How Contract Automation is changing the Business World?

In an era of unprecedented technological change, businesses are now embracing automation for their business processes like contract management. Contracts are the lifeblood of any business. Automation greatly benefits businesses that routinely create, negotiate and execute contracts. If businesses are still using manual, paper-based methods, then its contracting process results in confusion, inefficiency and mistakes. It also slows the pace of doing business, increases risk, and causes frustration in customers and employees.

Automation has changed the way that many organizations execute a contract. By employing contract management software, they are able to achieve considerable improvements over their business processes, reduce risk and increase revenue.

1. Automated Contract Management in Business

   How do automating contracts change the business process for an organization? With an efficient contract management platform having many enticing features, such as online redlining and negotiation, approval workflows, edits, e-signatures, trigger emails and alerts – its implementation becomes smooth. It is nice for day-to-day users and anyone who needs to sign a contract as it provides more efficiency and a core process change.

   With an automated, integrated contract management solution such as DocuCollab, businesses are able to streamline their contract lifecycle by transforming analog manual processes into a digital automated workflow. This results in increased compliance, enhanced pace of doing business and more efficient employees.

   Click here to read 7 Contract Management functions you can automate today & secure peace of mind!

2. Easily Search for Contracts with a Central Repository

   The way contracts are organized can affect business productivity. Sales teams must be able to locate contracts quickly in order to respond to customer inquiries or process renewals within the organization.

   Many businesses do not have a centralized storage of their contracts. Keeping contracts easily identified and located by relevant stakeholders saves time and boosts efficiency. Having one central repository makes it easy to search and quickly find documents.

   By using contract lifecycle management tools like DocuCollab, organizations can have a central repository to share and manage documents and contracts ensuring that the sales team has all the information in one place.

3. Automated Contract Drafting

   The contract drafting process can be automated with centralized templates that are automatically filled in with contract details.

   Using highly efficient contract generation tools like DocuCollab, businesses can now have easily customizable smart contract templates that ensure that they always have the most up to date data from their CRM or other systems.

4. Automated Workflow

   Contract management increases communication and collaboration across a business organization.

   Using integrated, automated contract management improves business cycles. It streamlines the contract process and helps move contracts quickly from one step to the next. With its pre-configured intuitive workflows, it ensures contracts go to the right stakeholders for reviews, approvals and negotiations.

   With a digital contracting solution like DocuCollab, you have a feature of audit trail where the contracts are routed quickly to the person who needs to see them or take an action on them. It automatically saves all changes and all versions thereby providing increased visibility and accountability while ensuring that everyone is working with the latest revisions. It lets you do this in real-time, online, with change tracking.

   Click here to read 5 sure ways to convince your Boss to invest in a Contract Management System

5. Automatic Reminders for Deadlines and Renewals

   A reliable contract management system is backed by e-mail status alerts and triggers to necessary people about important dates related to negotiation and completion so that contracts are then quickly reviewed and no step or review is missed. This helps to mitigate risks.

6. Increased Visibility

   The status and location of a contract are visible to everyone with a contract management tool that allows for different visibility for different roles in the organization. It gives different stakeholders inside the organization information on where contracts are currently in a process. It helps you to track the state of your contracts and understand where bottlenecks are so that you can optimize the process.

7. Automated Approvals with E-Signatures

   Using E signatures allow for the quick approval process that shortens cycle times and reduces costs. An automated contract management solution ensures a seamless signature process that can be done electronically and even on mobile devices, dramatically decreasing the contract cycles.

8. Intelligent Analysis

   One of the key benefits of CLM (Contract Lifecycle Management) solution is that it gives the stakeholders greater insight into the contracting process. With analysis and review, it helps determine where your business workflows may need improvement, document challenges, and build upon successes.

   With contracts as the source of relationships and revenue in a company, it’s important they’re given as much attention and innovation as every other aspect of business. Automation playing a pivotal role in the business landscape, a necessary investment in a Contract Management Solution like DocuCollab ensures optimum returns in the long run for your business.

Click here to discover how you can automate every step of your contract management lifecycle through DocuCollab’s seamless contract lifecycle management tools.