May 30, 2022
How to Manage Contracts Better with Contract Bulk Actions
Table of Contents:
- What are contract bulk actions?
- The types of bulk actions
- The advantages of bulk actions
- Who uses bulk actions?
- The perfect contract bulk actions assistant
Contracts foster businesses because they detail a company's relationship with others, whether individuals or other companies. That said, businesses must ensure they put efficient contracting processes in place to carry out contract bulk actions so they can achieve optimum compliance.
This isn’t always possible, primarily because of the many steps involved in contract creation and management. Another factor that adds to this is that many businesses are understaffed below the level required for adequate contract management.
A CNBC and Momentive survey revealed that 50% of workers believe their companies are understaffed, with a majority considering quitting. While this includes several factors, it does drive home some key lessons.
As businesses try to make the workplace enjoyable for employees, they should also ensure processes run smoothly. And since contract management is vital, any hindrance will likely impede the general business operation.
Contract bulk actions will assist with the repetitive processes of contract management. Creating, duplicating, or sending multiple files in a single step has the potential to save your substantial business resources.
So, what are the advantages of bulk actions, and what are they generally? We will give a rundown of those below, mention the types of bulk actions, and everything else you need to know.
What are contract bulk actions?
A crucial part of contract automation, contract bulk actions let you perform multiple contracting processes as a group. They may also be called mass actions and refer to completing many functions in time.
For instance, your client with whom you have hundreds of contracts just changed their business name. It is practically impossible to change details in that many contracts, not to mention the likelihood of making costly errors. However, you can make a single change with contract bulk actions, and it affects all applicable contracts.
What if you have to send the same contract to multiple stakeholders? Bulk actions save you from opening multiple folders or repeating the same steps all over again. You can generate, send, and sign multiple contracts in record time in only a few clicks.
5 Types of bulk actions
You can apply contract bulk actions in numerous ways, and below are the most popular.
1. Generate bulk action
With this type of bulk action, teams can create multiple contracts simultaneously. For example, you may need to make the same contract for more than one customer or generate numerous contracts for the same customer. The generated bulk action lets you import data automatically from a CRM software or specify a template for several customers.
2. Send bulk action
The send action is even more straightforward. It is used for sending the same contract to multiple stakeholders or multiple contracts to the same stakeholder. Whichever one you intend to perform only requires selecting the recipients or contracts to get it done. This send bulk action can contribute to boost sales team efficiency.
3. Edit bulk action
The edit function lets you change only one field, and it applies the change to all relevant fields. This comes in handy when you have a new contract term or customer information.
4. Signing and Approval bulk action
Bulk contract approval is crucial for a faster and more efficient workflow. By approving or signing many contracts simultaneously, contracts can move quickly to improve business performance.
5. Duplicate/Move/Archive bulk action
Do you need to duplicate multiple contracts or move some to the archive? Again, bulk actions make this process easy. You just have to select the relevant files, and you can apply the same steps to get things done automatically.
You may even automate the process using contract attributes. For instance, you can select all expired contracts and use the archive bulk action to move them to the storage. You may choose to arrange contracts after signing. Perhaps you need to make copies of the same contract; the duplicate action would prove beneficial.
4 Advantages of bulk actions
Bulk actions serve as a means of ensuring efficiency within the contracting processes. It lets you perform multiple actions — think hundreds and thousands — simultaneously. Hence, the need to replicate the same thing repeatedly is eliminated.
This feature comes with excellent advantages for businesses, listed below.
1. Create and manage contracts faster
Contract delays are never good for any business, but it is precisely what you get without bulk actions. The processes involved in managing contracts take time and worsen when you repeatedly have to do the same thing.
By using bulk actions, stakeholders and the legal team can eliminate repetitiveness and focus on tasks that matter more. In addition, no matter how many contracts there are to manage, contract bulk actions will make them faster and more efficient.
2. Save contract management costs
Indeed, it’s a no-brainer that the resources required will also reduce when it takes less time to complete tasks. Reduced resources bring savings, maximize employees’ services, and ensure hiring for only high-value roles. In the end, the management will have more resources to remunerate their employees better and make them happier.
3. Enable teams to self-serve
Other departments can self-serve contracts with more straightforward contract management through bulk actions. They do not have to rely too heavily on the legal team because a seamless contract process is in place. Teams like Sales or Procurement can generate and send all the bulk contracts they need without waiting.
4. Implement an efficient and scalable contract workflow
As a business grows, there is a corresponding increase in the number of contracts they need to handle. In the past, this would create the need for more employees and a rearrangement of the contract processes. However, bulk actions let your company manage contracts efficiently without hindrance from the ongoing growth.
Who uses bulk actions?
Contract bulk actions will benefit all relevant stakeholders in a contract. Hence, any one of them can use bulk actions. However, those who get the most of bulk actions will also depend mainly on how the business operates.
However, you can expect the traditional departments to be at the forefront of the usage. The legal department, for instance, has to be actively involved in the process. That’s because they set the original terms and provide advice for all business endeavors.
The finance team may need bulk approval for approving contracts. As for HR, they need bulk signing actions for welcoming the new set of employees. Sales are directly involved with customers. Therefore, they are another department that needs to utilize contract mass action.
Finance and procurement teams could need bulk approval. All these departments and others will require bulk actions from time to time, enabling self-serve.
The perfect contract bulk actions assistant
Dealing with multiple contracts can be a daunting task, but it doesn’t have to be with the right contract management tool.
And now that you know all there is about contract bulk actions, it’s time to let Contractbook handle your contract workflow. Contractbook is a comprehensive contract automation software that helps businesses put their contracts in order.
With its decisive contract bulk actions, you can save hours and invest them in getting more productivity. In addition, its innovative contracting process will come in handy whether you create, send, or sign multiple contracts.
If the process outlined above seems a bit daunting, do not worry. You can take advantage of a streamlined and dynamic contract approval platform provided by Contractbook. Simply book a meeting to say goodbye to all the contract bottlenecks.
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