Contract management is a critical part of business. Contracts account for the transfer of hundreds of thousands (if not millions) of dollars annually for most companies.
But as procurement leaders inherently know, manual contract management and decentralized storage create a variety of risks — from overlooking compliance issues to unnecessary operating costs.
So, how can organizations automate contract management systems and create centralized storage for these important documents? Here are some solutions to help your business go digital quickly and painlessly:
It’s important to make processes simple, both internally within your organization but also externally with customers and vendors. Make it easy for them to share contracts, amendments, and signatures in a secure electronic format. With the added security of two-factor authentication, eSignature solutions provide a secure way to digitize and thereby simplify contract management.
Reduce the burden on procurement managers and teams by standardizing how your customers and vendors receive contracts. When you automate contract workflows, you eliminate inefficient paper-based processes and can use features like built-in workflow reminders to notify those that still need to sign documents.
Standardizing digital contract workflows also minimizes compliance risk. With Nitro Sign™, for example, you can establish an audit trail for your documents, and ensure no critical signatures are missed in agreements (since stakeholders can’t complete an eSignature request if they skip any signature fields within a document). By adopting contract management processes that are 100% digital, you reduce the potential for oversights and increase efficiencies for hundreds, if not thousands, of employees.
Increase internal visibility
Make it easier for sales teams and procurement leaders to find contracts and agreements with centralized storage management. Electronic storage increases security and reduces the need to routinely search for paper or scanned documents. Additionally, with PDF productivity solutions employees can collaborate more easily, know where contracts are in the pipeline, and see what steps still need completion — whether it’s reviewing, adding amendments, or eSignatures.
If you don’t have time to train your team on how to use a document productivity solution, Nitro has you covered. Our change management experts will work with you to create an implementation strategy that helps optimize inefficient processes and automate more parts of your document workflows.