Many businesses have a contract management system\nthat is holding them back. Bottlenecks in the process make contract management\ninefficient. However, many in the organization may not even realize there is a\nproblem because they are so used to dealing with the various chokepoints. \n\n\n\nFortunately, many of these issues can easily be\nsolved by taking a few simple steps.\n\n\n\nIdentifying Common Bottlenecks\n\n\n\nWhile there are countless factors that might\nnegatively impact your contract management practices, the most common issues\nthat slow down the contract process are:\n\n\n\nPoor storage practicesLack of version controlLack of automation\n\n\n\nPoor Storage Practices\n\n\n\nPoor storage and organization procedures are the\nnumber one cause for most contract management issues.\n\n\n\nUsing a paper-based system or having contracts\nstored in several different places is incredibly inefficient yet very common. Some\ncompanies even try to manage their contracts from a single Excel spreadsheet,\nor even worse with the search function of their email system. \n\n\n\nWhen you need to access a contract but don\u2019t even\nknow where to start, you\u2019re wasting time. For example, you might want to use an\nold contract as a template for a new one. If you aren\u2019t able to find it, you\nwould have to spend extra time drafting the new contract from scratch. \n\n\n\nIt\u2019s difficult to stay on top of important dates in the lifecycle of the contract if you cannot easily pull up the contract. \n\n\n\nLack of Version Control\n\n\n\nAnother common mistake is neglecting to prioritize\nversion control. During contract reviews, you\u2019ll often find that a contract\nneeds to be edited to resolve risks. This might lead to there being several\niterations of the same contract.\n\n\n\nIn order to save time, it\u2019s important that anyone\nwho needs to access a contract to make revisionscan access the most current\nversion easily. Without proper version control,the wrong contract might be\nsigned. Version control is essential for risk management and for a more\nefficient contract management process. \n\n\n\nNo Automation\n\n\n\nAutomation is a great way to increase productivity\nand improve workflow. Yet, many organizations neglect to implement automation\nfor basic tasks and procedures.\n\n\n\nIt\u2019s not uncommon for highly paid legal staff\nmembers to spend most of their workday completing tasks that could be\nautomated. As a result, staff members are being paid to work on things that\naren\u2019t generating a lot of revenue for your organization. This can also lead to\nlower morale and higher turnover. \n\n\n\nLack of automation increases the length of the\ncontract lifecycle and can become a competitive disadvantage. \n\n\n\nSteps to Improve the Contract Process\n\n\n\nOnce you have identified any of these common\nbottlenecks, there are several steps you can take to resolve them.\n\n\n\nUse Contract Management Software\n\n\n\nPerhaps the easiest and most effective way to resolve most common contract management mistakes is to use a cloud-based contract management system.\n\n\n\nMoving all of your contracts into one place makes it much easier to locate contracts when necessary. You\u2019ll never have to waste time searching for documents again. You can simply search for contracts when needed. Additionally, a contract management system can help resolve version control issues.\n\n\n\n Never lose a contract again! Work more effectively, increase your revenue, centralize & secure your contracts. Available anywhere, anytime & on any device.Get your Free Demo today!\n\n\n\nTake Advantage of Automation\n\n\n\nMost menial tasks can be automated. Not only does\nautomation save time, but it can save significant amounts of money. Automation\nallows your team to quickly and effectively draft and review high-value\ncontracts.\n\n\n\nYour staff will also appreciate it as they can\nfocus their efforts on more challenging and important tasks.\n\n\n\nAutomation makes it easy to stay on top of renewal\ndates. \n\n\n\nAutomated alerts help make sure the contract is quickly\nmoved through the approval process. Eager salespeople don\u2019t have to worry about\na contract getting lost in a stack of papers on someone\u2019s desk.\n\n\n\nUse Templates\n\n\n\nDrafting a contract from scratch takes longer and\npresents more opportunities for mistakes to be made. Standard contracts like\nNDAs and sales contracts are typically very similar. Creating templates will save\ntime during both the drafting and reviewing phases. \n\n\n\nUsing templates also helps make sure language\ncritical for the protection of the organization is consistent throughout all of\nthe contracts. \n\n\n\nContract management software makes it easy to use templates and automation together to improve productivity. If your contract management system is not taking full advantage of version control, automation, and templates, you need to upgrade to more effective cloud-based contract management system.