May 30, 2022
How To Improve Tech Company Efficiency Through Contract Automation
Table of contents
- The importance of tech efficiency for tech companies
- What is contract automation?
- How to boost tech efficiency through contract automation
- Improve tech efficiency through contract automation with Contractbook
Wanting to improve business performance generally comes hand in hand with boosting efficiency. When you run a tech company, it makes sense to try to achieve these goals by taking advantage of new technologies.
This is what tech automation is all about. But where do you start? At the place where a lot of the tasks are done manually and extremely inefficiently. Let’s take a look at how to boost your tech efficiency through contract automation.
The importance of tech efficiency for tech companies
What is tech efficiency? Take all the resources your company is spending, to both operate and grow the business. Do they produce the maximum output? If the answer is yes, it can be said that you’re technically efficient.
Sadly, the reality is that the majority of businesses don't perform at an optimal level. This is especially surprising considering how many benefits there are to achieving tech efficiency. Reduced costs, more productive workforce, and improved bottom line, to name a few.
This applies to virtually all businesses, but it’s especially true for tech companies. You know what we’re talking about. It’s the particular nature of technology that makes them more susceptible to change and pushes them to constantly reinvent themselves.
What are the more particular ways in which tech efficiency can help tech companies thrive?
- Increased business agility. The more efficient you are, the easier it gets to respond to changes in the market. What’s more, you make it possible for yourself to do it in a way that positively affects your business.
- Improved data processing. Data is what all tech companies work with, no matter the sector. Efficiency in storing, processing, and analyzing all that information is one of their biggest pain points.
- Better compliance management. From a legal standpoint, working with data is now more complex than ever. Just managing GDPR requirements can take up a lot of company time.
One of the best ways to reap all these benefits is through contract automation.
What is contract automation?
According to Deloitte, 73 percent of executives say their organizations are implementing some form of automation. This refers to any use of technology to minimize human intervention into business processes.
Given that the goal of automation is maximized efficiency, the results include but aren’t limited to the benefits listed above:
- Reduced costs
- More productive workforce
- More agile business
- Improved bottom line
- More accurate data processing
- Better compliance management
So why are we talking about improving tech efficiency through contract automation in particular?
Contract automation is the process of using technology to optimize contract management processes. Although it’s just one aspect of running a business, contract administration usually takes up significant chunks of company time.
Also, the way a company handles its contracts generally doesn’t affect just one team within the organization. These are the teams that can benefit from less admin work:
That’s exactly why it’s smart to try to improve tech efficiency through contract automation. This is best done with the help of dedicated IT contract management software. But you might wonder what this process entails. Let’s take a look at potential steps you could take toward complete contract automation.
How to boost tech efficiency through contract automation
IT contract management software has many features, all of which help you automate your processes. Here’s how you can improve your tech efficiency through contract automation.
1. Speed up contract creation
Do you know how much time your employees waste creating contracts from scratch? And how unrealistic it is to expect them never to make a mistake?
Instead of wasting company time and, in turn, company resources, you can always automate the process. After all, when you have a template, the time you spend on the task becomes insignificant. Other than templates, you can also use questionnaires that automatically generate new contracts based on the data you feed them.
2. Automate contract approval
When you have to print, sign, and scan just to approve a single contract, the process becomes tedious, costly, and time-consuming.
This is where eSignatures come in. This handy feature allows you to automate the signing order and significantly speed up the entire process. The benefits aren’t just time and resource savings, it’s the reduced risk of errors, too. But the biggest benefit of all is how much closer this gets you to shortening the sales cycle.
3. Set up automated workflows and reminders
Another way to improve tech efficiency through contract automation is to use reminders and self-executing contracts.
There are plenty of deadlines you need to keep in mind even after a contract has been approved. One of the most important ones has to do with contract renewal dates. Missing a deadline like that slows things down, eventually affecting the bottom line. But when you have reminders and contracts that execute tasks automatically, this stops being an issue.
4. Enable real-time data flow
When you work with a lot of data, you want it to be visible and easy to store, process, and analyze. This doesn’t just make you more efficient. It also allows you to use all that data to your advantage. After all, it’s by analyzing existing data that you gain insights into better ways to grow your business.
Contract automation gives you the benefit of working with a single streamlined repository. When you integrate it with your own structure, you enable real-time data flow and significantly improve your data visibility.
5. Speed up compliance work
All businesses waste a lot of time keeping up with compliance work, but this is especially true for tech companies. Because technology keeps changing at a fast pace, there’s always some amendment that needs to be done in the contracts.
When you use contract automation software, these updates are quick and can be done across the board. This doesn’t just save time, it ensures a high level of consistency as well.
Improve tech efficiency through contract automation with Contractbook
Isn’t it obvious how many benefits your company could reap from boosting its tech efficiency through contract automation?
Luckily for you, Contractbook’s software features include everything you could ever need in terms of automation. They allow you to populate your contracts automatically, switch to automated workflows, use eSignatures for all your contracts, and more.
How does all that sound? We know we could use our software to take your business to the next level, so don’t hesitate to get in touch.
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