For a business, landing a lucrative project or clinching a multi-year sales deal can mean the difference between lean and bountiful days. However, these deals and projects mean nothing without a contract – a signed contract, for that matter. As simplistic and obvious as it might sound, a signed contract is, after all the time and effort your company expends to fulfill your end of the bargain, your ticket to your much deserved monetary profit.
Business contracts, as you are well aware, do not materialize out of thin air. For most businesses, they undergo an approval process – especially for companies with a long list of clients and other business relations. If the approval process unfortunately takes too long to carry out, your company’s chances of losing deals becomes greater and greater as the days go by.
Losing a deal due to inefficiency is definitely not an excusable way to lose money.
Contract approval software – what it’s about
Working with numerous contracts is a headache-inducing exercise, particularly if each one of them is requiring immediate attention. Streamlining the contract approval process using a contract management solution makes the procedure speedier, more accurate and timely, ensuring that your contracts are in place when they’re needed, where they’re needed.
Advantages of deploying a contract approval software
Majority of human errors happening within a workflow are those that are routine. Aside from minimizing, if not totally eliminating, workflow errors, automating routine tasks in the contract approval process, offers the following benefits:
1. Streamlined and seamless process execution
Once the workflow is designed, all parties involved (managers, legal advisors, finance department head and other executives, etc.) have full visibility into the status of the approval process.
2. Pre-configured contract approval templates that can easily be customized
Unlike most pre-made applications that have to be tweaked by the developer when changes to the workflow procedure are warranted, the right contract approval application comes with templates that are easy to use and fully customizable. No need for complicated coding work.
3. E-mail push notifications
Each member of the contract approval committee, aside from an automatic entry into his/her to-do list once logged into the contract approval software, is sent an e-mail push notification to ensure that tasks and the necessary updates aren’t overlooked, forgotten or lost.
4. Discussion threads
For discussions, suggestions and updates, it can be very taxing, if not downright confusing, to go through numerous e-mails or messages to stay in the loop. A single thread to go back to not only saves everyone time, it eradicates chaos and misunderstandings, too.
5. Secure and convenient cloud storage
Keeping your contract approval workflow in the cloud ensures that it is easily accessible for viewing anytime and anywhere by the authorized parties, eliminating unnecessary delays.
Conclusion
Your contracts are links to your company’s healthy revenue profile. Employing a contract approval software as part of your business operations can save your company a lot of time, inconvenience and money that could otherwise be lost by a lengthy approval process.
Originally posted on May 13, 2013 @ 2:53 pm