Leading financial research estimates that companies spend almost 5% of their revenue tracking agreements after signing a contract.
Organizations, both large and small, find that manually managing contracts and related documents can be time-consuming, disorganized, frustrating, costly, and the list goes on. There are many disadvantages to the manual records management approach, but the biggest issue with manual maintenance is organization. When contract records are managed manually with spreadsheets and local file locations, the process can become extensive because of bottlenecks, miscommunication, missed deadlines, and more. What can be done to eliminate these challenges?
A records management system can help eliminate records management related problems by providing an easy solution to tracking contract records. System users have the ability to store counterparty information, agreements and related documents, version tracking, signed documents, status updates, and more all in one central location.
1. A Central Repository
Easily collaborate within the system by sharing contract records, comments, document changes, and more.
A records management system works as a central contract repository, allowing system users to store all necessary documents in one accessible location, available to all necessary parties. Easily identify most recent document versions, providing your entire organization with better visibility so they don’t waste time looking for document locations in other departments. It’s important to know who made changes to a document, and when, to ensure you are always working on the most recent version.
2. Increased Document Security
Control who can view, edit, and approve documents for high-level contract security.
A records management system provides users with controlled access over contract records and associated documents, meaning only those approved to review or make changes to a contract will have access to do so. This security configuration can be customized for every contract record in the system. Document control is essential, especially when dealing with contracts.
3. Improved Compliance
Track who did what, and when, all from within the system.
User activity can be tracked within a records management system, allowing all system administrators to view who did what and when. Users can gain insights to who is causing process holdups and where in the process each contract is. Because user activity can be tracked in the system, in many situations, bottlenecks are eliminated.
Not only does the system benefit external parties and contracts, but it can also easily track employee compliance. Make internal training, new employee agreements, and other regulated policies easy to complete by tracking who has completed which training modules, who has signed which agreements, and who needs to be notified that they have not completed their task.
4. Streamlined Signatures
E-signatures streamline the agreement process, closing deals easier and faster.
Easily track internal and external signatures with a records management system by integrating e-signature tools. System users can quickly send and retrieve signed agreements from anyone, including those who do not use the system. An email can be sent with the prepared document, signed, and sent back. The document is then automatically uploaded back into the system and attached to the appropriate contract record. Systems that support bulk signatures simplify mass contract amendments or policy changes even further.
Check out our blog post on using Adobe Sign in Contract Insight.
A records management system can help streamline organizational processes across departments and teams, making collaboration and negotiation easy. For more information on leading records management systems, sign up today for a free demo of CobbleStone’s award-winning software.