Every firm is built on business processes – the repeatable tasks that must be carried out regularly to meet company goals. Streamlining these workflows can minimize human error and boost operations.
Whether contract approvals or ensuring that contracts are renewed on time, a centralized contract management system keeps all stakeholders informed with timely alerts and reminders.
Streamlining workflows increases productivity and reduces redundancies. These benefits aren’t limited to marketing operations and sales teams – the entire business can reap the rewards of automating manual processes.
Workflow automation software combines tools like document generation, task management, and project collaboration to streamline workflows across departments. These tools allow you to set up predetermined tasks and execute them automatically. This eliminates the need for manual communication and tracking methods – such as whiteboards, email, post-it notes, and spreadsheets – that are subject to human fallibility.
For example, automated contract workflows ensure that each document gets approved promptly by setting up alert notifications and allowing for electronic signatures. This ensures that contracts are noticed and allows teams to keep track of upcoming renewals or contract renegotiations. It also helps to speed up the contracting process so that customers can be serviced sooner and that revenue can be realized faster. This translates into happier and more loyal customers.
Contract management processes often feed into other business operations, and a contract platform that “plays nice” with your CRM or e-sign system can also provide efficiency gains in these areas. Contract management solutions also offer the ability to save all associated documents (like scopes of work, project schedules, and cost estimates) in one easy-to-find place.
A good contract management solution will also monitor actionable milestones, like the approval process or renewal date, and automatically send out reminders to team members who need to take action. This can help prevent contracts from being missed and avoid costly consequences, like data breaches and lost savings due to late auto-renewal or non-compliance. This can reduce employee workloads and save valuable resources for more strategic tasks. This is a significant win for businesses that want to stay ahead of the competition. The best contract management software makes it easier than ever to be a winning organization.
Streamlining the reporting process can reduce the time needed to complete these tasks and allow for more accurate information. This can help to save the company money by eliminating redundant steps, cutting down on manual work, and providing better data.
Their ability to generate reports quickly and accurately can also save a business money on staffing costs. The suitable CMS can offer streamlined reporting features that help to decrease the need for rushed and overtime hours, eliminate costly mistakes, and allow companies to get the most out of their contract management team.
Few parts of a business are more time-consuming than contract negotiations. Contract management solutions speed up the process by making contracts easier to read, allowing teams to work from a common platform. It also gives them a central repository to store and retrieve documents.
Using a unified platform to negotiate contracts allows in-house legal and business users to automate processes while extracting insights. This allows for a more compliant and efficient business.
A flexible workplace helps employees feel more valued, leading to happier, more productive team members. However, it’s essential to make sure all stakeholders are on board with any new tech or processes to ensure a smooth transition. If they’re resistant, a contract management solution that works alongside existing tools rather than replacing them can be a better option.