Managing contracts in a post-COVID worldis going to rely more and more on contract lifecycle management software. This will ensure smoother, faster, more efficient authoring, negotiating, implementation, auditing, and renewal.
Managing contracts in a post-COVID world is going to be a cloud-based software affair.This is a more manageable, secure, reliable and cost-effective method of managing the contract lifecycle process.
Especially, when compared with manual contract management. In a pre-COVID world, many companies were still relying on paper contracts, emails, and spreadsheets to organize, negotiate, and execute their contracts. The problem with this is it’s easy for important documents to get lost. It’s also very slow when you have to rely on the postal service to get contracts from all parties involved (or waiting for someone to send a fax through…).
Which is why in a post-COVID world, there will be an even stronger move towards digitizing the whole contract management process.
Digitizing contract management
The contract management process has been digitized for some time now. Contract management software has evolved to a point wheremore and more companies are realizing its benefits. These include everything from speeding up negotiations and time to acquire signatures, to improving renewal rates, and minimizing the cost of executing a contract.
Benefits of digitizing the contract lifecycle management process
Contracts should be a source of strength for your business. and yet, roughly 85% of businesses are still using manual processes to manage their sales contracts. This is a huge drain on resources, time, and staff power.
Most companies want to reduce costs and improve efficiencies by 66%. As well as reduce errors and delays by 38% and reduce paper by 30%. All in all this has been known to improve customer experience by 39% (source).
By automating contract management through cloud-based software, there are a number of process which can be significantly improved. Some of the benefits of contract management software include:
- 50% reduction in contract lifecycle times
- 55% improvement in compliance
- 1-2% improvement in revenue
- 25% improvement in contract renewal rates.
In an uncertain time, where speed, efficiency, and cost-effective efficienciesare necessary, it’s no longer practical or viable to rely on physical storage, the postal service, or unnecessarily slowprocesses.
The impact of more people working remotely
When everyone worked in an office, it made sense to send contractsvia mail or fax. However, an increasing number of people work from home during the pandemic, and look to continue doing so afterwards. This means sending important documents through the mail, or by fax, becomes less reliable.
With digitized contracts, it’s as easy as sending a notification to all concerned parties for their e-signature. Once they sign it, you are notified in real time, thereby minimizing delays.
And minimized delays can contribute to contract managers, legal, IT, and other departments to producing work faster and better every time. Contract management software allows you to automate what can be automated, minimize risks and errors, reduce the need for physical space,and access the contracts from anywhere with an internet connection.
In a post-COVID world where fewer companies are tied down to one physical location, it just makes sense to use contract management software.
If you are interested in learning more about this, or having any questions, please contact ContraxAware. Our sales team are here to answer any of your questions. And explain the many and varied benefits contract management software will have for managing contracts now, and into the future.
Post-COVID contract management FAQs
Here are some of the more frequently asked questions we get about how to manage contracts now and in a post-COVID world. If you have a question not answered by the above blog post, or these FAQs, please feel free to contact our team today.
How does contract management software add value?
In a post-COVID world, contract management software will make it easier to manage a contract through its lifecycle. This will result in faster turnaround times, an easier negotiation process, and more cost-effective, efficient outcomes.
What is the future of contract management?
The future of contract management is in cloud-based software. This is faster, more efficient, cost-effective, andreliablecompared to manual contract management. Contract management software, with enough features, and used properly is a game-changing way to approach business.
With so many businesses either working entirely remotely, or having a remote work culture, having a way of sending important documents securely is vital.
With contract management software everything can be sent securely, signed and sent back.
What to look for in contract management software?
When it comes to contract lifecycle management software, you want one that has everything you need to manage the entire lifecycle, from authoring and negotiation through to auditing, reporting and renewal.
ContraxAware’s contract management software has 99 features to help ensure you, and your organization, can successfully manage contracts.