How Contract Automation is changing the Business World?

How Contract Automation is changing
the Business World?
By DocuCollab

© 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent.
DocuCollab - 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA
Contact Number: +1-571-228-7037 | Email: sales@docucollab.com

In an era of unprecedented technological change, businesses are now embracing
automation for their business processes like contract management. Contracts are the
lifeblood of any business. Automation greatly benefits businesses that routinely create,
negotiate and execute contracts. If businesses are still using manual, paper-based
methods, then its contracting process results in confusion, inefficiency and mistakes. It
also slows the pace of doing business, increases risk, and causes frustration in
customers and employees.
Automation has changed the way that many organizations execute a contract. By
employing contract management software, they are able to achieve considerable
improvements over their business processes, reduce risk and increase revenue.

Automated Contract Management in Business

How do automating contracts change the business process for an organization? With an
efficient contract management platform having many enticing features, such as online
redlining and negotiation, approval workflows, edits, e-signatures, trigger emails and
alerts – its implementation becomes smooth. It is nice for day-to-day users and anyone
who needs to sign a contract as it provides more efficiency and a core process change.

With an automated, integrated contract management solution such as DocuCollab,
businesses are able to streamline their contract lifecycle by transforming analog manual
processes into a digital automated workflow. This results in increased compliance,
enhanced pace of doing business and more efficient employees.

Click here to read 7 Contract Management functions you can automate today & secure
peace of mind!


Easily Search for Contracts with a Central Repository
The way contracts are organized can affect business productivity. Sales teams must
be able to locate contracts quickly in order to respond to customer inquiries or process
renewals within the organization.
Many businesses do not have a centralized storage of their contracts. Keeping
contracts easily identified and located by relevant stakeholders saves time and boosts
efficiency. Having one central repository makes it easy to search and quickly find
documents.
By using contract lifecycle management tools like DocuCollab, organizations can have
a central repository to share and manage documents and contracts ensuring that the
sales team has all the information in one place.
Automated Contract Drafting
The contract drafting process can be automated with centralized templates that are
automatically filled in with contract details.
Using highly efficient contract generation tools like DocuCollab, businesses can now
have easily customizable smart contract templates that ensure that they always have
the most up to date data from their CRM or other systems.


Automated Workflow
Contract management increases communication and collaboration across a business
organization.
Using integrated, automated contract management improves business cycles. It
streamlines the contract process and helps move contracts quickly from one step to
the next. With its pre-configured intuitive workflows, it ensures contracts go to the right
stakeholders for reviews, approvals and negotiations.
With a digital contracting solution like DocuCollab, you have a feature of audit trail
where the contracts are routed quickly to the person who needs to see them or take an
action on them. It automatically saves all changes and all versions thereby providing
increased visibility and accountability while ensuring that everyone is working with the
latest revisions. It lets you do this in real-time, online, with change tracking.
Click here to read 5 sure ways to convince your Boss to invest in a Contract
Management System
Automatic Reminders for Deadlines and Renewals
A reliable contract management system is backed by e-mail status alerts and triggers
to necessary people about important dates related to negotiation and completion so
that contracts are then quickly reviewed and no step or review is missed. This helps to
mitigate risks.

Increased Visibility

The status and location of a contract are visible to everyone with a contract
management tool that allows for different visibility for different roles in the
organization. It gives different stakeholders inside the organization information on
where contracts are currently in a process. It helps you to track the state of your
contracts and understand where bottlenecks are so that you can optimize the process.
Automated Approvals with E-Signatures
Using E signatures allow for the quick approval process that shortens cycle times and
reduces costs. An automated contract management solution ensures a seamless
signature process that can be done electronically and even on mobile devices,
dramatically decreasing the contract cycles.
Intelligent Analysis
One of the key benefits of CLM (Contract Lifecycle Management) solution is that it
gives the stakeholders greater insight into the contracting process. With analysis and
review, it helps determine where your business workflows may need improvement,
document challenges, and build upon successes.
With contracts as the source of relationships and revenue in a company, it’s important
they’re given as much attention and innovation as every other aspect of business.
Automation playing a pivotal role in the business landscape, a necessary investment in

a Contract Management Solution like DocuCollab ensures optimum returns in the long
run for your business.
Click here to discover how you can automate every step of your contract management
lifecycle through DocuCollab’s seamless contract lifecycle management tools.


How Contract Automation is changing the Business World?

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