Top 5 Advantages of Contract Management Automation Software
Creating, signing, and tracking contracts is necessary, but painfully time-consuming. But manually managing contracts isn’t just tedious, it’s also risky. Losing a contract or other confidential documents can expose information and hurt your company’s reputation.
Maintaining compliance and quality standards is your top priority, but there’s only so much you can do with paper and pens.
Thankfully, there’s a better way, using contract management automation software.
This software automates the entire contract lifecycle, from creation to expiration, allowing businesses to save time and money while ensuring compliance with all applicable laws and regulations.
Not familiar with these platforms? Not to worry. In this article, we’ll discuss the top five advantages of using contract management automation software and best practices for implementing them.
Let’s get right to it.
Why Contract Management Automation is a Must in Today’s Digital Economy
Digital transformation isn’t just a fad, it’s become the status quo for business across all industries, especially the finance, real estate, and legal sectors.
In these fields, paperwork is critical to approve applications, win cases, and solidify deals. Mismanagement of contracts isn’t acceptable because it can lead to disputes, legal ramifications, and a tarnished image. Unfortunately, the odds of lost documents, human error, and unauthorized access increase when you’re using paper-based processes.
As with most outdated processes, manual contract management slows your progression and growth.
With automated contracts and documents, you increase security, organization, and trust. Automated contract management eliminates tedious tasks and makes it possible to track the progress of all contracts in a central location that’s accessible to your team.
It also makes compliance with applicable laws and regulations (e.g. HIPAA, GDPR, etc) easier.
Aside from streamlining contract management workflows, automation can save you time and money otherwise wasted on mundane tasks, such as:
- Document generation
- Signature collection
- Contract storage
- Contract tracking
- Version control
The benefits of automated contract management are difficult to overlook. If you’re serious about enhancing your business’s paperwork workflow, then automated contracts are something you don’t want to dismiss.
5 Advantages Automated Contract Management Software Offers Your Business Processes
Operating a business with outdated processes is a surefire way to land your teams in hot water with clients. It’s easy to lose and misplace important documents. Then even when filed correctly, there’s no way to safeguard documents from bad actors and unforeseen events.
Disgruntled workers and fires can consume your contracts, erasing precious data and raising security issues. These are unnecessary ordeals to go through and are easily prevented when you adopt the right technologies, such as cloud-based document storage and encryption.
There’s no reason to continue down the path of signing documents and contracts manually. This was once the norm, but now it can and should be replaced with secure software that’s accessible from any device. You maintain control over who gets access, and when necessary, you can revoke it.
If you’re interested in making your document workflows better, then it’s time you learn about the benefits of contract automation.
1. Streamlined & Automated Contract Signing Process
Busy companies are flooded with paperwork and contracts daily. How do you oversee it all without making mistakes, like forgetting to include critical sections in contracts or not following up with a late signer?
Scaling your business while still implementing manual processes can bring a string of nuisances and roadblocks that can hinder your growth and success. Not to mention the time and resources it eats up, preventing your teams from focusing on what matters most—revenue-generating duties.
Automated contract signing can streamline document processes by digitizing and speeding up the collection, review, signing, and approval of contracts and other paperwork. This is possible using digital documents you and your team can view and send via mobile and desktop devices.
You’re always in control of the process and assignment of roles and visibility of each contract. This ensures maximum security and prevents lost or misplaced paperwork. Automated contract signing software like Docubee empowers you with speed and organization needed to keep your business efficient.
This includes providing dozens of pre-filled templates you can use to prevent human errors, like leaving out key details, demands, and statutes that protect your business from legal mishaps. Everything’s stored in a central location, so your teams and external stakeholders have quick access to view and sign contracts.
Businesses serious about scaling their operations will find contract automation to be a must-have addition to their document processes.
2. Automated eSignature Collection
Waiting days or weeks to receive a contract or document is over. Thanks to digital technologies, you can send paperwork within seconds. But there’s a problem—not all channels are secure. Using email to transmit scanned copies of documents puts all stakeholders at risk.
Your best bet is to use automated contract management tools to safeguard the sending and receiving of paperwork. This encrypts your documents so only those granted access can see the document.
Docubee uses 256-bit AES and TLS Encryption AES (Advanced Encryption Standard) to protect your stored data. It’s practically unbreakable, ensuring no one gains access to your business’s (or customers’) sensitive information. You’re also able to track the progress of each contract, so you know when it’s been signed and by whom.
