Are you still relying on manual and disorganized processes to manage your contracts? If so, you may be facing hidden costs that are slowing your business down. Managing contracts by email and spreadsheets can lead to missed deadlines, lost documents, and non-compliance issues over time. In this article, we’ll explore some of the hidden costs businesses often don’t consider when it comes to manual contract management processes.
Some of the hidden costs include:
– Time spent searching for lost or misfiled contracts. Without a centralized system, contracts can easily get lost or filed in the wrong location. Employees then spend valuable time trying to track down important documents.
– Duplicate work and re-work. When different teams are managing contracts separately, the same work is often done multiple times. Teams may also re-work contracts if the latest version is not easily accessible.
– Missed deadlines and obligations. Without a single source of truth, important dates and obligations can be overlooked. This can lead to penalties, damaged relationships, and lost opportunities.
– Non-compliance issues and auditing difficulties. It’s hard to ensure all contracts and obligations are being followed properly if they are scattered throughout email inboxes and file folders. Audits become a nightmare as well.
– Loss of institutional knowledge. When employees leave, their contract knowledge walks out the door if it’s not centralized. New hires have to spend time figuring out past deals and obligations.
By switching to a centralized contract management software solution, you can eliminate these hidden costs and gain full visibility and control over your contracts. Join me later in the article to learn how much time and money businesses typically save after automating contract processes.