It’s never been simple to handle contracts. It’s a difficult and time-consuming process in any case, but it’s significantly more so when done in an old-fashioned manner.
Manually copying and filing physical copies of contracts may take a long time, and storing them isn’t inexpensive either. You might lose money, dissatisfy your customers, and even lose business if you can’t keep track of rates, payments, and contract adherence efficiently.
You can standardise your contract creation process and manage your contracts efficiently throughout their lifecycles using a digital contract management system.To guarantee that everyone is adhering to the terms of the agreement, you may develop unique contracts in a matter of minutes. monitor your contracts’ performance and even guarantee that your team is working with the most up-to-date version of the contract accessible. Here’s why your company should do digital contract management right now.
1) Make contract lifecycle management more standardized.
When you understand the lifespan of a contract, it becomes much simpler to manage it. The following is an example of a typical contract lifecycle:
Make a quotation
Sign the contract electronically.
Make a sale and deliver the products.
Keep a copy of your contract.
Renew and renegotiate the contract
The majority of the task of adhering to the actual contract provisions was done manually in the past. Someone would be grabbing the printed contract from a drawer to double-check the contract provisions. Not only is this time-consuming, but it also increases the risk of anything falling through the gaps. You may miss deadlines or lose sight of discounts you worked so hard to get. You can manage your contract throughout its lifespan in a single application using a digital contract lifecycle management platform. It becomes considerably simpler to communicate and keep track of contract conditions due to this.
2) Make Contracts More Customizable
There is no such thing as a one-size-fits-all contract. They must be adapted to the specific requirements of the parties concerned. You can simply trace changes to a contract draught using digital contract lifecycle management by allowing everyone, not just the person who drafted the contract draught, to read the relevant elements at a glance. When modifications are made, you’ll be notified so you (or anyone working on the document that day) may readily evaluate them. The contract’s earlier versions will be archived. Changes may be monitored manually to ensure everyone is on the same page. What a fantastic concept! Isn’t that so?
3) Make Contract Compliance a Priority
When attempting to handle contracts with insufficient tools, it’s all too easy to ignore things. It’s difficult enough to ensure that compliance standards are met; you don’t need to add to the difficulty by implementing manual compliance procedures. A simplified, digital contract management process from approval request ensures that contract conditions are at the forefront and compliance criteria are satisfied. This is fantastic in terms of precision.
4) Make Contracts More Visible
Storing all of your contracts in one digital location makes it much easier to acquire the contract visibility you need to guarantee that everyone on your team is working on the most current version. It’s simple to provide access to your contacts to any member of your team who needs it. The contract management program may also provide contract templates and standard terms. It’s simple to verify compliance when you have complete insight into contract conditions.
5) Keep track of contract success with ease
You must monitor how each contract is progressing through its lifespan. Especially when it comes to the contracts you’ve entered the most. You may gain one-click access to your contract’s whole history and make auditing for regulatory and internal compliance a snap with features like audit trails on the central portal of a contract lifecycle management software. Your contract management software’s analytical tools enable you to identify which process elements are taking too long and may need reconfiguring. You could discover that customers want to rewrite a certain element of your contracts regularly, in which case you should revise your initial contract draught to speed up the process. You may make contract adjustments sooner in their lifespan, which will help them be more effective in the long run.
6) Increase Your Commitment to Finishing
You may improve the contract lifecycle completion rate by using the writing, review, and approval stages of your digital contract management system. Furthermore, you will be able to collect signatures on the go utilizing electronic signatures if you utilize this method. As a result, none of your valuable time will be spent obtaining the final sign-off. All you have to do is electronically sign the agreement, and that’s it. You’re OK without having to deal with any paperwork.
For small firms, digital contract management software is a game-changer. Maintain the amount of visibility you want in a contract so you can maintain tabs on it as it progresses through its lifespan. Clients will value your dedication to excellent contract administration, and your company will benefit as a consequence.
