Many organizations have integrated technology to streamline processes and improve productivity but still rely on a manual approach to contract and document storage. Storing documents and managing contracts may involve filing cabinets, massive stacks of files and papers, emails, and some rendition of a digital filing system. This approach makes it nearly impossible to keep contracts secure, retain version control, stay on top of key dates and milestones, or enforce contract archiving and retention rules. Storing contracts may sound like a simple task, but without a secure contract repository, organizations are missing the critical element that can support their ability to have control over contracts, reduce risk, and improve contract performance.
Manual contract management processes involving spreadsheets, emails, internal billing systems, and Outlook reminders may suffice for organizations with a low volume of contracts. Unfortunately, when organizations manage thousands of contracts, challenges are revealed due to a time-consuming, error-prone, and inefficient manual contract renewal process. Moreover, a reactive contract renewal strategy increases risk and decreases opportunity realization. It’s time to take control of contract renewals. Learn how to digitally transform your processes from contract generation to renewal.
Generating contracts can be challenging for contract, procurement, and legal professionals. Manual document generation is tedious, time-consuming, and error-prone. Moreover, a manual approach to document assembly inadvertently puts organizations in the precarious position of facing significant compliance issues, risks, fines, or legal ramifications. It’s time to take control of contract generation. Learn how to transform your manual process into a value-centric strategy with document automation.
How can organizations identify the best contract management software? Making an informed and successful business decision to invest in contract management software SaaS or deployed requires organizations to create a strategy to get the most out of product demonstrations.