When someone eSigns a document with Docubee, an additional layer of security is provided using a Public Key Infrastructure (PKI). A PKI is a system of digital certificates, public-key encryption, and digital signatures that authenticate the identity of the signer. This prevents fraud and ensures the right person signed the contract.
Automated eSignature collection is suitable for businesses looking to streamline their contract management processes. It’s secure, fast, and easy to use. Plus, it eliminates manual paperwork and reduces the risk of human errors.
The best part, it requires no manual or human oversight, freeing up your time to focus on other business operations.
It works like this:
- Create a document in Docubee
- Add the desired signers to the document
- Set up the signing process and assign roles
- Send out the document for signature (to the recipient’s email using a secure link to Docubee)
- Track progress of each contract
- Once all signatures are collected, review and approve the contract
- Securely store the signed document in Docubee
Example of signature in Docubee
If you’re searching for a way to simplify document sending, signing, and storage, then contract automation is the way to go.
3. Visibility into the Contract Signing Process
Contract automation software provides businesses with increased visibility into their contract signing process. With this software in your toolbox, you can easily track the progress of each document and see where things are getting stuck or where bottlenecks may be.
For example, Docubee allows you to monitor the status of each document in real time, so you know when it’s been sent out for signature and when it’s been signed. You can also view who’s signed the document and who hasn’t, allowing you to take action if necessary.
A financial institution may use contract automation software to improve visibility into its loan application process. For example, when a customer applies for a loan, the bank can use Docubee to send out the loan agreement for signature securely. The bank can then track the progress of each document in real time and see when everyone’s viewed and signed the paperwork.
Not only does this improve the contract signing process for the company — it also enhances the customer’s experience. This increases the odds of them returning to reuse your services. Allowing both sides to see document processes puts everyone at ease that everything is on track.
And when it’s not, those who are holding up the line will receive a notification reminding them to do their part, whether it’s signing, reviewing, or approving a contract. It’s a reliable way to streamline your processes and prevent unnecessary delays.
4. Build a Repeatable Workflow with Contract Templates
A new prospect just landed on your doorstep, and now it’s time to move the deal toward closing. But now you have to draw up paperwork and contracts from scratch.
Not a productive way to manage your document processes. If only there were a way to build templates so you’d never have to remake documents again.
Now, you can by using automated contract management software. Docubee’s pre-made contract management templates are 80-90% filled out, which means you save most of your time by focusing on key areas of a contract that make it unique.
For example, inserting the client’s name, personal details, and numbers based on your deal, then hitting send. With dozens of templates to choose from, you can choose one, fill in the missing components, and get into the hands of prospects within minutes.
You can also create your own templates to meet the unique needs of each client.
By building repeatable workflows, you improve the document process for everyone. Your teams can speed through document creation and sending, and customers can receive and sign paperwork in a timely fashion.
For example, Docubee helped HubSync, a tax preparation company, to focus less on managing paperwork and more on advising their clients. Read their case study to see how Docubee made this possible.
5. Centralized Storage and Record-Keeping
A human resources employee has been tasked with locating an employee’s contract. She searches through multiple hard drives, folders, and documents to find the right one. But she was frustrated that she wasted precious time trying to locate the document. Opening each folder and scrolling through countless files before finding the right one.
The process was tedious and time-consuming, not to mention inefficient. It took her away from more important tasks that needed her attention.
Contract management automation software like Docubee provides this solution by allowing users to store contracts in a secure cloud-based platform where they can be easily accessed and tracked in real-time. This would save the HR employee time and energy while ensuring all documents are kept safe and secure.
The ability to store and manage contracts in one central location also allows for better record-keeping. Automated contract management systems provide users with detailed records of all their contracts, including who signed them, when they were signed, and what changes were made over time.
Docubee helps organizations streamline their processes while ensuring accurate record-keeping. It provides detailed records of all contracts and ensures that they’re up-to-date with the latest privacy regulations and laws.
Docubee: Your Contract Automation Software Solution
Wasting hours searching for documents. Losing track of where contracts are in the cycle. Risking the loss of or unauthorized access to critical paperwork. No business should have to deal with these issues.
Nor do they have to.
By upgrading your document workflows with premade templates, secure storage, and encrypted sending and signing technology, you can streamline your processes to make scaling your operations easier.
Docubee makes it possible to manage contracts safely and maintain a bird’s-eye view of document locations and potential roadblocks. It’s never been easier to ensure contracts are up-to-date with the latest regulations and laws.
If you’re ready to say good riddance to manual processes and hello to contract automation, then we can help. Schedule a demo to see how Docubee’s contract management automation software can solve your paperwork problems.