A digital contracts management tool can have an excellent effect on the way your firm creates, stores, handles and processes contracts. Although it requires investment in new technology, the benefits are huge. Here’s the top four reasons to think about investing in a digital contract management tool.
1. No need for paper storage
With all contracts saved and stored within the management system, there’s no need to store bulky files full of current and old contracts. This, in turn, means more floor space at your office as well as tidier walls. It also means it’s easier to find contracts when you need them. According to some statistics, a medium sized B2B company has on average 20,000-40,000 contracts, and loses around 15% of these per year. A digital package means no more losing contracts.
When you send out contracts, whether they are for people or clients, you often need to send out legal documentation such as non-disclosure documents alongside it, which can take ages to create. First, you have to contact the legal department then you have to wait for them to create the supporting documents and send them back to you. With automated contract management, all of the additional documents such as non-disclosure agreements can be created within the software and signed off by the legal team electronically.
3. Less admin for staff
At the moment your staff probably need to copy and paste information from application forms or emails into Microsoft Word in order to create contracts. Have you noticed that this not only takes up time but can result in errors too? A digital contract management system such as those found at contractswise.com, will automatically fill out contracts with the information held on your system. It also means that contracts can be sent electronically with no need to scan items. The reduction in admin time is a key reason why we are seeing an increase in automation in HR.
4. More accurate data
Because data doesn’t need to be copied from one place to another by a human, there is far less space for errors and the data populated within contracts is therefore likely to be more accurate.
Is it time for your business to start thinking about going digital when it comes to contracts? The answer is probably Yes.