May 30, 2022
11 Game-Changing Benefits of Contract Automation
These days, when you want to take your business to the next level, you find ways to automate your processes. The benefits of contract automation in particular can positively affect every aspect of the way you do business.
11 key benefits of Contract Automation
There are many different reasons companies are choosing to automate their contract management systems. Here are some of the most important benefits of contract automation.
1. Lower costs
When you switch to a contract automation software, you don’t just cut down on paper costs. You automate the processes that take up significant chunks of your employees’ time. This includes everything in the contract lifecycle, from contract creation to contract renewal. As a result, you reduce your operational costs and free up your resources for investing in big-picture stuff.
2. Increased productivity
With the introduction of sophisticated technology in the market, your business can now handle multiple processes simultaneously. This is one of the most important benefits of having an automation software as your contracts can be generated, renewed, or sent for signing with the help of an automated workflow.
When you eliminate the need for your employees to deal with such repetitive tasks, you free up a lot of their time. More importantly, of course, you give them the opportunity to foster relationship with new and existing customers.
3. Maximized efficiency
Increased efficiency is among the most important benefits of contract automation. Being efficient means getting the desired results with minimum effort. When you do everything manually, your employees have to keep all your contractual obligations in mind at all times. This, of course, takes more effort than you’d like it to.
When you switch to contract management software, your employees can set up alerts and automated workflows for all their tasks. As a result, the amount of effort they need to put in becomes minimal.
4. Fewer errors
When you let your employees do everything manually, mistakes become inevitable. These, in turn, find a way to affect your bottom line. That’s one of the many advantages of using software that has 360 degree coverage in place.
If it’s set up correctly, an automated workflow that’s run by software doesn’t make mistakes. Of course, it also helps when you have greater visibility over all aspects of contract management which is why contract automation software must-haves includes the following features:
- Digital repository
- Standardized templates
- Integration with collaboration tools
5. Greater compliance
When you automate contract generation, you not only free up your employees’ time but also ensure use of standardized language and clauses.
With a library of contract templates, you don’t have to worry about errors leading to legal violations. You save time and ensure the compliance of all your contracts in one stroke.
6. Improved customer experience
When all your processes are automated, errors and delays become a thing of the past. You’re much faster in both onboarding new customers and resolving any existing negotiation issues. After all, the software takes care of most of the work.
Also, when you ditch the paper-based filing system for a digital repository, the relevant information is just a click away.
7. Increased scalability
The benefits of contract automation apply to businesses of all sizes. However, if you ever plan on growing your company, they’re even greater.
With an automation software, you automate all your processes and by doing so, free up a lot of your time and resources. What’s more, you increase the capacity of your business to take on more customers. Scaling stops being a problem and becomes a realistic option.
8. Shorter Time-To-Revenue
No matter what industry you’re in, revenue will always be your most reliable metric for measuring success. Luckily, one of the benefits of contract automation has to do with facilitating revenue.
When your business processes are automated, you never miss a deadline and you’re faster at fulfilling your obligations. As a result, you significantly decrease your time-to-revenue. In other words, you realize your revenue goals much quicker than without automation.
9. Improved contract value
Automating the way you manage your contracts can result in more signed contracts. However, it can also help you get more value out of the existing ones.
After all, there’s no risk of missed renewal deadlines or errors in managing contractual obligations. This means there won’t be costs related to contract mismanagement. It also means you’ll never miss a chance to revisit terms and get more value out of existing deals.
10. Simpler collaboration
Imagine setting up deadline alerts, automating workflows, and generating new contracts automatically - a true collaboration utopia! This is all possible through integrations with supporting tech stack of your company. Moreover, you can also set up rules for improved collaboration within the team. For example, you might want each new contract to be sent to your legal team’s slack channel for review.
11. Greater control
When everything is automated, it also means that everything is recorded. Automation in contracts helps you keep meticulous, detailed records of every step in your contract management process. This doesn’t just give you greater control over your business, it also helps you find ways to grow it.
Improving The Bottom Line with Contract Automation Software
As you can see, the benefits of contract automation are nearly endless. With a contract automation software, you get all the functionalities you could ever need to increase your efficiency and improve the bottom line. They include automated contract generation, eSign functionality, automated tasks and reminders, and real-time data flow for improved tracking and collaboration.
If you think this could help your business grow faster and bigger, we’re here for you every step of the way. You only need to get in touch.