When it comes to the digital transformation of your company, finding ways to automate legal contracting is one of the most effective options due to the different ways in which this tool improves productivity in your teams.
For this reason, the number of companies that decide to implement the automation of their contract lifecycle increases significantly over the years.
As markets change, the demand for the optimization of processes becomes a need. This means that any company that wants to grow should implement automation in all processes if possible.
Contract management is one of the first aspects you need to transform to adapt to this digital era.
Why you should automate legal contracting
If you are not sure why you need to automate legal contracting in your company, here are 5 important reasons:
Higher contract visibility
When you automate your legal contracting processes, you can organize and classify all your contracts for easier access. This helps you create a digital contract repository that reduces the time invested in searching for documents and paperwork. Instead of wasting time trying to find an old contract when needed, or having problems trying to find the right version, you just access your contract repository and get the right file.
An automatic contract management software allows you to create templates. It’s possible to modify the templates according to the requirements of each agreement. This helps you create a tailored contract in just a few steps since changes are made based on each particular case. As a result, you get the exact contract you need for each agreement free of errors.
Easier audit preparation
Contract management software allows you to have a centralized platform. As a result, you can manage your whole contract history in a single place. You can also make changes and save modifications required by one of the parties. This gives you access to all the versions and updates. It means that your business is ready for an audit at any time, ensuring a clear contract history.
Improved approval times
Having a clear view of all your agreements and contracts allows you to quickly verify the state of each one of them, and notify the responsible parties when approval is needed. You can even integrate an electronic signature option that reduces significantly waiting times for approval.
More efficient teams
Your collaborators won’t have to invest as much time and resources in the different stages of the contract management life cycle. Thus, you can achieve more with less effort. This allows your team to invest more time in other areas that can help your business grow.
As you can see, the decision to automate legal contracting offers a great number of amazing benefits for your team. Koho software offers you a comprehensive platform to automate your contract lifecycle management and improve the way you do business.