Today, companies are trying to cut as much cost and time as possible. Wasting resources and time on tasks that can be automated or managed through software can increase the cost to the company.

By saving costs that are spent on the tasks that can be streamlined by using contract management software, the company can focus and invest those resources on core activities. A contract management software helps you create, edit, hold internal reviews, finalise, and sign the contracts with an eSignature. It also notifies you of the status of your contract.

Several organisations have shifted from traditional paper contracts to computer-based applications to store documents. Contract management software helps users to save costs and time by storing documents on the cloud, accessing documents remotely, real-time collaboration, and more.

Click here to read What is Contract Management Software? – A Detailed Insight.

In this blog, we discussed how a contract management software helps businesses of all sizes to save cost and time.

  1. Real-Time Collaboration

    Real-time collaboration is a feature that lets multiple users come together in real-team and give their suggestions, feedback, and ideas. With the help of real-time collaboration, the involved business partners can come together and discuss in real-time, propose clauses, terms, and conditions they agree to include.

    Real-time collaboration helps in cutting costs in the contract management process by

    • Reducing travel
    • Reducing phone calls to communicate what to include and remove
    • Mailing documents back and forth for review/approval
    • Risk of losing the contracts in transit

    With the real-time collaboration feature, the users can negotiate, modify and manage the contractual terms and conditions with business partners effortlessly. Real-time collaboration brings transparency to the process and enables the contributors to stay on the same page. The time and costs involved in meeting the partners and negotiating the terms can be eliminated effectively.

  2. Internal Review

    Once the contract has been drafted, the contract can be forwarded to the legal team for review. It is essential to establish the legality of the document since contracts are legally binding. Once the legal team approves the contract, the involved parties can proceed with further activities. The eSign feature in the contract management software enables the team to execute contracts. When eSigned by all the involved parties, the contract comes into effect immediately.

    Click here to read What is Document and Contract Redlining?

  3. Remote Access

    Due to the pandemic, remote working became the norm. The contract management software allows users to access contract lifecycle management software remotely, allowing the user to view, edit, and comment on the document remotely, boosting productivity.

  4. Integrating with Other Applications

    The contract lifecycle management software can be integrated with other enterprise applications thereby bringing visibility and clarity to processes.

    The software allows you to gain insights regarding other activities in the organization without spending too much time. Due to increased visibility, in case of grievance, such as failed contract compliance, the users can choose to resolve or may proceed in a way that deems fit by them.

    The contract management software, when integrated with other CRMs and ERPs, improves the efficiency of the team.

    Click here to read 5 Key Ways How AI Brings Value to Contract Lifecycle Management

  5. Pre-Existing Template

    As a business owner, creating contracts can consume a considerable amount of time. This challenge can be overcome by using the templating feature. Contracts that are created frequently can be saved as a template. By creating a template, the users can create new contracts in less than 5 minutes. The feature drastically reduces the time to draft contracts, enabling the team to focus on core activities.

  6. Notifications

    The most important element of the contract management process is keeping track of the expiration date or renewal date of innumerable contractual documents. However, tracking the due dates is a time-consuming activity that can result adversely. With the software, important documents can be marked to receive notifications, thereby monitoring the status efficiently.

    Click here to read Top 9 Contract Management Practices in the Procurement Department

Contract lifecycle management tools help in streamlining the process of creating and managing contracts. Businesses of all scales can leverage the solution in accelerating their contract-related processes.DocuCollab is one of the top contract management software for salesforce with an array of features and benefits. Click here to learn more.