Many workplace processes are repetitive and time-consuming, which leaves staff minimal time to focus on improving their organisation. More than 12% of a company’s total annual costs can be attributed to administrative tasks and contract management, which is a significant figure.
You can cut down on these costs by implementing technology-enabled automation or Business Process Automation (BPA) – functionality that can significantly improve your workplace processes. Companies are estimated to be spending over £9.5 billion on BPA solutions by 2021. If you invest in BPA, you can focus on the research, strategy and development that will help position your business as a leader, whatever your industry.
How BPA affects the contract management process
Software is 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 used in the workplace, which directly 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 helps businesses succeed by optimising 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. It helps businesses of any size easily and quickly draft, manage, and track contracts. Research shows that inefficient contract processes can result in 5 to 40% losses on the value of a given deal – which is a rather sobering thought. You can start saving money and make your contract processes more efficient once you consider the various options of contract management software and identify the one that’s right for your business.
Here are eight of the many great ways contract management software can benefit your company:
- Electronic signatures – these 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 customised to their business size and needs
- Built-in alerts – using software that has reminders for important status updates and dates affecting contracts is key to keeping on top of your contracts’ status.
- Easy access – with all your contracts kept digitally in the same place it’s easy to quickly search, sort, and filter your repository.
- Collaboration – users can submit and accept requests for contracts via the software, which will improve your internal communication. You 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 centralised library of approved legal language, so that you can quickly copy information into templates and/or new versions of a contract.
- Organisation – 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 using check-in and check-out tools. This way only those given access to certain information will be able to see or manage it.
Contract management software might be one of the best investments your company could make. It can help your business be more efficient, reduce costs, and save time in the workplace. Contract Insight – contract management software from Four Business Solutions – forms part of the Business Process Improvement service Four offer.
Business process improvement – BPI – from Four Business Solutions
Business Process Improvement (BPI) is about making your business more effective, not just by digitising paper processes but also by saving you time. It can eliminate potential issues and see your business profit from faster, more streamlined real-time financial and transaction processing. World-class BPI should encompass liquidity and cash, optimise core accounting/reporting and improve workflow, service and efficiency within your organisation. And that’s what Four Business Solutions deliver.
If you’d like to find out more, please call John O’Brien, on 0800 6250 025 to schedule a one to one consultation.