Your Contract Management Knowledge Center

Five Reasons You Should Automate Your Contract Review Process

Why do organizations spend so much time and money writing, amending, circulating for approval, and storing contracts for years?  

The answer is simple:  contract management resized 600

Contracts are at the heart of every major business transaction. They are critical to your business, and there are several reasons why you should automate your contract management process.

1.  Contract management is tedious, time consuming and an expensive process, often involving a variety of people that view it as extra work and not their primary job.  

  • An online contract management tool helps to make the process more efficient, saving both time and money for your organization.

2.  Contracts often get lost, or continuously put to the bottom of the pile during the routing and approval process. 

  • An automated contract management process takes a paper process and makes it a streamlined electronic process preventing contracts from getting lost as they move from one person to another providing alert mechanisms that avoid delays or 'desk-time' associated with traditional 'walk-around' approvals.

3.  Multiple versions of a contract often wind up circulating at the same time. Duplicated effort, wasted time, and revision tracking difficulties result. 
  • Multiple versions of a document are no longer a challenge using an automated contract management process. The contract is checked out/in each time it is edited, maintaining all versions in one controlled area. No confusion, no duplication of effort, and no more revision-tracking problems.

4.  The almost-final paper version of the contract may be left somewhere. Wasted effort, potentially comprised corporate intelligence, and missed deadlines loom. 
  • Using an online contract management tool prevents lost or compromised versions of the contract, communications are managed and stored within the application, and deadlines can be met.
  • Secure access is available via the Internet. Contracts are viewed, edited and approved online. No more contracts left in hotel rooms or coffee houses.

5.  Once they're approved using traditional methods, contracts and their revision history can get lost, destroyed or manipulated. How long does it take someone to find a contract, and its revisions, that was signed five years ago? 
  • An automated contract management process carefully tracks revisions, including the final executed version. No loss, damage or inadvertent changes after signatures are exchanged.
  • All of your contracts reside in a central and secure repository with notes and related documents, revision dates, and the final, executed contract.
  • Better yet, your team can create and store a library of favorite clauses and paragraphs that they can access for future contract reviews. Future contracts get done even faster.

The faster your team can get one deal and the contract completed and signed, the sooner they can get onto the next. 

Give us a call at 866.367.3467 ext. 1 or sign up for a demo below to find out how other organizations like yours are seeing as much as a 400% increase in revenues after subscribing to DocuVantage's online contract management software.

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Topics: Contracts Management