4 Efficient Ways to Digitize Your Business Contracts

Here's the thing: Technology will soon catch up with how everyone runs their business. And one of the first things that are likely to be modernized is our contracts.


For one, digitizing your business contracts can improve productivity. Imagine the convenience it can bring to sign an agreement without having to leave the comfort of your home or office.

Nonetheless, setting the foundation for modern contracting technology is not as easy as it seems. You need to consider the following:


● How challenging the process will be

● The impact this digitalization can bring

●  How fast you can implement this solution


That said, we have listed the four ways you can digitize your company's contract management process:


Seamless Contract Formatting

Drafting a contract manually is time-consuming and prone to errors. Luckily, technology allows you to create a contract template that you can customize as needed.


This includes having a ready-made contract that you only need to fill in before sending it to the other party for signing. You can initially do this if you are curious about how to automate an NDA.


Another example is automatically pulling in information from a central database. That way, you do not need to spend time keying in data on a contract.


Centralized Contract Approval

It is integral for companies to control the content of their contract. This is where having a centralized contract approval system can come in handy.


Doing so ensures that you are not leaving out any critical information. Some solutions allow automatic data inclusion or exclusion. This includes selecting a due date and making customizations where needed before it goes out.


The best part? You only need a single template with multiple variations for a particular type of contract. Hence, you can generate an agreement with just a few clicks.


Automatic Change Detection

Not all contracts are signed on the first go. Often, the other part will review it and make changes on the stipulations within reason. Hence, you need a digital solution that allows you to make changes to the contract as required.


In addition, this digital contract tool should allow you to detect the changes made to the agreement. Doing so also helps you automate the revision process. As such, it reduces the back and forth needed to come up with an agreeable contract.


Ultimately, automatic change detection reduces confusion and errors when drafting and revising a contract.


Improved Accountability Tracking

Part of a company's contract management process has an accessible audit trail. This means having a copy of versions, a history of changes, and reviews of your contract. And this is something that a digitized contract management system can do for you.


Having an activity history lets you improve accountability. It can also come in handy when auditing contracts. For instance, you can instantly track which contracts Client A signed that Sales Rep #8 drafted. From there, you can review the stipulations that your sales representative and client agreed upon.


Mind you; accountability tracking can be helpful for various legal reasons.


Why Digitizing Your Business Contracts Matters

Digitizing your business contracts breaks the barrier to business success. Otherwise, you are likely to face these challenges:


●  Reworking an agreement due to an error

●  Lack of visibility into agreement status

●  Duplicating work to reenter data from contracts to database

●  Difficulty maintaining agreement security


As such, an automation contract process allows your company to adapt to today's fast-paced changes. It also allows you to reap a handful of benefits like expediting the agreement process, enhancing standard compliance, and increasing collaboration.


In addition, you get to make the most out of these advantages:


Increased Agility

Digital business contracts allow your business to pivot and capture a new market quickly.


Enhanced Customer Experience

Automation allows you to provide convenience to your team and clients. Some examples include allowing new employees to sign a job order while at home and automatically sending invoices to clients.


Business Continuity

In a work that favors contactless transactions, a digital contract allows you to keep your business up and running. As such, you can make client agreements quickly without being physically present.


More Efficient Operations

When you automate your company's contracting process, it allows you to reduce the number of times you have to rework an agreement. That's because digitalization reduces errors and time spent on drafting a contract.


It also reduces the need to visit a client to review and sign a contract.


Reduced Workload

Digital contract signing allows you to sign an agreement in minutes. This is ideal since the times are now pushing business into a self-service model.


Accelerated Innovation

Automating your business contracts is innovation in and of itself. However, streamlining one process allows you to find ways to scale your business. This includes expanding your product offering or tapping a new market.


Start Automating Your Company's Contracting Process Today

If you decide that modernization suits your company goal, the next step is to determine which part of your process requires digitalization. One of which can be how you draft, review, revise, and manage your contracts.


That's because it allows you to increase your team's efficiency and productivity. It also lets you scale your business with ease.


Nonetheless, there are factors you have to consider. It is also vital to point out how you can automate your company's contracting process.


That's because initial success can help you achieve a broader implementation of modernizing your business operations.


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