Have you ever grabbed a stack of documents for a contract signing only to realize that three of those documents don’t exist anymore? Or have you had to dig through your email archives to find what the agreed-upon budget was? This is why the worst part of signing a contract is often the search for the right documents.
Executing a contract shouldn’t be a headache. It’ll never be easy to navigate through a wide range of contracts, but you shouldn’t have to go through the hassle of searching for them. The contract execution process is more complex than it should be.
Throughout the contract life cycle, you may find yourself making changes to your documents as your business evolves. When new documents are created, it’s easy to overlook every existing contract that uses that document to ensure nothing is out of sync. The answer is migrating to contract life cycle management software. Not only will this easier way to manage your contracts eliminate these issues, but it will also boost your business’ productivity as a result of faster processes.
Here’s why contract life cycle management software should be used to help with the contract execution process:
1. Storing your documents safer
In contract life cycle management software, documents are safer than on your hard drive. You want to make sure that you always have access to any contract at any time, but keeping them all stored in your software makes it easy for them to get lost or damaged. They’ll be safe and sound—and accessible—no matter where they live (or who has access).
2. Easily share documents with your team
Contract life cycle management software allows you to create groups of users who can all access the same documents at once so that everyone knows what’s going on without having to constantly email each other files back and forth. It also makes it easy for people outside of your organization to get involved if necessary without having any special permissions set up beforehand—just send out an invite via email.
3. Intuitive search and reporting features
With intuitive search and reporting features, you can find the contract you need in minutes. No more sifting through impossible to read files or deciphering your handwriting to find what you’re looking for. Use intuitive search and reporting to find the right contract in minutes. No more losing track of documents or d eciphering your handwriting.
Contracts are critical for businesses to thrive, and it’s important to consistently monitor their status. With the proper tools and expertise, contracts can easily be managed from start to finish.
So why would you need contract life cycle management software? Through our own experience and research, we can confirm for you that it is indeed the right choice.
Signing legal documents without ever seeing them and witnessing signatures get mailed back and forth could be considered a risk. You may never have that handshake moment or the ability to scan a document to sign on the go, but making sure you use the best contract life cycle management software can help limit risks associated with paper-based document processes