Contract management software takes the processes of drafting, negotiation, and filing contacts easier than ever before.Įven the act of signing a contract can be a breeze, as nearly every single contract management software allows for remote signing with e-signatures. 👉 Read more about how a fintech company accelerated the process of getting a document from a precedent to a client, minimized contract drafting risks, and saved their team’s time on legal hassle.ĭrafting a contract used to take hours, and usually meant keeping a lawyer on call. This is why it’s best to have a solid contract management software option at the ready to get you through the jungle of legalese.Ĭontract management software can help minimize business risk, and provide a tailored experience to the customers in the most cost-effective way. Every small, medium, or large business needs it, and just like plumbing, a tiny problem can become a much bigger one if left unattended. If you think of your small or medium sized business as a house, contract management is like plumbing. With many great (and sometimes free!) contract management software options out there, it’s an avoidable travesty. Here’s the thing, though: it’s an avoidable solution. If you leave your contracts up to subpar contract management software, you could be infecting your entire business with bad data and badly managed contracts and not know about it until it’s too late.
While revenue might be the most visible area of your business to be affected, it is estimated that 60%-80% of all business transactions are governed by contracts in some way. Bad contract management can cost a business 9% of their yearly revenue, which can ultimately mean you’re working an extra half a day a week just to make up for this lost money. Contracts, and the way that they are written and managed, can determine the success or failure of a business.Ĭontracts affect every stage of business, from acquisition to advertising through to revenue.
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