Contracts play a major role in companies right from the start. They are the first steps for a profitable journey with the vendors or clients.
Over time, as companies grow, the contracts too grow in number and so their importance. Hence, there comes a need for contract management which eventually becomes inescapable. However, contract management is not an easy task for a company with multiple contracts. It is a forever process that includes managing agreements; from drafting to execution, negotiation and termination, etc under legal terms.
But thankfully, that is all a past talk. Today, contract management software alone can do everything a company needs in managing B2B contracts. Agreed, finding a reliable contract management software is expensive as well as time taking. But all that is worth more than risks involved with poor or lack of contract management.
Here are 5 signs your business needs contract management software and you shouldn’t ignore.
Your Contract Process is Delaying
You can’t deny the most-known fact that time is an important variable in any business.
If you are still using word documents for drafting contract agreements and traditional spreadsheets for managing contracts, you are simply wasting your time.
Although you draft the contract using a customized template, chances are high that you make mistakes filling the important customized information. This will hence lead to legal issues in the future, and hiring a lawyer is sometimes expensive.
Moreover, if it is taking too long for creating a simple contract, you are in dire need of contract management software. Having said that, time is crucial and one can’t spend it on decoding problems that already have smart solutions. A contract management software can create customized contract solutions and provides ultimate flexibility to make your job easy and fast. So that you can move your business to the next milestone faster.
Too Many Errors in the Contract
Errors in contracts cost legal issues and unexpected financial setbacks. Hence, it is crucial for a company to create and manage error-free agreements from start to termination. However, it is almost impossible for making contracts error-free or at least it is more time-consuming and expensive as that requires multiple reviews or an expert legal team member.
Especially when you are using spreadsheets or any other online document, your team wastes their significant time in finding the required contracts. Also, when the contract requires an edit, your team might make mistakes in the document as it has to be shared with multiple departments within the company. Such things don’t happen when you are using contract management software as it keeps the team on the same page.
You never know how much errors in contracts might cost, right? So, if you have already come across such errors, then it’s high time to get contract management software for your business.
Spending Lots of Money On Contract Renewals
Studies showed most companies pay tons of money on unused hardware or software maintenance. This happens mostly because the companies oversee the deadline and insights of the contract.
Though you have multiple tasks on the priority list and it’s uncommon forgetting about contract renewal, paying large amounts to something you no longer use is really not acceptable. This impacts hugely on a company’s budget, especially when it is into multiple contracts.
So, no matter the size, every company needs contract management software because it alerts both parties about the renewal of maintenance or related agreement. So that the company can decide whether to renew or cancel or negotiate the contract to lower expenses.
Your Staff Wastes Time on Finding & Refiling Contracts
If you are using paper contracts or online documents for storing contract agreements, your team has to spend huge time on locating the required contract. In case, a contract is lost, your team has to invest extra time to refile the contract which is time-consuming.
Instead, they can work on other important tasks in the business, if you are having proper contract management software. Remember, time is money, especially when your business has already taken the plunge.
You are Prone to Penalties
Having said that errors in contracts can lead to unexpected challenges and financial penalties. For this reason, not only do you have to draft the contract error-free and must be aware of all conditions but also see if there is any risk involved when signing it.
Moreover, challenges might arise when a team member who is responsible for managing the contract leaves the company. Missing the deadline or acting against the terms of the contract lead to a huge loss. This is where the right contract management software such as parleypro.com comes into the rescue. The legit contract management software takes care of everything your company needs and nothing it doesn’t.
Hence, you will have a good night’s sleep as you can put all the responsibilities on the software and focus on delivering the contract if you are the service provider.
So, these are 5 signs your company needs contract management software.
You have made the right decision if you are already convinced that your business needs contract management software. Anyway, here are a few benefits of having contract management software in B2B for those you haven’t convinced yet.
Benefits of Using Contract Management Software
Easy to Collaborate
As stated in the above lines, contract management software provides everything you need to manage the contract successfully. It lets you collaborate with other team members so that you don’t commit any errors while editing the contract manually.
Track & Renew
Tracking and renewing the contract is one of the important things as you are going to pay huge amounts if you miss the expiration date. At the same time, you can realize the contract’s status and make the right decisions of renewing or cancelling the contract if you can track the contract properly.
Faster & Secure
As mentioned before, creating a contract shouldn’t take much time with the right contract management software. Moreover, protecting the ownership is important and the software serves the best in saving time and secure.
It becomes a daunting task when you want to create contracts more than planned if you are creating them manually. Contract management software lets you create unlimited customized contracts within a matter of minutes.
Zero Risk of Loss
When using contract management software, you need not worry about losing the agreements because they are stored securely and can be easily accessed.
If you are not using contract management software for your company, you are not alone. There are still a few companies that didn’t realize they needed contract management software and paying huge on product maintenance they no longer use, wasting time using traditional methods to manage contracts etc. However, the companies that are being benefited from having contract management software are high in number. Hence, if you are not taking the right decision now, you are going to lag far behind in the competitive market.