Contracts have existed for centuries and form the bedrock of any commercial transaction. Businesses all over the globe, irrespective of size, industry and region have one thing in common: they all operate on a basis of contract foundations. The contracting system has undergone rapid evolution from the days of Bartering and Oral Contracts to Written and Sealed Contracts due to the advent of technology and our dynamic society. This article talks about how contract management system has been proven to boost business efficiency and improve company’s topline and bottomline.
A seamless contract management system empowers your organisation to extract the maximum value out of the agreements you have worked so hard to negotiate while reducing your exposure to risk. For every business, time is money and an automated contract process is a must. It helps to reduce your contract overload and at the same time increase Return on Investment (ROI) and unlock your true value potential.
Logically speaking, if contracts are executed faster, the business can collect on them sooner. If the contracts are detailed and meticulous, fewer disputes and fewer time-wasting contract revisions will arise. According to a Global Legal Survey done by Artificial Intelligence (AI) Solutions Provider, APPTUS, contract approval time drops an average of 82% with the use of a Contract Management Software. This means that the Top Management will rest assured knowing that their contract management process is working seamlessly. If you agree that the same holds for your business, are you currently using a contract management system? If not, we have compiled a list of 5 reasons as to why a Contract Management Solution is crucial to your business: