Four benefits of contract management software
If your business already stores draft and signed contracts on a document management system, you might think that its contract management is under control. However, have you ever considered using a dedicated system that not only stores contracts but also automates and routes them? If you haven’t, here are four reasons why you should.
1. Automating contracts
Imagine that one of your employees makes a written request for a contract to be created for a customer. What would normally happen? Would there be a lengthy paper trail or email chain to allocate the work to the right individual and send it on for review? Now imagine a scenario in which the right people are automatically allocated the job and where the finished product is automatically forwarded on for review. There’s no fear of essential steps being missed or undue delay. There’s also no need for senior individuals to spend precious time delegating. This is what a contract management system can do.
2. Business security
Contract management systems are an important addition to business security. They remove much of the worry around the risk of losing work due to computer theft, file corruption or malware. They also make it simple to ensure only authorised individuals have access to particular documents or the ability to make changes to them. All of this can feed into your business continuity plans in a very satisfactory way.
3. Efficient working
Efficiency is one of any employer’s holy grails. Used properly, contract management systems such as https://www.contractswise.com/ can revolutionise business efficiency. Their ability to store and re-use existing templates is a major advantage.
4. Contract analysis and reporting
Contracts are one of those business aspects that sometimes can seem rather nebulous or unquantifiable. For example, if you have a team of salespeople, you might wonder who generates the most contracts. Alternatively, you might be unsure whether any team members are currently being either under- or over-utilised. You might also suspect that your ratio of open to closed contracts is not ideal. These are just some of the questions that can be answered with the help of the right contract management software.
Chosen carefully, contract management systems enable you to run regular reports and keep tabs on the status of particular projects. They can also help employees by enabling them to see deadlines and priority lists.