Do you find yourself drowning in a sea of contracts? Are manual processes and paperwork slowing down your business operations?
It's time to embrace the power of contract automation platforms.
In this article, we will explore the benefits of contract automation, the need for efficiency in contract management, how to evaluate automation platforms, and the impact it can have on your business performance.
what is contract automation?
Contract automation is the use of technology to streamline and optimise the contract management process. It involves the use of software platforms that automate repetitive tasks, manage contract records and provide tools for collaboration and compliance.
Contract automation goes beyond just digitising contracts. It is a comprehensive solution that revolutionises the way organisations handle their contract lifecycle.
With a contract automation platform, your organisation can say goodbye to the days of manual contract storage, searching for clauses, missing key renewal dates and managing countless versions of documents."
Instead, it can leverage advanced technologies to automate these tasks and so stakeholders can focus on more strategic initiatives.
The role of automation in contract management
Automation plays a crucial role in contract management. By automating routine tasks such as contract storage, renewal reminders and version control, your organisation can save time, reduce errors, and improve overall efficiency.
It also allows for better visibility and control over contracts, ensuring compliance and reducing risk.
Contract automation platforms offer a comprehensive solution for streamlining and optimising the contract management process.
By automating routine tasks, improving collaboration, and enhancing compliance, these platforms empower your organisation to focus on what matters most: driving business growth and success.
The Need for Efficiency in Contract Management
Traditional contract management processes are often manual, paper-based, and time-consuming. This approach leads to delays, errors, and missed opportunities. In today's fast-paced business environment, efficiency is crucial to stay ahead of the competition.
Efficiency is not just about saving time and reducing errors; it also has a direct impact on the bottom line. Inefficient contract management processes can result in increased costs, missed deadlines, and even legal disputes.
In the world of contract management, doing things efficiently isn't enough. Doing things efficiently, effectively and accurately is the key to success.
The challenges of traditional contract management
Traditional contract management methods are inherently inefficient. They rely on manual data entry, physical document storage, and cumbersome approval processes. This not only slows down operations but also increases overall levels of risk.
Storing contracts in filing cabinets or boxes not only takes up valuable office space but also makes it difficult to retrieve and share documents. Imagine having to search through stacks of paper to find a specific contract or waiting for someone to physically locate the document you need.
The same applies to keeping contracts all over the place - even in digital formats. Fragmented approaches using Excel, Sharepoint or OneDrive won't work in the long term either. Time spent locating agreements is time spent better elsewhere.
A lack of contract visibility is the foundation for all potential errors. You can't keep on top of renewal dates you can't see and can't mitigate risks you don't know about."
How contract automation enhances efficiency
A contract automation platform offers a wide range of features that boost efficiency throughout your business. These include:
- A contract repository which centralises all your agreements so they are easy to locate
- Automatic extraction of metadata which enables faster document creation and updating.
- Powerful search capabilities so your teams can quickly find particular dates, clauses or information
- An integrated eSign solution which speeds up the signing process by eliminating paper and postage
- Automated notifications for contract renewals and expiry so teams can act ahead of time
- A defensible audit of all actions taken so you don't need to spend time digging through your emails
By embracing automation, your organisation can streamline its contract management processes, reduce errors, and improve overall efficiency.
Evaluating Contract Automation Platforms
With so many choices available, choosing the right contract automation platform can be overwhelming. To help you make an informed decision, let's explore the key features to look for and compare the top contract automation platforms.
When evaluating contract automation platforms, consider the features that we have listed above. They are perfect for your business if it is looking to make the switch from manual contract management.
But depending on your business's level of maturity, you may require additional features.
Be sure to sit down with everyone who is involved in the lifecycle of your contracts and assess what it is they need to make their day-to-day work more efficient. This could include
- Workflow automation which streamlines processes such as contract reviews and approvals
- Clause libraries which include pre-approved clauses that can be easily inserted into contracts, saving time and effort
- Contract analytics which provide valuable insights into contract performance, helping you identify trends and make data-driven decisions.
- Integration capabilities such as with NetSuite and Salesforce
- Contract Intake portals that increase efficiencies around new contract requests, such as chasing for complete information.
A robust platform should also provide comprehensive security measures to protect sensitive contract information.
Look for platforms that are ISO-certified, SOC-accredited and offer data encryption, access controls, user authentication, and audit trails.
These security features ensure that your contracts are protected from unauthorised access and maintain compliance with data protection regulations.
Comparing top contract automation platforms
Not all contract automation platforms are created equal. It's essential to compare different platforms based on your specific needs and requirements. Look for reviews, customer testimonials, and case studies to gain insights into the success of each platform.
When comparing platforms, consider factors such as pricing, scalability, customer support, and training options. Evaluate how well each platform aligns with your organisation's unique needs and goals. Request demos to get a hands-on experience and assess the platform's usability.
Ultimately, choosing the right contract automation platform can have a significant impact on your organisation's contract management processes. By carefully evaluating and comparing the top platforms, you can find the one that best suits your needs and helps you streamline your operations.
Measuring the ROI of Contract Automation
Return on investment (ROI) is a key metric when assessing the effectiveness of contract automation.
Track and measure the impact of automation on key performance indicators such as contract cycle time, cost savings, and revenue growth.
The results will help you evaluate the success of your implementation and make data-driven decisions.
By making the switch to a contract automation platform, you can unlock a new level of efficiency throughout your organisation. From understanding contract automation to evaluating platforms and knowing which features to prioritise, this article has provided you with a roadmap for success.
Embrace the power of automation, streamline your operations, and unleash the efficiency your business deserves. Book a demo with ContractNow if you're ready to find out more.