Are you wondering if investing in a contract management system is really worth it for your business? If done manually through emails and spreadsheets, contract processes can be time-consuming and error-prone. However, automating contracts through electronic contract management software delivers clear savings in both time and money.
Let’s take a look at 5 key ways that electronic contract management saves businesses valuable resources:
1. Faster contract negotiation – With e-signatures and inline editing capabilities, multiple parties can collaborate on contracts simultaneously instead of waiting for edited copies to be emailed back and forth. This significantly speeds up the negotiation process.
2. Reduced search time – All contracts are stored securely in one centralized location. Employees can quickly find the exact version of a contract they need without rummaging through emails or file folders. This saves hours otherwise spent searching.
3. Increased compliance – Key dates and obligations are automatically tracked. Alerts ensure nothing is missed, avoiding costly penalties from non-compliance. Electronic workflows also make audits simpler.
4. Less duplicate work – The latest contract versions are always accessible to everyone in one system. Teams no longer redo work or re-enter the same information in separate documents.
5. Lower storage and organization costs – Physical filing cabinets and offsite storage fees are eliminated. Electronic contracts require minimal server space and are organized intelligently with metadata for easy searching and reporting.
Does your business still rely on manual contract processes? It may be time to calculate the hidden costs and switch to a digital contract management solution for real savings.