Times have changed and it might be time to change how you do contract management.\nWe live in the 21st century, and our businesses ought to reflect the same. In today\u2019s times of ever-increasing competition, it is important that we keep up with the pace, and ensure that there is little or ideally, no room for error. This is true for both, our business models as well as our business practices. While we can\u2019t always do much about our business model, we can always amp up the methods to meet the current standards.\n\nA large number of businesses have now adopted numerous changes such as automation of processes, incorporation of software for essential functions such as:\n\n \tCustomer Resource Management\n \tHuman resource management to generating salaries\n \tManaging production cycles to ensuring efficient\n \tSupply chain management\n\nHowever, a large majority of businesses still rely on manual contract management. This is most likely because some businesses are not aware of the consequences of or the value that contracts can bring to your bottom line.\u00a0 The importance of managing and realizing gains through proper contract management can be quite surprising to some.\nManual Contract Management Issues\nTo begin with, one of the first steps involved in the contract process is the actual authoring of the contract.\u00a0 Many companies still create their contracts manually, which can not only lead to numerous errors but can also increase workload. The author of the contract has to read, re-read and proof-read multiple times, to ensure that the text accurate. This process is not just about checking the spellings and grammar, but also about the format, terms, duration and legalities. The constant checking and rechecking of the contracts may lead to multiple versions or reiterations. At one point or another, this process may become difficult to keep track of and may lead to confusion.\n\nWhile this entire practice inherently seems to be cumbersome, what makes it genuinely inefficient is the fact that it can take up a significant amount of staff-hours, thereby proving to be a costly affair.\n\nOnce signed and execution, the contract can also be entirely difficult to manage.\n\nManual management of contracts may lead to MISSED:\n\n \tCommitments and obligations, which can lead to penalties.\n \tOpportunity, such as taking advantage of discounts and rebates.\n \tRenewal, which can lead to contracts being ended when you still need them.\n \tCancellation deadlines that lead to automatic renewal of a contract you don't want or need anymore.\n\nEach of these can affect your bottom line, not to mention can be embarrassing.\u00a0\nNever lose a contract again! Work more effectively, increase your revenue, centralize & secure your contracts. Available anywhere, anytime & on any device.\nGet your Free Demo today!\nAutomate Enterprise Contract Management Software\nFinding this all a bit similar to what goes on in your business, every time a new business, a new supplier, or a returning customer comes on board? If so, it is probably time for you to bring about a radical change, by automating the process of contract creation, negotiation, and execution. For all you know, an efficient contract management software can help you churn out flawless contracts in no time. Such software can assist you with :\n\n \tCreation of contracts using a pre-approved contract template\n \tStandardization and compliance of all your standard business contacts\n \tSecure storage of contracts\n \tEnhanced visibility of the contracts while centralizing their access\n \tSpeed up productivity by automation of approval, execution, and renewal of contracts\n \tEfficient management of important dates and milestones\n \tAnalysis and reporting on contract types, language, processing.\n \tStay aware of deadlines, renewals, expirations and any other contract obligation.\n\nWe bet you are incredibly enlightened by the extensive scale of positive change and efficiency that a simple contract management software can bring to your business! If you agree, don't wait any longer and adopt this much needed technological shift.\u00a0Reap the many benefits that a Contract Management System can provide, now and into the future. After all, taking your business to the greatest heights possible is all about leaving no stone unturned.