When your in-house legal team continually finds themselves stretched to their limit with contractual demands, you may start to wonder if there are ways to make their daily tasks easier. If you could help them make better use of their time, you may benefit from improved productivity and increased profit.
Contract automation and management software may prove advantageous in this regard. This traditionally labor-intensive line of work can be streamlined, and the introduction of software may provide some of the following benefits.
Create Contracts Quicker
When you purchase a CLM from a reputable contract business like SpotDraft, you may immediately speed up your contract creation process through the use of templated contracts. You can create templated contracts in any format, then duplicate and customize them for each client or business you work with. This one minor change may free up a significant amount of your time when you’re not required to craft each contract from scratch.
Collaborate With Colleagues
Contract creation is rarely a one-person job. It can be drafted for an individual or business, then run past authority figures in your workplace to ensure it covers all bases. It might then be run past the legal team before being sent to the recipient, who may make further changes.
With so many versions of a contract being sent between multiple parties, there’s room for the most updated versions to be misplaced. When you use contract management software, contracts can be viewed, altered, and commented on in one place. Everyone works with the same version with ease.
Faster Approval Processes
When multiple people are involved in the execution of a contract, it can take several days, if not weeks, to have it ready for the recipient to sign on the dotted line. Once it’s emailed to a stakeholder, they often print it, sign it, scan it, and send it back. This process might happen multiple times over a period of days.
When you rely on contract management software, they can simply add their e-signature. It’s a fast, easy process that doesn’t require any printing. Instead of waiting days for everyone’s signature, you might be waiting a matter of hours before you can have the contract approved and ready to go.
Set Reminders for Expiring Contracts
If you’re in a line of work that involves multiple contracts with multiple businesses and individuals, you may struggle to keep track of which contracts are still valid and which ones may be coming up for renewal. The software can send you reminders to let you know that contracts are about to expire, which means you can take action before they are no longer valid.
Search for Clauses
If you’ve made changes within your business that require you to alter specific clauses, you may think you need to waste several hours poring over contracts looking for the clause in question. However, the software allows you to search specifically for it, bringing up all relevant results to save you time and money.
As daunting as it can be to incorporate new software into your business, some can be worthwhile. Contract automation and management software may save your team time, money, and even a great deal of stress.