The adage says that you can’t teach an old dog a new trick. At times, you have to learn and adapt fast. This is crucial in the business world, where lagging is costly. One area that you have to keep up with technology trends is contract management.
As much as you can be slow in catching up, it reaches a point where you notice that you must automate your contract lifecycle. This article will teach you the signs to look out for to determine if your business needs contract management software. Let’s get to it.
5 Signs that Your Business Badly Need a Contract Management Software
The following are the signs:
1. Loss of money on contract renewal and unlawful spending
In the manual contract management system, it isn’t easy to keep track of all contracts in the company. This innocent act can lead to the loss of a lot of money from expiring contracts. The loss may arise from a client switching to a competitor on the contract’s expiry without your knowledge.
However, with contract management software like ContractSafe.com offers in place, you can avoid these misfortunes. When you use this software, your business will increase contract renewal rates and efficiently keep track of contract expiry to avoid losing clients.
Contract management software also curbs employees’ unlawful spending. These are spending that don’t comply with the laid down organization’s procedure. Your business quickly loses money on such expenditure. But, with this software, the employees will know to follow the right course while procuring miscellaneous needs.
2. Tedious contract process
How long does your contracting process take? If it’s too long, then it’s about time you get contract management software. When you automate your contract management, you will speed up the process and ensure that the contracts are correct. The software also provides that all the necessary departments have understood the contract terms and approved before proceeding.
Remember that a slow process in the contract lifecycle can lead to loss of business opportunities. Putting in place an automated contract management platform that allows self-service contracting is vital to your modern business. It is safe and also puts you in a safe position with the compliance and legal department.
3. Lack of insights into contracts
You can never be too careful when signing a contract. It’s easy to miss clauses that pose a risk to your business in the future or problematic terms. It takes weeks or even months to rigorously go through a contract to understand every clause, its meaning, and its effect on a business. At times, you are in a rush to close a deal and end up signing.
An AI-powered contract management system will take you less effort to analyze that contract and identify valuable clauses with just a few clicks. The speed and efficiency, in turn, increase productivity.
4. Errors prone contracting process
In contracts, there is no room for error. However, it is easy to commit one when manually handling a contracting process. Apart from mistakes, sharing the contract through different means is prone to a data breach. Errors and data breaches in the contracting process are fatal to any business. If you notice that your business is apt to those mentioned above, you need to automate the process.
A contract management software with signature and two facto authentications ensures data safety and error-free the whole process. In case of a breach or a problem in the process, the system will detect and notify you to take necessary action.
5. Dependency on multiple solutions
In a company still held by time, contract management involves the sales team feeding in information into the CRM platform, where the legal team will get it. The legal team will manually type the data before passing it over to the finance department. The finance then enters it into a spreadsheet or the tracking program used by the company.
This process of manual handling of this information from one department to another has its limitations. For a start, it is costly. Other than that, an error in one department means that the information captured in the different departments will be wrong.
To maintain correct information, your business should use a single platform to handle its contracts. The department can keep using the tools but manage contracts in the central platform.
Get a contract management software now
The above mentioned are the tell signs that your business needs contract management software. You should now adapt this technology to level the competition field, profit, and maintain data security. It will also save you time that your employees waste in following a tedious manual contracting process. If you want to get started, grab your free trial here.