What is contract automation?
Contract automation is a method of generating a contract automatically using data saved on a business’s system as well as other key inputs necessary for a specific contract. It is a great way to simplify and streamline generating contracts - particularly ones that are repetitive and almost carbon copies of previous ones.
How does contract automation work?
Contract automation works with the use of software. Contract automation can be initiated by an employee who ‘asks’ the software to generate a contract based on a few key factors. Or, and increasingly more so the case, a contract can be generated through contract automation because the software in place knows to do so automatically. So, for example, it may trigger a contract to be generated if a date is reached or a certain number of sales are hit by a sales team.
Advantages of contract automation
The advantages of contract automation are endless. First and foremost it saves you or your business time. That time can then be better spent elsewhere. Instead of having personnel tied up in neverending, repetitive, menial tasks that some aspects of contract creation can require, contract automation helps you automate those repetitive aspects. As a result, you add efficiency to your workflow and increase your productivity. And, by saving time, you also reduce costs - increasing profitability too.
Contract automation is also excellent for helping your business work smarter and harder. Contracts are full of useful pieces of information and data. Yet, when contracts are completed in a paper or PDF format, they are trapped there. They cannot be extracted to help generate future contracts when certain events are triggered, and additionally that information cannot be used to help inform business decisions in a way that our e contracts allow.
Finally, contract automation is fantastic for minimizing - if not eradicating - errors. Automation is dependable and consistent so you can be sure when using contract automation software that your contracts are not riddled with mistakes created by human hand. And, of course, that is so crucial when it comes to contracts. Not only does it minimize the administrative effort required to ensure there are no errors within a contract, it also means that a contract can be relied upon should it be needed to argue a legal standpoint. Errors can make relying on a contract when needed far more difficult.
Contractbook and contract automation
Contract automation is what Contractbook is all about. While there are other pieces of contract automation software out there, we believe ours to be the best thanks to its robust approach to the contract management lifecycle and its ability to integrate into a company’s systems easily.
We think that contract automation is the only way forward for companies - big or small, given the benefits that can come from automation, not to mention the time and cost savings. Contracts can be an asset to a company, but that does not mean creating them needs to be a difficult or onerous task. Contractbook makes that possible.