5 Ways Legal Contract Management Can Help In Automation
Manual, resource-draining tasks have been dominating legal departments and the legal industry itself.
The legal industry is dominated by challenges of legal contract management processes. The majority of these pre-and post-signature tasks require manual efforts and can disrupt the complete contract management process. As stated by Gartner, generation of contract, negotiations, its reviews, as well as approval takes up more than half of the legal department’s time. It does not even include the time essential for the management and maintenance of the complete contract repository.
Challenges that disrupt the contract management processes due to lack of automation
At times the existing contract management technologies can also be disjointed, causing errors and lesser productivity. Different communication channels and platforms and siloed systems for contract management result in issues, like work getting erased, repeated, and lost. At times attorneys, paralegals, and contract managers do not even understand they are utilizing their time for inconsistent and duplicative efforts. These challenges can drain the legal department’s resources as well as cause delays in the procedure.
What are the reasons that the contract becomes complicated to supervise?
- A contract takes time to copy the files and store them
- Improper price tracking and compensations that create revenue losses
- Delays in getting approvals dissatisfy the customers
- The fragmented management results in incorrect information or neglect the policy compliances.
Legal contracts with a legally binding e-signature are dependent on procedures and the introduction of automation. The best online document signing or electronic contract signing software assure on-time delivery, thus preventing further work delays. These digital products have reduced the tremendous workloads in firms, permitting the lawyers to focus on the business value.
Here are some ways how a legal contract management system can help in the automation of business processes.
Centralizing Contract & Management Cycle
Adapting to a single, searchable, and secured central repository helps to connect diverse workflows. It also streamlines the contract discovery and searches. The paper-based workflows are higher in contract flows which are reducible with contract management software. The electronic contract signing and other features of the contract management system offer the legal staff, the capability to pull any single contract or clause at any given point in time.
At the given point in time, features like a legally binding e-signature minimize leakages, improves efficiencies and security, and keeps us well informed. Thus, electronic contract signing makes the process to manage contracts smarter.
Automated Analytics for Actionable Insights
It is time to say goodbye to the paper works and spreadsheets. The legal contract management system with features like electronic contract signing has made the entire process smooth. With real-time analytics and bottleneck identification, you can also determine the areas of improvement in contract management.
It empowers the actionable steps for reducing risks, limits the losses, and increases the ROI of the business. The legally binding e- signature and other features identify efficiency in different areas and monitor clauses and payment agreements.
Consolidates the Communication
Communication is a prominent part of contract generation and management. These communication records are buried in the paperwork, and sorting them becomes time consuming. With the centralized repository and the best online document signing, pulling out stored communication notes has improved. The feature of easy-to-locate negotiation records and clauses ensures faster and revenue-generating negotiations.
Expands the Contract Visibility
The legally binding e-signature incorporated in the contract management has automated the discovery-related tasks post-signature. The analytical options and a central and automatic contract management system improves the contract visibility. It simplifies manual search and enables multiple collaboration options on an enterprise level. Everyone can get a clear idea of the legal contract requirements with the best online document signing feature and automated insights.
Simplified & reduced Risk Management
Automated risk management with features like renewal dates, terms, and payments prevent the possibility of a breach or any red indicators like inconsistencies and missing links. The legal contract management system streamlines process and schedule with features like dashboard insights and electronic contract signing. Daily milestones in terms of regulations are achieved, with the regular use of the legally binding e-signature. You can now clearly handle the contracts on time and improve business opportunities with automation features like e-signs from the best online document signing software.
Your take? The legal industry right now is burdened with the costs of inefficient manual efforts. It is also incurring losses owing to poor quality automation, thus draining the legal department’s ability to create a positive business curve. Implementing basic steps towards automating the most tedious legal contract management tasks can lead to future value additions.
Investing in good contract management software can save manual efforts, improve efficiency, and save revenue losses. Contract management can re-acquire the law department’s lost business revenue. Contract management automation also includes the use of electronic contract signing and legally binding e-signature software.
Quoting My-Virtual lawyer founder Book Moore,” Automating your law practice can drastically improve your firm. We don’t take the human element out of our practices, but we spend less time on menial task and more time on things that require our skills and expertise.”