The Impact of Contract Automation in the Business World

Louis Balla
Louis Balla
Louis is the Co-Founder of Anapact and partner at Nuage, a top rated ERP consulting firm based in Venice Beach, California.
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Automation anxiety has been around since the industrial revolution. It is the fear that human labor will be rendered obsolete by machines. Technophobes paint technology and automation as a villain to be reviled. However, technology is, above all things, a tool. Much like a hammer, it can be used to destroy or create, depending on the intention of its wielder. Automation can be used to make workers’ lives easier.

Automated contract management is no different. This can streamline your operations and save you time and money. You can say goodbye to manually sifting through documents one by one, and everything will come to you at a few keystrokes. 

This software is also a cloud, meaning that it will automatically update any verified changes to documents. This eliminates any confusion and errors when concerned parties have an older version of the same contract. 

Here are a few ways automated contract management can make running your business easier.

Faster Contract Management

A good contract management software will allow you to select several contract templates, edit the contract, set up alerts for follow-up dates, acquire e-signatures, see the approval workflow, negotiate terms, and email the concerned parties. Such features will greatly decrease human errors and make for efficient business transactions. 

Templates

Drafting up contracts will be as easy as selecting a template and allowing the software to fill in the important details—no more worrying about clerical errors or typos.

Find Contracts Easily

No more clicking through files one by one or thumbing through pages and pages of papers because your contracts will be contained neatly in a repository. Your contracts will contain tags such as purchase date, contract owner, contract name, person responsible, status, etc. Using these tags, you can search for the contract or contracts you need within your repository. Besides the tag system, there is a search function that will search all contracts for whatever keyword you type in. 

No More Surprises

Running a business means you’ve got to stay on top of things all the time. If you’re late to one thing, that could bottleneck your whole operation. This is a task you can delegate to a contract management software. It has a built-in function that lets you set alerts for important dates like contract reviews or deadlines. Now, you can spend less time and mental space remembering important dates and focusing on other work aspects.

Import Contracts

Scanning and faxing contracts? Fiddling with file converters? Manually transcribing an image file? Those are now a thing of the past. Using an automated contract management system, you can import PDFs and image files into text files.

Transparency

Through the contract management software, everyone can see at which point of the process a contract is. You, as the owner, can retrace the steps of a contract. Doing this will allow you to find inefficiencies and bottlenecks, thus improving your business’s overall output and performance.

Conclusion

Running a business means you need to stay competitive. Getting an automatic contract management software will greatly improve your experience. It’s high time you upgrade and embrace the new technology.

Need expert help with contract review and management? Look into Anapact today. It’s a contract management software built to be easy, excellent for small- and mid-sized businesses!

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- About the Author

Louis Balla
Louis Balla
Louis is the Co-Founder of Anapact and partner at Nuage, a top rated ERP consulting firm based in Venice Beach, California.