A contract is so much more than only a legal agreement between you and your client.
It is documentation of understanding, trust, and dependability.
And you do not want your contracting process to look stringent and instill hesitations and insecurities in your customers.
45% of companies create a negative effect on their customers only because of a poor contract management system.
That is why you want to create a contracting system that is easily manageable, traceable, fast, and efficient.
So, how do you remove the contracting inefficiencies that are delaying your business deals, risking profitability, and exposing you to financial and legal implications?
The answer- Contract Automation.
According to World Commerce and Contracting, with a good contract management system, you can improve your annual revenue by 9%.
That’s a lot, right?
With the right contract automation tool at hand, you can maximize your employee productivity and nurture client relationships.
In this article, we will study in-depth, what benefits contract automation provides and how you can deploy it in your business.
In simple terms, contract automation is the use of software tools to automate tasks using automation workflows to minimize human intervention in the contracting process.
Companies often rely on contract automation to create an efficient contract lifecycle and generate accurate contracts.
Contract automation software can help you generate new contracts, review, edit, electronically sign, store contracts, and do other related tasks in the contract management lifecycle.
By employing contract automation software, you can improve the business process, reduce risk, and increase client satisfaction.
Ernst & Young Global Limited stated that more than 57% of companies have lost revenue and about 50% failed to close business deals because of inefficient contracting.
Technology is a key tool in mitigating the risks during the contracting phase. With a contract automation tool, compliance management can be improved by 55%.
One contract automation tool that is at the top of this game is Clustdoc.
Clustdoc’s unique features like audit trail and e-signing workflows increase the effectiveness and validation of the contracts.
The audit trail feature provides you with detailed logs of who accessed the contract, changes that were made, and members that have access to the contract. Once the signee signs the contract, it is protected with a timestamp and any changes made to the contract will be easily noticed.
With a manual process, you will not be able to trace changes or any involvement of concerned parties.
Contract automation tools save you from compliance errors and the fines and penalties associated with them.
Another great advantage of implementing contract automation in your company is that it boosts your business productivity and efficiency.
Contract automation can save 82% of your time.
It saves time you might end up wasting on manual review, document sharing via emails, printing, and scanning. With e-signature, it’s simply sharing and signing the contract without any tedious and time-consuming steps.
With the support of e-signature functionality, contract automation software provides an easier and simpler way to create contracts and sign them in no time.
Now, your legal team is more productive, the sales team can move to the next prospective client, and your operation team can start executing the contract.
One thing that most businesses suffered from with orthodox contracting was losing where they kept their contracts in times of need.
You sign a contract and store it in your file cabinet. Then when you need the contract, it is nowhere to be found.
Every year, on average, four weeks are lost waiting for documents that have been misplaced, lost, or misfiled.
Filing costs are about $20 per document and each misfiled document can cost your company $125 in loss of productivity.
With Clustdoc as your contract automation software, you don’t need to waste any more time on finding old signed contracts. You can synchronize your Clustdoc account with your cloud storage space and save contracts on the internet.
Find your client contracts whenever you need them. While the contracts in your file cabinet are never secured from physical damages or theft, contracts stored online are safe and secure.
The contracts you have stored online can not be accessed by anyone without your permission keeping both your and client data safe.
Clustdoc complies with GDPR policies which means we meet very strict standards for security and encryption of your data.
Any document signed with an e-signature is secure from any tampering. Once signed, contracts are time stamped, and any changes made to the original contract make the document invalid. Your documents are safe from all forms of forgeries, making information in your contracts secure.
What customers need is a good customer experience with your company and contract automation is the right way to go at it.
A great customer experience is highly valued among the customers. Over 80% of customers in a survey said they would consider leaving their service provider over one bad experience.
Customers are your real asset, they are the ones who keep your business running. You can focus all on your sales and business but if your customers aren’t happy there’s no benefit from it.
Over 86% of customers say they will happily pay more if they are offered a good customer experience.
Making your contracting process seamless and the easiest task, to begin with, you have started in the right direction.
With Clustdoc as your contract automation software, you no longer have to worry about your clients being unhappy about your contracting process.
The next step is to onboard your clients in the right way, read this article on why client onboarding matters and how to do it in the best way.
Clustdoc is a client onboarding orchestration platform used by modern teams around the world. With Clustdoc, you can run automated workflows for collecting and verifying new customers’ data, documents and contracts – without juggling between tools.
If your team is managing new customers using emails, spreadsheets and PDFs, you’ll probably love using Clustdoc.
