Increasing numbers of businesses and software providers are moving to cloud-based systems in an effort to improve their overall performance and capability. Your contract management software is no exception. If you decide to embark on a contract migration project (and we have a complete guide to help you get started), then storage on the cloud is one of the key advantages. There are several benefits to cloud-based contract management software, regardless of the size of your business.
What are the benefits of migrating to cloud-based contract management?
1. Using cloud-based contract management software means that you don’t have to worry about physical storage at your location.
Physical servers might not take up as much space as paper files, but they need considerable space nonetheless. When you use cloud-based contract management software, on the other hand, you don’t have to worry about making physical space for a server — which means your business can operate at a higher level of space efficiency.
2. Your team can access cloud-based contract management software from anywhere.
When you store your contracts and other vital information on physical machines in your office, your employees need to be in the office to access them. Cloud-based software, on the other hand, ensures that your employees can access that vital information no matter where they are. This can provide a number of advantages to your productivity.
Salespeople can access contract management software while meeting with potential clients. They can connect directly with your business’s contract management software to access templates or answer key questions about the specifications you have for your contracts and services. They can also begin filling out those contracts on the spot while speaking with the client.
Your team can work remotely. Team members may need time to work from home or to be able to work on the go while traveling. When you use cloud-based contract management software, your team members can work from wherever their travels may take them.
3. Cloud-based systems remain operational even in conditions that may prevent you from accessing your physical office.
Sometimes, disaster conditions can prevent you and your team members from reaching your physical office. Widespread illness, natural disasters, and other challenges can all close down your physical office, making it impossible for team members to come in and access those systems. Following a severe natural disaster, you may need time to repair your workplace. When you use cloud-based contract management software, on the other hand, your team members can work from home or remote locations when they can’t access the office.
4. Cloud-based systems provide outside backups.
Data backups are critical to maintaining the vital information you need to keep your business running smoothly. That includes backups of the contracts your business uses for daily operations. You need to know:
- What you need to contractually accomplish for your clients.
- What your vendors need to provide for you.
- The terms your subcontractors have committed to meeting.
If something happens that causes your internal systems to go down, including malware or viruses, a cloud-based system can provide backups that will enable you to access that vital information.
5. Cloud-based storage systems offer plenty of room for every copy and version of your contracts.
Your contracts may go through multiple incarnations before you and your contractual partner sign the final copy. You may also create multiple contracts with the same partner over your years together. Whether it’s a vendor that you use on a regular basis or a client who has been with your company for years, you need a clear historical record. When you use a cloud-based storage system, you have plenty of room for a copy of every version of your contracts. That means you can always go back and refer to previous versions if you need them for any reason. This can be a highly effective way to track contract variations over time or to learn more about the services you’ve offered in the past. Also, you can go back to previous versions of contracts as you’re negotiating and finalizing your deals.
6. Cloud systems provide strong security.
In today’s society, cybercrime is prevalent across every industry. One in five small businesses will suffer a cyber attack each year, and the costs of those attacks can prove astronomical. You do not want to see your company’s contracts compromised, especially if that means allowing an outside attacker to access private client information. With a cloud-based system, you get a strong layer of security that will help protect against cyber attacks.
7. Your cloud-based contract management system will provide the IT support you need.
You won’t have to have an in-house team to help deal with your contract management system. Instead, you will receive support from the company that provides your system. This can help alleviate many of your IT costs. It will also allow your IT team to focus on other aspects of keeping your business running smoothly.
Cloud-based contract management software offers many advantages for your business. Still not sure if you should make the switch to cloud-based contract management software? Then see for yourself how those advantages could change the way you manage your contracts today. Give it a try with our free 7-day trial.