6 Key Benefits of Contract Management Solution
Did you know that companies lose up to 9% of annual revenue due to poor contract management?
Contracts are the foundation and universal language of any business – which is why it becomes indispensable to have the right contract management automation software in place.
An enterprise document management software enables you to manage, track, and automate every single step within the contract lifecycle to maximize financial and operational performance while minimizing risks – all things essential to the success of an organization.
Let’s get familiar with the benefits of using document management software.
This article covers:
- How can a DMS benefit an Organization
- File template
- Document Scanning and Digitize
- Version Control
- Automated Workflows
- Records Retention
How Can a DMS Benefit an Organization?
From allowing you to digitize documents to facilitating you to request digital signatures to records management, the benefits of document management software are inexhaustible. Here’s how an organization can utilize DMS to automate and manage contracts.
Pre-built File Templates Save a Lot of Time
File templates and drafts are one of the most valuable document management features, which allow you to create repetitive documents in just a few clicks.
You don’t need to build contracts from scratch every time. Instead, you can use ready-made, pre-approved contract templates, clause libraries, and web eForms to create contracts that comply with the latest rules and regulations.
Simply tweak a file template to your requirements, and you’re ready!
This helps keep communication consistent, facilitates smooth file management, and saves you a lot of time.
Document Scanning Digitizes the Entire Contract Lifecycle
Built-in document scanning allows you to convert paper documents into machine-readable digital images, which eventually helps you go paperless and save the environment. From the contract request to contract termination, workflow contract management software digitizesdigitize every step of the contract lifecycle.
Docsvault’s document scanning features and capabilities includes:
- Optical Character Recognition (OCR)
- AI Data Capture
- Barcode and Zone OCR Capture
- High Volume Capture (Batch Scanning)
- Barcode Reader
There is no need to buy messy filing cabinets, rent expensive office space or outsource document storage as contract management automation software digitizes and stores all your paper documents in a centralized paperless filing system for easy retrieval or archiving later.
Automated Version Control Keeps Track of All Changes
Document management software comes packed with automated document version control to preserve all versions of documents. This unique feature allows you to easily retrieve and edit information in an older or latest document version to ensure consistency and transparency.
Additionally, you can create new versions and notify the file owner and other users about the changes. Email alerts and visible audit trails keep relevant users updated about all version changes. By eliminating the dependency on individuals, version control makes document versioning simple, systematic, and automated.
Automated Workflows Ensure Faster Contract Approvals
Workflow automation software enables you to create highly customizable workflows to speed up the contract review process and reduce the approval time. It uses predetermined sequencing to automate the contract lifecycle and ensures each contract gets its approval in the shortest time possible. One can access contracts for reviews and approvals anytime, anywhere, on any device.
Furthermore, contract management automation minimizes the risk of human errors and delays typically associated with circulating contracts manually. It presents a clear picture of tasks at hand for responsible participants so they can complete each one on time. On the other hand, dynamic document workflows enable you to respond and adapt to changes during the workflow process.
Records Retention Makes Records Management Easy
Every organization is required to retain business records and documents for either legal or regulatory reasons or to meet its business and administrative requirements. However, with the large amounts of documents businesses generate today, retaining records seems like a big challenge. And that’s where the Records Retention Management feature comes into the picture.
Document management software makes it possible to identify, classify, and dispose of records per your internal policies and legal and industry regulations. It handles everything from developing traceable and defendable retention policies to automatically applying retention policies for both physical and digital records to the final disposition of records. In other words, Records Retention makes records management a breeze for users.
Auto-Reminders Remind of Contract Expiry Date
You don’t need to worry about follow-up emails and reminders using workflow automation software. Instead, it allows you to send rules-based auto email reminders before on the contract expiry date. You can set specific rules to send automatic personalized reminder emails for expiring contracts, policies, payments, task follow-up, or any other time-sensitive activities.
This is one of the most valuable document management features that radically reduce the time spent on unproductive tasks like sending follow-up emails and reminders to customers and team members. There is no need to manually fill fields like names, contract numbers, due date, amount etc. Instead, you can take advantage of pre-built templates to send out personalized email content to your clients. You can even attach relevant documents dynamically.
Are you looking for robust and efficient contract management software? Give Docsvault a try! Try an instant demo to see how it can benefit you in contract management.