Contracts have been in existence for centuries and are the foundation of every business transaction. Companies worldwide, regardless of their industry, size, or location, have something that they share that they all work upon contracts as the foundation. The contracting system has experienced a rapid change due to the technology advancement and the rapid pace of change in our society.
Every business knows that time is money, and using an automated contract process is essential. A solid contract management software will allow your business to gain the most value from the agreements you’ve struggled to negotiate while limiting your risk exposure. It will help you reduce the number of contracts you have to sign and, at the same time, improve your Return to Investment (ROI) and help you realize the potential value of your contract. You can enjoy the ContraSafe’s contract management software free trial and upgrade on a later date.
We’ve compiled the following reasons you should consider implementing a contract management:
You Can Manage More Contracts with Less Effort, Using Fewer Resources!
Contract lifecycle management can drastically cut down the time that you have to spend managing contracts. Contract management without a software tool is difficult for any contract administrator analyst, procurement specialist, or paralegal.
Automated internal workflows will handle an approval workflow for you. Electronic signatures make it unnecessary to print contracts (never have to walk to and back out of the scanner). Think about the time and cash your business can save.
Never Miss a Contract’s Expiration or Renewal
The timeframes for contract renewals and expiration dates are vital. CLM Software has helped save hundreds of thousands of dollars to businesses since they don’t fail to meet a renewal window or expiration! Let’s look at a prior and post-processing situation:
Before implementing CLM: You can manage contracts in Excel Spreadsheet or on a platform that’s not specific to contracts. The expiration date of a service contract expires, and it automatically renews; however, you don’t require these services anymore. You’re locked into another five years, and you have devoted hundreds of dollars to the waste of a resource.
After you have implemented CLM: The contract management software to handle renewals, multiple users get unlimited notifications before and after the expiration date of the contract, which is set to renew automatically. Straight from the program, users send the vendor a note of not wanting to renew.
A Contract That Is Automated Is Vital!
The majority of businesses rely on manual processes to manage this contracting procedure from beginning to the point of. Tools such as Microsoft Word, email, and Excel are utilized to oversee and carry out the contract procedure. But, it’s easy to forget about your modifications, as well as the burden of saving multiple versions.
In addition, there is the considerable gap of undiscovered metadata and an overwhelming number of Redlines. This usually alters the content of the contract being discussed. Making a mistake is human, and a contract handled by humans can be subject to several errors. If sales contracts are in question, it is essential not to get an unsatisfactory contract or a complicated legal matter.
Contract management system is an investment that will bring many benefits to your business. ContraSafe is a one-stop contract management software that allows companies to streamline every stage in managing their contracts process with seamless management of the contract lifecycle tools, from conception to implementation.
Avoid Contract Overload
Contracts are an integral component of establishing relationships and also for completing business transactions.
Many businesses are affected by contracts overloads. Their inability to handle the volume of contracts performed by them impacts the entire contracting process. The organizations, in turn, do not fully comprehend the legal implications of their contracts, making them unworkable while taking on the appropriate level of risk.
This can lead to problems later and can pose significant risks since contract issues become more challenging to deal with in the later stages during the negotiation process. When this happens, the upper management is forced to make decisions that aren’t supported by evidence, opening possibilities for unneeded comparisons, resulting in weak contracting positions, financial losses, or even reputational harm.
Most contract management systems have made a patent-pending micro-collaboration in software for managing contracts which makes collaborative work on document documents more easily. You can control the records and share only the parts in the documents that require editing.
Increase Contract Visibility
In contrast to traditional contract management systems that rely on paper keeping all the documents in a central, digital repository will ensure maximum compliance and comprehensive reporting. By centralizing the repository for contracts, it is possible to ensure that your employees use the most current contract templates and the most up-to-date clauses. In addition, you can make your workforce on the move by giving access to your platform using the secure website that is password protected. So, the most up-to-date clauses and templates for contracts are accessible to any authorized employees anytime, from any location.
Whatever sector you work in, regardless of how the economy is or which country you are operating from, ROI is a crucial factor. Software to manage the lifecycle of contracts can help businesses worldwide achieve an actual return on investment. It’s truly a stunning way to leverage technology to manage your company at a lesser cost.