Processing contracts manually is a time-consuming task. It can also lead to errors and risk that can prove costly. With secure, reliable cloud-based software, your legal team can save time and money by processing contracts in a timely and efficient manner.
Processing contracts manually is a slow, often tedious task.Which can actually make mistakes more likely. You see, when you we have to really concentrate on a task, we’re less likely to make mistakes. On the other hand, when we’re doing something monotonous, or routine, that’s when mistakes are most likely to occur.
Not only that, but processing contracts manually takes almost twice as long as processing contracts digitally. Not to mention digitally processing contracts reduces risks and errors. Then there’s also the fact that digital contract processing is less labor intensive.
Manually contract processing leaves a paper trail, that has to be accounted for. Amendments, updates, and revisions all need to be filed away for future reference.
3 reasons why your legal team shouldn’t still be processing contract manually
Wouldn’t it be much simpler to have all contracts stored in one centralized place? Wouldn’t you prefer to optimize how your legal team uses their time? Wouldn’t you rather your legal team, and your contract process, be as efficient as possible?
1. Save time
A centralized databasefor storing all your contracts just makes sense.
The alternative is a manual process which leaves open the possibility of mistakes as a result of human error. The simplest things like forgetfulness and miscommunication can cause serious problems.
Automating the process saves time because each step of the contract management lifecycle can be automated based on a preset process or workflow. Notifications, messages, and reports can be sent to relevant departments. All of which can shorten how much time occurs between different tasks and milestones.
For legal teams, automated notifications and requests are particular helpful and important.Especially with legislative compliance like GDPR. This requires your relationship to suppliers who are processing your data to be recorded and maintained.
Automated notifications can also provide a snapshot of a contract’s progress as well as if anything’s not on track. Which is far more efficient than having to manually audit the contract lifecycle.
2. Improve efficiencies
Automated notifications are one way to improve efficiencies, as we’ve already mentioned.
Another way is having the entire contract lifecycle automated. This makes data entry, setting up deadlines for revisions and completion, as well as approvals and alerts much simpler. And so fewer people are required to manage contracts.
Which means as your organization grows, you don’t need to exponentially increase every department. Just the ones that will hand the implementation of the contract.
Manual contract management also ties up your legal team in a lot of paperwork, preventing them from doing work that can provide more value to your organization, and to their work. After all, people don’t typically work in legal departments to be gloried pencil pushers.
3. Have better control over access
Centralizing your contracts in secure cloud-based software, allows your legal time to ensure departments are only accessing what they need to.
It also means that data from all contracts is kept in one place, allowing your legal team to make more informed, data-driven decisions based on a wealth of data.
Why is your legal team still processing contracts manually?
If your legal team is still processing contracts this way, it may be time to invest in contract management software that will benefit your whole organization.
If you would like to know about contract management software, please contact ContraxAware today.
Legal team contract processing FAQs
How do smart legal teams develop their contract process?
Smart legal teams know they don’t have to do everything themselves. They know that manual processes, while sometimes necessary, aren’t always the best approach. Especially when it comes to paperwork.
There’s nothing worse than losing important documents and burning time trying to find them. That’s why smart legal team develop a digital strategy for their contract process. It’s faster, secure, more efficient, and allows them to better use their time.
What is the best contract management software for a legal team?
The best contract management software for a legal team is one that allows them the structure and the flexibility to execute their tasks quickly and securely.
A CMS that automates all basic tasks, requiring a legal team to only fill in the necessary gaps for a contract is the ideal solution.
ContraxAware’s CMS has been used by legal firms, and in-house legal departments to help them expedite with minimum error, their contract processing.
What is a legal team’s contract management process?
The legal team’s job is to analyze the risks and benefits of a contract’s language before a binding agreement is made. They are also responsible for ensuring all their organization complies with the agreements in the contract.
And, they are also responsible for ensuring all documents and contracts are stored securely.