Contract management software can help you and your business with managing multiple contracts at a time. This can significantly decrease the time and resources needed to manage, track, and automate every single point of your contract. In this article, we are going to look into the benefits of contract management software and how it can help your business with real examples.
Benefits of Contract Management Software
Using contract management software is beneficial because it helps organizations streamline their processes, and leveraging contract management software can help you and your team:
- Find contracts fast
- Speed up approvals
- Avoid legal risks
- Automate contract tasks
- Keep teams aligned
- Use contract data for better decisions
- Store contracts securely
- Track changes easily
- Strengthen vendor and customer ties
- Onboard new partners quickly
- Assign clear responsibilities
- Align contracts with business goals
- Manage more contracts effortlessly
This means if you are struggling with managing contracts and meeting deadlines, then contract software might just be what your business needs.
Find contracts fast
Contract software allows you to quickly and easily find all your contracts. No more manually organizing your contracts in your local computer’s files or, worse, organizing physical contracts. Streamline your contract management process with one simple tool. For example, a sales manager needing a client’s past agreement can retrieve it in seconds using a keyword search, saving hours of manual effort. Simple file management and logical tagging enable teams to stay organized, improving productivity and accuracy when accessing key agreements.
With Signaturely, you can find all of your contracts fast – we keep all of your contracts in one place, safe and secure. Simply log in to your account and organize your contracts to suit your needs.
Speed up approvals
You can leverage contract software to speed up your internal and external approvals. Whether you have one reviewer or multiple, sending contracts between all relevant parties for both informal and formal approval is a breeze.
For instance, a procurement team can expedite supplier agreements by routing them digitally, cutting approval time by 50%. With streamlined approval workflows, businesses reduce bottlenecks and avoid delays, ensuring critical contracts are finalized on time.
Avoid legal risks
From customer disputes to internal litigation matters, having a central, powerful contract management software allows you to avoid legal risks. Contracts stored securely and with automated reminders for key deadlines ensure contract compliance and reduce the likelihood of costly penalties.
For example, a finance department can set automated alerts for renewal dates, ensuring compliance with customer agreements and avoiding penalties. Businesses can quickly access accurate data to resolve disputes and maintain legal readiness.
Avoid legal risks with Signaturely’s robust audit log feature. You’ll always have access to your critical documents and specific audit timestamps on each document.
Automate contract tasks
If you are looking for some level of contract automation, contract management software can help you with that. It can automate repetitive tasks like renewal reminders, notifications, and contract compliance tracking.
This means you can focus more on strategic operations than manual follow-ups. For example, a human resources team can use contract software to automate employee agreement renewals to ensure timely updates and reduce administrative work. When your contract tasks are automated, it ensures efficiency and more focus on other important tasks.
Keep teams aligned
Every business needs a well-coordinated team that can keep tasks aligned. Contract management software ensures all team members have access to the latest contract data promotes collaboration and reduces miscommunication.
Your team can work on a single source of documents and update it in real time rather than relying on multiple versions of a document stored across different devices or systems. Many legal and sales teams can use the help of contract management software to negotiate contract terms in real time to avoid duplication and errors. This transparency means that your workflow is not only sped up but everyone stays on the same page.
Use contract data for better decisions
Contract lifecycle management software now comes with analytics and reporting features that can give insights for the business to make better decisions. Many data points within the software can reveal trends, highlight opportunities for cost savings, and identify risks that require attention.
For example, a retail chain can use contract management software to look into vendor performance from past contracts to give insights into switching vendors or to renegotiate terms. This means businesses can better align contract management strategies with business objectives and make informed decisions that maximize value and reduce operational inefficiencies.
Store contracts securely
Every business needs a secure location to store data. However, small businesses find it hard to store everything in place. Storing data in physical filing cabinets or on unsecured systems can make them vulnerable to losses or breaches. That’s where contract management software for small businesses can help.
It provides centralized and encrypted storage that provides enhanced security for sensitive contracts. This ensures compliance with many data protection regulations. Many healthcare providers can use contract management tools to store and manage patient-related agreements securely. This also adheres to HIPAA regulations since they are stored using encrypted storage and access controls.
Track changes easily
Contract management tools can also help with tracking changes easily. This is possible because of the built-in version control features that make sure every modification is recorded and easily accessible.
This is especially helpful in case of any disputes since the contract management software has logged in all the versions made before. For marketing teams, this can be useful in reviewing the history of edits made to the document when working on a multi-client agreement.
This feature ensures better collaboration between team members by keeping everyone aligned and informed about what has changed and why.
Strengthen vendor and customer ties
Every business is looking to strengthen its vendor and customer relationship. These are built on trust and communication, and that’s what contract management platforms do. They can maintain organized and accurate agreements allowing businesses to promptly address concerns and uphold commitments.
For example, a logistics company can quickly look into detailed contract terms to resolve customer complaints or negotiate improved terms with suppliers. This level of professionalism and responsibility is what creates long-term partnerships for businesses to make them more competitive and reliable.
Onboard new partners quickly
Contract management software can also help with onboarding new partners quickly. Thanks to the pre-built templates and automated workflows, you can streamline the preparation and execution of agreements and reduce the time required to finalize contracts.
Many businesses can take advantage of this to onboard new partners quickly by using standardized templates that are stored within the software itself instead of taking weeks when doing it manually.
The more quickly you can bring in more partners without unnecessary paperwork, the faster you can improve operational efficiency and allow partners to contribute to the company’s objectives sooner.
Assign clear responsibilities
You can use contract management software to assign clear responsibilities to your employees and delegate work more clearly. With better contract management processes, tasks such as contract drafting, review, or approval can be assigned to specific team members with due dates and notifications.
For example, a construction company working on various projects can allocate different responsibilities to team members. They can also track each member’s progress to ensure everything is going on track.
With Signaturely, you can assign signing responsibilities down to the order of the signatures, making online signature capture a breeze.
Align contracts with business goals
Contract lifecycle management software works well when you are able to align contracts with business goals, and this is enabled through performance tracking and compliance tools. Contract management software can analyze contract data and set measurable objectives to ensure that every agreement contributes to its broader mission. Contract lifecycle management is a simple yet vital step in keeping your teams organized and compliant.
Many businesses can use the help of contract management software to make sure their vendor contracts align with their overall budget and mission objectives with just a simple tap and search. This ensures you maximize each contract’s value and keep the organization focused on the main goals.
Manage more contracts effortlessly
When your business is scaling up, you will have more contracts to manage. As the name suggests, contract management software can help manage more contracts effortlessly. The software scales with business needs and can allow companies to handle large volumes of agreements without any trouble.
For example, a fast-growing eCommerce company can use the help of a contract management system to manage its supplier contracts, employee agreements, and customer policies without hiring additional administrative staff. As mentioned above, contract management software can automate repetitive tasks, track deadlines, and ensure compliance to free up resources for other core business activities.
Frequently Asked Questions about Contract Management Software
Here are some frequently asked questions (FAQs) about contract management software:
Yes, contract management software is suitable for small businesses as it offers scalable solutions that can adapt to growth. It is also a cost-effective solution for small businesses with limited budgets. It’s contract management made easy.
Yes, contract management software integrates with existing systems through APIs or middleware. This can ensure good connectivity with other tools of your business like CRM, ERP, or accounting software. Implementing better tools can help you with your overall contract lifecycle management.
Yes, contract management software improves compliance by automating tracking, ensuring regulatory standards are met, and providing audit-ready documentation with minimal or no manual input.
