Why should you automate contract management? Because creating, negotiating, and signing contracts can be a hassle when they are printed out or saved in network folders. Additionally, keeping track of the contract terms and expiration dates is difficult, so you might miss out on valuable opportunities.
When you automate contracts, you have more control of them throughout their lifecycle, making them more effective for your company. It’s time to take a look at automated contract management and how it can help your business.
What Is Automated Contract Management?
Simply put, automated contract management uses software to create, manage, and store contracts. Automation makes the entire process more efficient and compliant while still allowing for collaboration, negotiation, and tracking of contracts.
Automation saves a tremendous amount of time. One client said they save 500 person-hours per year with M-Files contract management! What could your company do with that kind of time savings?
Automate Contract Management: 5 Key Benefits
Manual contract processing often results in slow, low-quality work. It also wastes time because work often needs to be done repeatedly to accommodate for different tools used by different departments.
When departments use different tools, this also creates the risk of different document versions being used. Different document versions can also result in a lack of security of your critical data.
M-Files contract management offers powerful solutions to these issues.
1. Eliminate Mistakes
Mistakes are eliminated when there is only one current version of a contract to access. Automated input of client data ensures that each contact is error-free.
2. Control Contract Versions
When a contract is emailed back and forth, someone is likely to use the wrong version. Automated contracts are only accessed via a link to the current version. This method allows for negotiation without the need to continually create a new document, and you’ll always have access to the document history and comments.
3. Efficient Signatures
Integrated eSignature tools mean you no longer have to print out a document for signatures and then scan them back into your system. These tools also mean that you can get required signatures fast, no matter where the person is or what device they use.
4. Contract Enforcement
When you automate contract management, it’s easy to program important dates and milestones to notify the right person to handle the issue. You won’t have to worry about missing important obligations because it wasn’t written on the calendar.
5. Easy Archiving
Each contract has a shelf life, whether it runs to its termination point naturally or intentionally. With M-Files contract management, you are notified when a contract is ready to expire so you can make the appropriate decision. If you decide to archive the contract, it is done automatically.
Automate Contract Management with M-Files
Want to know more about how M-Files can help you manage your contacts more efficiently? Contact us today to set up your consultation with our experts. We’re here to help you succeed.