To have the most success in the contract lifecycle management department of your business, it’s important to find a method that works seamlessly while simultaneously developing and improving client and vendor relationships. To maximize the success and growth of your business in the long-term, finding a contract management system that aligns with your business’s needs and objectives is crucial.
To increase client retention, you must adhere to and stay compliant to every contract created. Additionally, you want to ensure that critical dates are not missed and are instead planned and prepared for ahead of time – think renewals and expirations. Due to the intricate and legal nature of contracts, developing an expert understanding of all the details pertaining to contract management is imperative if you want to conduct contract management processes successfully within your business.
To increase client retention, it is very important that you have a contract management process that provides confidence, security, and keeps the client returning to your business. Start by asking yourself if you were the client, would you return to your business for your future contract management needs? Was the process efficient, seamless, and full of clear communication across all parties? Take an assessment of the current functionality of your current contract management system and identify where areas of improvement might exist.
If you handle contracts expertly with the client in mind, you will certainly increase client retention by providing a positive experience. A great way to ensure client happiness and to increase their satisfaction is by conducting contract management activities with efficiency, attention to detail, organization, and timeliness. If your contract management process is subpar, unorganized, and unnecessarily delayed, you risk bittering client relationships by breaking their trust and confidence in your system and operations.
However: You’re in luck.
There are incredibly advanced tools to help you create the best possible solution for your unique business needs and goals. You can both improve your contract management process and your working relationships with clients and vendors. The #1 tool we recommend implementing is contract management software to increase productivity, efficiency, and return on investment. If one of your many business goals is to increase client retention and acquisition, adopting a revolutionary contract management software will set you up for success.
What is contract management software?
Contract management software is software that designed for the management, storage, and tracking of contracts. Contract management software helps businesses efficiently take contracts through each stage of the contract lifecycle. Additionally, contract management software is designed specifically for the various functions pertaining to legal contracts.
These functions include:
- Contract creation
- Soliciting approvals
- Obligation tracking
- Amending contracts
- Contract storage
- Contract tracking
The best contract management software will streamline the entire process of managing contracts through their lifecycles while increasing internal collaboration and communication – making it an efficient process for your entire contract management team or department.
Contract management software simplifies; previous contract management methods tend to complicate.
With a contract management solution like our Dock 365 Contract Management System, you can create an organized and methodical approach to your contract management process. You will improve client and vendor relationships by making the contracting process more efficient both for your team and for theirs, creating more confidence and trust in your practices. By using contract management software, you increase the likelihood of gaining more accuracy in your renewals and approvals while speeding up their rates.
According to Forrester, implementing contract management software can reduce your contract approval time by an average of 82%.
Increasing the quantity of well-structured renewals and approvals can result in maximized client satisfaction, increased productivity, and decreased working stress within your business. By combining contract management software with customer relationship software, you can be fully aware of both your contracting processes and how your clients are responding to the way your systems are operating.
Why Contract Management Software is Essential to Your Business’s Success
The modernization of today’s contract management software helps companies and industry leaders globally up-level and advance their contract management systems. By leveraging the capabilities of leading contract management software, you gain the upper hand on your competitors and outperform them with more efficiency and productivity. Contract management software allows you to automate workflows, making contract management software a game-changer for collaboration and communication.
It’s interesting to note that today, it’s common to measure a business’s success by how and by if they incorporate automation in their day-to-day operations.
According to SalesForce, 81% of top IT professionals find that the percent of automated processes within an organization is a crucial KPI for the organization to track.
By introducing automation into your contract management processes, you can streamline contract lifecycles by creating smooth transitions for the contracts as they move in and out of the stages of their lifecycles. When regularly working with massive quantities of metadata, automated contract workflows can increase efficiency, accuracy, and timeliness of your contract lifecycle management processes – taking it to a whole new level.
9 Reasons Your Business Needs Contract Management Software with Contract Automation Capabilities
The contract management software your business chooses should have automation features so you can completely transform your contract management process for the better. Maximize results, reduce risk, increase profits, and improve workplace efficiency with workflow automation-enabled contract management software.
Here are nine reasons your contract management software needs contract automation included:
- Drastically increase efficiency and reduce cost
- Filtered and customizable searches in a centralized repository
- Draft contracts with customizable templates
- Digital workflow automation
- Automated reminders, alerts, and notifications
- Increased visibility
- ESignature integration
- Conduct data analysis
- Create custom reports
Contract Management Software Gives Your Business the Competitive Edge
Put your company ahead of your competitors by leveraging all the features of our Dock 365 Contract Management Software.
Here are 20 advantages of implementing our software solution:
- Ensure organization
- Improve client acquisition, retention, and satisfaction
- Increase time-efficiency
- Contract template library
- Clause library
- Effectively manage high contract volumes
- Reduction in human error
- Utilize real-time updates
- Improve accuracy and speed of contract renewals, approvals, and proposals
- Automate workflows and tasks
- Sort documents and contracts in a centralized repository
- Improve contract collaboration
- Employ the custom filtered search function
- Create more accurate reports
- Conduct detailed data analysis
- Contract archiving and tracking
- Microsoft 365 and SharePoint integrations
- Sertifi ESignature integration
- Increased security
- Single Sign-On (SSO) feature
Contract management software offers numerous benefits to your company. With such software, you can allocate your time and resources in a manner more conducive to achieving business objectives. Reduce turnaround times and increase client satisfaction and trust with improved contract lifecycle management by way of contract management software. Choosing to adopt contract management software is easy – the advantages are rather undeniable.
Our Dock 365 Contract Management System takes your business’s needs and goals seriously, and we will work with you to create a unique solution designed specifically for your business.
For more information, schedule a free, zero-obligation demo here.
Written by Lindsey Paulk
Lindsey Paulk is a Content Writer in Jacksonville, Florida that specializes in digitally communicating all-things contract management.