Have you ever gotten involved in signing a contract? How was your experience? Signing documented papers can be hectic for you and the active party, right? Considering how many parties get involved in creating a contract and the process it takes to get the relevant document, this may take your time and be a loss for your business. The long bulky printed papers, long waiting term for you and your party involved, likely hood of misplacement not forgetting the headache you get when the contract gets to you with eras and not the original version of what sent. Worry no more because contractsafe.com got you! It’s time to make them easy for you.
- Store and manage all your contracts.
- Optimum users with easy permission
- A quick search on everything not excepting scans
- Email reminders on important contract
Fast and easy to show you that contract management software must be an obligation set for your business. We all know that the main aim of a company is to make a profit, but why create losses because you forego outdated and risky ways of creating contracts. Using cheap and clucky ways to ensure you keep your contracts can make you lose so many sales since you take most of your time fixing contracts that are not adding up, thus wasting time that leads to profit loss.
A significant number of business leaders don’t understand how expensive a manual contract or poor contract management can be. A business that ignores contact management does not understand how much cost it takes from just signing a single employee and the contract cycle taken.
Understanding the contract cycle and how much time it consumes is an easy way for you to relate the cost and sales lost.
The contract cycle
- Create
A contract begins somewhere; the business has to have a running contract that governs the operations. Unfortunately, contracts written down on paper are not well constructed and take time to sell.
- Collaborate
Businesses don’t just run without stakeholders or a governing body. The parties involved depending on the terms stated on the contract to implement their obligations. A manual contract in such a case can have lots and lots of recurrent cycles before acceptance.
When starting a manual contract, it takes time before approval in such that:
- Its created by the business owners
- Mailed down to different stakeholders or may get misplaced
- You take time waiting for a reply
- Get results where some reject some sections
- Repeat this tiresome process with the hope of getting a more recent version and favorable terms that get accepted by all
- Negotiate
The parties involved get to work out the terms that will work for both parties, not forgetting the business. Without a clear and visible contract that is agreeable to all, it takes time. Sending the contract back n forth with no understanding can cost the business to hire an arbitrator.
- Sigh
contracts get termed as one when the parties agree to the terms and cement it with a seal. The parties involved using a manual contract, appear physically to write down their signatures on paper
- Track
An updated version of a contract is essential in the business. Unfortunately, Manual agreements are hard to track because they get stored in cabinets. In addition, the contract may get tampered with over time.
- It is tough to track a particular section when the need arises. Its time consuming and tiresome too to get it in time. Don’t forget how bulky it gets to move around with such documents, and you have to be within a given location.
- Renewal
To ensure you get up-to-date with your contract, you must go through the manual papers that may result in eras and mislead. Cancellation of dates too and allocation to new dates can lead to confusion.
Ways the business can adapt on software contract management to reduce cost and maximize profits.
Software contract management makes ways easy and reduces the cost. If the business is looking forward to making more sales and improving on-time allocation, we must follow these easy ways to maximize profit and minimize cost.
- Improve operational efficiency and reduce overhead
Contract management software help in reducing the amount spent on the contract by making the operations more readily available and automated. A good contract should be easily available and in a proper storage setting. Contract management software provides this platform for a business.
- Great velocity
Businesses that move their contract quickly through the company get more profits as the required parties get the contracts easily and swiftly. On the other hand, New clients get on board too soon because they can access the necessary material fast. Thus, Maximizes profit and enhance great outcome.
- Keep teams ahead of auto-renewals.
Contract software enables the auto-renewals in due time or avoids the unnecessary ones, and thus reduces cost. In addition, the provided information is accessible and keeps the team ahead of renewal time.
- Improve contract visibility
Different departments receive the contract as supposed to because they can log in to the information. Eras and misplacement become a thing of the past. The contract appears well organized in well-labeled systematic folders that enable every team to access the information quickly. Time gets saved, and the cost of sending the document from department to department gets reduced.
Conclusion
Technology shows a basis of a well-running business maintaining profit maximization and reducing cost. Manual contract creation is tiresome, horrendous, complex, and track down to recent dates. Contract software management shows how much it saves time and increases profit because everyone gets to be on the same page.
