If you’re looking at your tech stack, then you’ll probably be thinking about the benefits of contract management. When it comes to any product that can have as many uses as contract management software can, it can be hard to know where to begin. That’s where we come in. In this article, we’ll look at the top 10 benefits of contract management.
We’ll look at:
- Reduce the time taken for Legal to check contracts
- Quickly send contracts
- Massively reduce time spent on admin tasks
- Take advantage of native integrations
- Keep track of your whole pipeline
- Set up a signing order for multiple stakeholders
- Sell more quickly
- Minimize security risks
1. Reduce the time taken for Legal to check contracts
It’s often the case that, everytime you send out a contract, your Legal team needs to review it. That takes time. It can also lead to a backlog, and a terrifyingly stuffed intray for Legal.
In addition to that, your legal team is only human. Mistakes can occur and clauses that need to be altered can be missed from time to time. With the right contract management software, you can remove this risk thanks to templates. Templates give your legal team the possibility to create a template once. If you choose to, their templates can then become the standard.
2. Quickly send contracts
Do you find yourself having to edit, redownload, then reattach PDF contracts simply because you found a comma in the wrong place? Worse still, are you still operating with paper contracts? Trust us when we say there’s a much better way to send out your contracts.
With great contract management software, you can quickly fix any typos using HTML live edits, before quickly getting it on its way. In just a few clicks, you can get it on its way, all without having to create endless email chains or workflows.
Read also: When to use a digital signature
3. Massively reduce time spent on admin tasks
Which brings us nicely to the cost reduction benefits of contract management. How many times have you found yourself bogged down in pointless admin, particularly if you work at a larger company? While great contract management software can’t help you when it comes to having to change the toner cartridge in the photocopier, it can stop you from having to manually sort and file contracts – be they paper or PDF.
Contract management software can do all of this for you – and all in one platform. It can even transfer necessary documents and info to other platforms through native integrations.
4. Take advantage of native integrations
One of the major benefits of contract management software is its integrations. For example; your CRM. Whether you’re using Salesforce, HubSpot or Pipedrive, the absolute bare minimum should be an integration between your CRM and your contract management software.
But you could also look into native integrations elsewhere. Take Slack as an example. With the right native integration, you could be notified each time something happens with one of your contracts. With a Google Docs integration, you can even bring a typed contract into HTML format in just a few clicks.
5. Keep track of your whole pipeline
Thanks to a native CRM integration, great contract management software adds real time updates to your pipeline – all without having to switch between softwares. This is particularly handy when it comes to larger contracts where there might be more than one internal stakeholder involved.
If you have to manually update your CRM manually, this can take time and mistakes can be made. With a native integration, it can all be done live. Great contract management software just doesn’t reduce admin time spent on larger contracts, it can remove it altogether.
Read also: Contract automation: A complete guide
6. Set up a signing order for multiple stakeholders
When it comes to those larger contracts, more than one person at the prospect’s end might need to sign it. Don’t worry: another benefit of contract management software is that it’s got your back here too.
Say, for example, you need a Head of People, an HR Manager and your point-of-contact on a sales team to sign a contract. With the right contract management software, you can set up a signing order so that the Head of HR goes first. No one else would be able to sign your contract until the Head of HR has. It ensures that everyone who needs to sign a contract does so, and does so in good time.
7. Sell more quickly
Depending on which department you work in, this might well be the prime benefit of contract management. Once you have the right software in place, you can sell more quickly. ‘How’, is a very fair question.
In reductionist terms, it helps you close more quickly. Instead of having to spend days putting together a contract, having to get it checked, then sending it, you can do it all in just a few clicks. With the ability to do all of that in mere seconds, you can focus on more outreach, nurturing your prospects, and just generally being an ace seller.
8. Minimize security risks
Contracts are sensitive documents. And emails can be sent to the wrong person, particularly when multiple stakeholders’ signatures are needed. With the right contract management software, you have an added security benefit, in that your signees will access your contract inside a secure portal.
Once everything’s been signed and sorted, great contract management software can then store your contract securely. Of course, breaches can still happen. But the days of accidentally sending a contract containing sensitive information to the wrong person can be behind you.
The Key Takeaways
When it comes to contract management software, you need to find the one that’s right for you and your business. There’s a lot to think about when making that decision, but here are some of the key benefits of contract management:
- You can reduce the time taken for your legal team to check your contracts.
- You can quickly send contracts to your prospects in just a few clicks.
- You can remove a lot of the time you spend on admin tasks around your contracts.
- You can use the software’s native integrations to work even more efficiently.
- By integrating your software with your CRM, you can keep track of your whole pipeline.
- If your software has this functionality, you can set up a signing order for multiple stakeholders.
- By removing a lot of the admin work and being able to send out contracts in seconds, you can even sell more quickly.
- You can even minimize security risks by having your prospects sign securely within the platform.