Content Team. With a keen eye for optimization, he empowers clients to harness the capabilities of the Power Automate platform to refine their business processes.