Businesses need to think and act smart to stay competitive and keep growing at a steady pace. As the market conditions change, it is essential to bring changes to the way you do business and process work to achieve the desired efficiency. Embracing the latest business technologies to increase productivity and efficiency throughout your business process is crucial. The age of on-prem software solutions is long gone, it is the online/cloud solutions that are taking businesses to new heights today. In this blog, we will tell you about 10 reasons why online contract management is beneficial for businesses.
Strengthening contract management means, your business will be able to save resources, time, cost, etc. that you are spending on managing contracts right now. As contracts are critical in the smooth running of your business, you need to achieve this without compromising on quality and accuracy. Contract Management Softwares today let you do things a lot more effortlessly to make things better. Here are some of the best benefits a cloud-based CMS can offer your business.
Faster Approvals to Save Time
The main objective of CMS solutions is to automate contract related processes and create customizable workflows to meet the requirements of each business. By doing this a Contract Management Software makes it easier to process approval requests and saves a lot of time that is taken by repeated processes.
Comprehensive Report Generation Options
As you know, the CMS will let you save all kinds of information regarding contracts in your organization. It includes both active, inactive, and upcoming contracts. There will be different vendors associated with each contract, and each of them has different characteristics like validity period, revenue, etc. With the ability to generate comprehensive reports based on various characteristics, your business can make smarter evaluations and decisions instantly.
It is one amazing highlight of the numerous contract management tools you get to explore in an online CMS.
Increased Contract Awareness with Timely Notifications
You can set up notification rules based on your requirements. Want to get notified a week before the renewal date? Dock 365’s Contract Management System allows you to customize notifications based on your needs. This allows you to gain better contract awareness, and receive timely notifications prompting for the right actions.
Guaranteed Contract Compliance
It is important to meet the compliance standards while managing each contract. Contract Management Software powered by Microsoft SharePoint and Office 365 allows you to work with Office Apps natively. This lets you utilize features like versioning and secured sharing facilities. This will enable you to take total control over compliance measures needed for every contract.
Higher Contract Visibility
With a modern CMS, you can store all your contract-related data in one place. This includes new contract templates, other clauses, etc. It will be easier to ensure that all your employees are on the same page when it comes to handling contracts. Moreover, with a quick search, finding contracts will be made easier. Remote access is another benefit too. With all these contract management tools you will be able to make better moves and strategies regarding contracts.
You can reduce costs by changing from paper contracts management to an online digital contract management facility. With an Office 365 subscription, you can make it very easy to handle storage spaces, and facilities like electronic signature integration make it easier to sign contracts.
User Friendly UI
A simple and well-thought user interface is another advantage of an online contract management solution. At Dock, we have further customized and simplified the UI of our CMS to make it easier for the users to understand and adopt to the new system. It just needs very minimal training for anyone to get started with managing contracts. You can even restrict options, permissions, and abilities of accounts based on user groups. With just the required options and contract details provided to each user, they will find processing tasks easily without confusion.
Uncompromised Security and Privacy
Working on a cloud-based CMS might sound strange but Microsoft cloud solutions are the best when it comes to providing the ideal security and privacy for users. Features like data encryption and two-factor authentication login make these systems excellent in terms of a business standard security.
All Documents Regarding Contracts in One Place
Along with contract-related information, you can also upload documents and files along with each contract page. You can view all files regarding a contract in a separate view. This makes it easy to find files regarding a contract and make changes or decisions without delay.
Be Ready for Growth
Your business will not be in the same size and process for a long time. It will grow! As a result, the number of contracts and the workflows will also change. When you have a lesser number of contracts and simple workflows, it will be easy to switch to a digital contract management software. By making this move, when you expand in the future, you can make your team and resources ready for the growth no matter how big or complicated the workflows are at that time. The contract management tools available in an online/cloud solution is so amazing that you will find contract management easier in such a platform.
We know you will not be 100% convinced even after reading about all these points. That is because we are providing a free demo of our Contract Management Software for all our readers. Book a free demo now to see how it works and how easy it will be for you to handle contracts.
Hope you got a better awareness of the reasons why online contract management is beneficial for businesses. Keep coming back for more interesting business solution blogs.
Written by Alex K Joseph
Alex Joseph is a Digital Marketing Strategist with explicit knowledge in Content Marketing and Microsoft Technologies. A writer by day, Alex is a night owl and a DIYer. Alex's theory is to make businesses achieve success with modern solutions and smart exploitation of resources.