It’s no secret that contracts are the lifeblood of businesses, yet managing them can often be a laborious and intricate task given the multitude and variety of agreements that are handled on a daily basis. Automation is here to help make otherwise time-consuming elements of managing the contractual process both more efficient and more consistent and reliable.
In this blog post, let’s explore two seemingly simple yet often time-consuming examples of where workflow automation can make contract management easier, faster, and more productive.
One prime example of where workflow automation can make an impact is getting approvals for a contract. I recall in prior roles having to chase down stakeholders for their review and approval of a contract. It often meant trying to catch someone walking from one meeting to another or even interrupting their lunch to get their critical input. If they had questions, that meant having to set up a meeting to discuss further.
Imagine a scenario where chasing down stakeholders for contract review and approval becomes a thing of the past. No more interrupting busy individuals during their lunch break or frantically catching them between meetings. Using automation, requests for review and approval can be sent out automatically. If the approver has a question, they can ask it and receive a response within an automation solution rather than having to send and receive yet another email. In the event of a stakeholder changing, an automated workflow can be changed on the fly rather than needing to hunt down one stakeholder only to learn that another person is, in fact, the right stakeholder to get approval from. Automation thereby reduces bottlenecks and speeds up a task that can dramatically slow down a contract’s cycle time.
Furthermore, let's bid farewell to the days of physical signatures. They are a thing of the past anyway, right? Now a document ready to be signed can be automatically sent out, and the recipient can be directed to where they need to sign. Once a signature is received, the document either gets sent to all signing parties for their files or sent to the other party needing to sign. Not only does this expedite the signing process, but it also enhances security by restricting access to authorized individuals. No longer do contracts sit on desks, vulnerable to prying eyes; instead, privacy and confidentiality are fortified.
Workflow automation has become the catalyst for more efficient and productive contract management processes. By automating just approval workflows and electronic signatures, organizations can enhance efficiency and speed up contract cycle times while also improving security and privacy. Embracing workflow automation in contract management empowers organizations to focus on fostering better collaboration, nurturing growth, and thriving in a dynamic and digital world.