Contract management software can simplify how your business executes binding contracts.
It's hard not to notice automation changing the world. From robots taking orders at McDonald's to the ongoing development of self-driving vehicles, it's clear that computers and different types of automation platforms will be around for a while. Fortunately, these machines bring powerful advantages – and there's one remarkable technology revolutionizing the business industry in particular: contract automation.
What exactly is contract automation? It is a program designed to manage legal agreements, store contracts and develop documents. Its implementation has many benefits, but it is particularly helpful in making businesses operate faster, better and safer. Here are three ways how.
If you're looking to improve your sales cycle, look no further than contract automation. Your salespeople are supposed to spend their time bringing in potential clients, not spend countless hours writing up and refining documents. Contract automation software cuts this time. Much of the contract development process focuses on approvals, and this approval process often involves several rounds of changes. It is fairly common for edits to get lost in translation from document to document or entire rounds of revisions to be misplaced.
While many organizations use email chains, spreadsheets, and Word documents to keep track of edits, contract automation software keeps the contract moving from party to party and is consistently up to date throughout the process. That's right: No more contract versions to keep track of.
By utilizing contract automation, the entire approval process is simplified: Steps are eliminated, time is saved and human errors are dramatically reduced. Naturally, salespeople are still required to negotiate contract details, but with contract automation, they can say goodbye to long hours of writing and modifying contracts for each individual client.
In addition to speeding up the process, contract automation software offers other tangible benefits. For example, having automation software will ensure the latest contract language is incorporated in the template, eliminating the risk of liability due to human error.
Additionally, by using such software, all developing contracts can be viewed in one convenient interface. Gone are the days of digging through email chains to find the most recent draft of a contract or desperately trying to remember what stage a contract is in. With contract automation software, this information is represented the same way, in the same place, making life simpler.
Digitally secure signatures
Some contract systems even offer digital signature features. And it isn't just a picture – these signatures are secure and legally binding. The signer is authenticated, the document is secured from tampering, and all signers have access to the document – ensuring legality for contract execution. On top of that, this built-in feature saves businesses time and money by eliminating the need for additional software purchase and incorporation.
Contract automation isn't just a tech solution that will dominate manual processes down the road – it's here now, and it's already taking huge industries by storm. That's why companies, particularly in the business sector, should jump on the automation train before it leaves the station.