How Business Process Automation is Being Used Today
Many workplace processes are repetitive and time-consuming, leaving employees minimal time to focus on improving their organization. It has been found that 12% of a company’s total annual costs may be used for administrative tasks and contract management. These expenses can be eliminated by implementing technology-enabled automation, also known as Business Process Automation (BPA), that will significantly improve workplace processes. By 2021, companies are estimated to be spending $12.7 billion on these solutions, leaving those relying on traditional methods to plummet. By investing in BPA, your business can begin focusing on the research, strategy, and development that will position your business as a leader in any industry.
How BPA is Affecting the Contract Management Process
Software is being used in various ways to replace repetitive business functions, creating extra time for employees to spend on more extensive research and creativity. There are various types of BPA programs being used in the workplace that benefit companies. One of those programs is contract management software, a program or set of programs that manage processes from contract implementation to completion. Contract management software has been helping businesses succeed by optimizing the contract management lifecycle.
How Will Contract Management Software Improve my Workplace?
Contract management software allows businesses to successfully complete the contract lifecycle in the most efficient way possible. The software allows businesses of any size to easily and quickly draft, manage, and track contracts. Research has shown that inefficient contract processes can result in 5% to 40% in losses on the value of a given deal. Companies can start saving money while making their contract processes more efficient by utilizing the various options of contract management software.
Here are eight of the many great ways contract management software can benefit your company:
- E-signatures – Electronic signatures allow both internal and external parties to sign documents fast and, in return, gives businesses the ability to easily obtain signatures.
- Scalable software – Contract management software comes in different packages, allowing companies to choose the options customized to their business size and preferred features.
- Built-in alerts – Using software that already has reminders for important status updates and dates affecting contracts is key to keeping on top of a contract’s status.
- Easy access – Having all your contracts kept digitally in the same place makes it easy to quickly search, sort, and filter your repository. This can help when seeking information from existing contracts or when creating new ones.
- Collaboration – Users can submit and accept requests for contracts through the software, improving communication processes. They can also keep track of activity on the software to stay up-to-date with contract status and updates.
- Clause usage – The software allows you to keep a library of approved legal language, and quickly copy information into templates and/or new versions of a contract.
- Organization – Keeping associated documents and contracts together will make it easier to search text-based contracts and compare documents for differences.
- Document security – You can be sure confidential documents are secure by controlling their access and by utilizing check-in and check-out tools. This way only those who are given access to certain information will be able to see or manage it.
Contract management software could be a great investment for your company. It can help your business be more efficient, reduce costs, and save time in the workplace. If you’re wondering if contract management software is good for your business, check out this ROI calculator provided by Cobblestone Software. You may find that contract management software would be a wise investment for your workplace.
Click here to discover more about how contract management software can improve your business.
Rosemary Shields is a Marketing Coordinator at CobbleStone Software, specializing in Enterprise Contract Lifecycle Management and eProcurement.