Managing contracts efficiently is critical to business success, yet many companies struggle with outdated workflows that cause delays, errors, and unnecessary costs. 

Our recent survey of 200 professionals highlighted some key challenges in contract management, including manual processes, compliance risks, and inefficiencies caused by using multiple systems. By addressing these pain points, businesses can streamline their workflows, reduce risks, and close deals faster.

In this article, we’ll explore how improved contract workflows can transform your operations and highlight the key findings from the report to guide your journey toward more efficient processes.

The problem with current contract workflows

Our survey found that manual work still dominates the contract management process. A staggering 66% of businesses rely on word processors like MS Word or Google Docs to create contracts, with many converting them into non-editable PDFs for signing. This manual approach introduces several inefficiencies:

• Version control issues: Multiple versions are often saved, making it difficult to track changes and ensure accuracy.
• Approval delays: Over 31% of businesses identified approval delays as a top obstacle, which slows down contract finalisation.
• Email dependency: 65.67% of respondents use email to review and agree on contracts, a process prone to errors and security risks.

These findings highlight how outdated workflows can drag down productivity and increase the risk of errors, especially in fast-moving departments like sales, HR, and legal.

Read also: All you need to know about contract management

The consequences of inefficient contractor workflows

The inefficiencies uncovered in the report don’t just waste time—they directly impact business outcomes. Consider the following:

1. Delayed deal closures
   According to the report, 39.67% of contracts take one to two weeks to finalise, and for 7.33%, the process extends beyond four weeks. These delays hinder sales teams from closing deals quickly, risking lost revenue and frustrated clients.
2. Compliance challenges
   Data security and compliance are critical, yet 17% of businesses store contracts on local drives, leaving sensitive information vulnerable to breaches and non-compliance with regulations like GDPR. Without secure workflows, tracking and auditing contracts become major challenges.
3. Frustration from multiple systems
   70.67% of businesses use two to three tools to manage contracts, creating confusion and inefficiencies. This fragmented approach not only wastes time but also increases the likelihood of errors as teams struggle to sync information across platforms.

How improved contract workflow solves these challenges

Improving your contract workflows can resolve these pain points and significantly improve your business processes. Here’s how:

1. Centralise contract management
   By consolidating contract processes into a single platform, you can eliminate version control issues and ensure all stakeholders work on the same document. A unified system also reduces the risk of errors caused by switching between tools, a common issue highlighted by the report.
2. Automate approvals and reminders
   Automating workflows speeds up approvals, ensuring contracts are finalised without unnecessary back-and-forth. This addresses the 31.33% of businesses struggling with approval delays and keeps deals moving forward.
3. Enhance compliance with secure storage
   Centralised platforms offer secure, GDPR-compliant storage solutions, addressing the 17% of businesses that store contracts in vulnerable locations like local drives. Automated data tracking also makes it easier to monitor and audit contract activity.
4. Integrate systems for seamless workflows
   Integration with CRM or HR platforms ensures that contract data flows smoothly across systems, solving the inefficiencies reported by 70.67% of businesses relying on multiple tools. This creates a more cohesive and productive workflow.

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Realising the benefits of improved contract workflow

Improving your contract workflows isn’t just about addressing inefficiencies, it’s about unlocking new opportunities. Businesses that adopt streamlined processes often experience:

• Faster time-to-close: By automating workflows and reducing manual tasks, teams can finalise contracts in days instead of weeks.
• Fewer errors: Centralised systems with real-time collaboration eliminate mistakes caused by outdated versions or miscommunication.
• Stronger compliance: Secure storage and automated tracking reduce the risk of non-compliance with regulations like GDPR.

These benefits not only win you back the hours you would have otherwise lost due to legacy processes, but also enhance the overall customer and employee experience.

Summary

• Manual contract workflows, used by 66% of businesses, lead to inefficiencies, delays, and compliance risks
• Approval delays, cited by 31.33% of respondents, are a major bottleneck in contract management
• Businesses using fragmented systems (70.67%) face unnecessary complexity and increased error rates
• Streamlined workflows with automation, centralised storage, and integrations can significantly improve efficiency and reduce risks

Improving your contract workflows help you address these challenges head-on. With automated contract workflows, you can create a faster, more reliable process that empowers your teams and delivers better results.