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You can witness that advanced tech solutions are becoming an essential parts of almost every contemporary industry. Traditional ones are recognizing the benefits of the software tech assistants while the new industries are built on them.
Industry leaders know that they should keep up with the latest trends if they aim to be the winners. You probably don’t want to be left behind and lose your market share over time, too.
Therefore, your goal should be to get the maximum of your efforts while utilizing the winning tools.
And you can start by first optimizing your contract management process today.
The latest research has shown that businesses lose a massive 9% of their annual revenue due to poor contract management and human error. That is quite a big loss, right? Imagine what you can do with all that money!
Luckily, there is digital contract management that can rid you of all the unnecessary troubles and pave your way to becoming a key player on your market!
Let’s see what the platforms for contract management are doing to today’s businesses! But first, let me introduce you to the most precise definition of the contract management software.
What Is Contract Management Software?
Contract management software is, simply said, a tool that handles contract execution between two parties. The parties can be two businesses, an employer and employee, or a legal department and its client. All of them want to manage contracts in the most efficient manner, which is exactly what the contract management software does.
With regard to the legal contracts, the software is responsible for:
- Creation
- Negotiation
- Amendment
- Signature
- Data analysis
Believe me, once you start using it, you don’t want to go back to the traditional practices! And why would you?!, when there is excellent advanced Legal technology.
How Can A Software For Contract Management Improve Your Business?
1. Well-organized Document Storage
How many times have you heard the question where is that document? Or can you find the binder? That is the matter of the past for successful businesses.
Now you can have all your documents in one place! In the digital one while using the software for contract management. By eliminating those annoying paper boxes you can save so much space in your office and the whole company while protecting the environment in the same way. We see here a win-win solution, and you?
2. Contract Management Software Saves You Time
You would probably like to cut some paid work hours or just your work hours. For that time that you spend on writing a personalized contract, collecting papers, or hiring someone to do this almost completely routine work, you could focus on solving a case that will bring an incredible profit to your legal practice or improve a sales strategy.
You could use your more advanced skills and grow your business in a couple of months, if not weeks.
Leave the repetitive tasks to the contract management software that can provide templates and a brand new contract in a minute.
The best software for contract management will have a prepared form that you will need to fill in with personal details. And then you will only need to click a button and you are ready to go!
3. Regulations Compliance Guaranteed
The next feature that your future contract management software should have is a regulation compliance checker. This will ensure that your services comply with the latest laws so you are not doing anything illegal. A lawyer with a mistake in compliance with the law just doesn’t sound good at all. And neither one business wants a bad reputation. To learn more about compliance regulation software read our article ”9 Reasons Why You Should Establish Compliance Automation In Your Company.”
4. Updates On Contract Expiration Dates
In some cases, the extension of a contract is good for both sides. But what if you wanted to add some improvements, some clauses that will be more beneficial, but the contract has expired. When you miss the cancellation date, the usual practice is that those contracts are tacitly extended.
Therefore, having an automated helper to provide an easy-to-access overview of the contract and remind you on the expiration date eliminates that kind of mistake that can cost you thousands of dollars.
5. Access Your Documents Anywhere At Any Time
That is right, whether you are on an urgent business trip or lie on your comfy couch at home, you can check if everything regarding contract management is up and running. There are no time-zone and space restrictions for software, which is the beauty of today’s way of doing business. We are all lucky to operate in a more efficient business world!
6. Automated E-Signature
Forget about unnecessary meetings just to sign a piece of paper. Now both you and your clients or suppliers can sign it from wherever and whenever it is suitable for each of you. This allows you to minimize the cost while enjoying the maximum performance as the turnaround is so much faster. And it is even more secure, as these documents are traceable and you can’t shred them when you want!
7. How To Choose The Right Contract Management Software?
We hope we made this decision more simple for you. According to experts, you should choose the one that provides the above mentioned automated functions at a reasonable price. Bigle Legal aims to provide you the necessary functions and gives you all that you need for effective contract management.
You will definitely increase efficiency and profitability using such a contract management platform.
With Bigle Legal contract lifecycle management software you can:
- Transform your contract templates into easy-to-complete interactive forms
- Create new legal documents within minutes
- Review and share forms and contracts
- Sign your finalized contract with our authorized e-signature provider.
- Send your contract to be signed by other parties
- Store all your contracts on a secure cloud-based platform
