An average of 51% of companies currently uses marketing automation. The other 49% are missing out on the convenience that automation brings. As we move forward through the Digital Age, more and more innovations are being invented to improve our way of living. One of the aspects that are significantly affected is how we do business.
Today, it is not uncommon to see businesses integrating technology into their business processes and operations. Even small and medium enterprises are investing their resources in software and automation to gain an edge over their competition. Embracing technology into the organization is the first step that a business owner takes in its journey towards becoming a vast conglomerate.
Contract Management is, perhaps, one of the first business functions to experience automation. As it is the management of all the company’s contracts, absolute efficiency and infallibility are needed to ensure proper automation.
Here are some of the benefits of contract management in marketing.
It is impossible for any human, except maybe for those with an eidetic memory, to have full recall of all contract metadata. The amount of information in just one contract can overwhelm a person. Just imagine how much information overload it would be to handle all of the contracts of the company. Mid-sized companies deal with hundreds of arrangements, on average. This number doubles when you take into consideration the numerous marketing strategies employed to make sure that the company consistently receives a significant number of sales.
A contract management software will not only retain all contract information but also provide said data in an easy-to-use interface. By having all the facts at their fingertips, business owners can make informed decisions quickly.
Quick Approval Time
The usual process can take weeks or several months before a contract is approved and signed. The reason is because of the back and forth negotiations that happen between the involved parties. Each time an amendment is made, both parties have to get a physical copy for them to look over and discuss. This unnecessary step is eliminated with software.
All authorized parties can work on the same document through online forms in real-time. Relying on printed contracts will just stifle the company’s workflow. What this means is that there is no waiting or lag time before a deal is approved. Users can easily discuss and amend all the terms of the agreement without having to wait for the other party to send them a copy of the revised draft of the contract. In theory, a deal can get approved in just one day.
When negotiating with other companies regarding your corporate marketing strategy, it must get signed as quickly as possible so the company can reap the benefits immediately.
Contract management software also makes it easier to land international clients. There is no need to ship the physical contract. At the same time, a contract management software is integrated with an e-Signature feature. e-Signatures are legally binding, allowing for the easier completion of valid contracts.
Integrated Calendar For Renewals & Deadlines
A contract management software has a calendar integrated into its systems. An organization mustn’t miss any of its deadlines and renewal dates. It can result in a considerable loss for the company. Missing even just a few periods for your vendor, client, or even employees can spell bad for your company’s reputation. You can lose your vendor and clients’ trust if you do not deliver on the agreed-upon date. At the same time, your employee’s faith in the company may also be affected.
You may think that it’s easy to remember the important dates, but with all the other tasks that you, as a business owner, must do, it can slip your mind. It is then quite a convenient feature for contract management software to have an alarm setting. This way, you can make sure that you do not miss any important dates.
Contract compliance is more guaranteed with contract management software. With a full visual of your contract metadata, it becomes easier to comply with all of the agreed-upon KPIs. A business deal can quickly fall apart if you fail to meet any of the KPIs because you “didn’t know.” Unintentional or not, the company’s branding is at stake for every time that it does not follow through with a signed contract. Non-compliance with an agreement can also result in many more significant issues, such as a lawsuit.
One unique feature of contract management software is its ability to identify problems and risks encountered by the organization. For instance, it can easily show to a business owner which contracts are not performing correctly, giving him/her the chance to fix the issue before it causes the company more losses. Through this, authorized parties also are made aware of which contracts they should not renew anymore.
Improved Filing and Documentation
With all your contracts in digital form, it is much easier to curate and file them. Uploading them to the cloud is much more secure than having physical copies of your files. This way, you are assured that no harm can fall on them. It is safe from theft, sabotage, and even a fire. Usually, once companies realize how efficient digital contracts are, they also make a move to digitize all of their other documents.