Automated Contracts-Need of The Hour

Covid-19 has fuelled digitization to mammoth proportions. Every process that can be brought on to a digital platform, is now being automated with the help of technology. Gartner’s CEO survey showed that CEOs are placing high bets of investment in digital platforms. The in-house legal teams saw a paradigmatic shift which showed that the legal technology spending was around 3.9% of the in-house budgets in 2020 and is expected to go up to 12% by 2025.

Digitization of contracts and development of tools that take care of the entire lifecycle of a contract are most sought after since Covid 19. Contracts are a key element for every legal department. They lay the foundation of every transaction that a business enters into. There is no doubting that contracts are the cornerstones of an efficiently managed enterprise.

Till today, manual contracting was the traditional road followed by every major lawyer or law firm. But the latency, high costs, human errors and colossal turnaround time made it imperative to adopt systems to safeguard risks and improve contractual compliance. Not having digitally streamlined contracting process in this age of digitization can create a lot of unprecedented issues.

Do You Need a Contract Management Software?

Different sized enterprises need different systems to manage their business operations at different stages. Businesses with complex workflows, require systems that simplify it, similarly, enterprises with large contracting base, need to have an enhanced system to effectively manage their contracts.

If you are still unsure of whether you need a contract management software, here is our 9-pointer list of questions to ask yourself.

• Do you manage huge volumes of contracts manually?
• Does manual management lead to frequently missed deadlines or lost contracts?
• Does inputting data manually lead to erroneous entries?
• Do you have multiparty contracts?
• Does the turnaround time for contract execution slows down business goals?
• Is your legal team under pressure to create review and complete contracts within tight deadlines?
• Do you feel you are at risk of creating non-compliant contracts?
• Are you facing inability to manage key obligations and get timely reminders?
• Does creating a contract from scratch overwhelm you at times?

If your answer to all the above questions has been a ‘Yes’, it is time for you to implement a good CLM. With a management system in place, it will immediately empower your in-house legal team to start adding value to the business through reduced turnaround time for contract execution.

Why is it Necessary to Automate Contracts?

With a well structured CLM in place, your in-house legal team is instantly empowered with a futuristic approach.

• Effortlessly manage huge number of contracts on a single platform
• Stay ahead with all the deadlines and renewals
• Eliminate errors using a standard clause library and accurate redlining
• Reduce the turn around time for execution with rapid reviews across verticals
• Equip your legal team with a single window integrated solution for everything contracts
• Create compliant contracts quickly with standard contracting templates
• Customize workflows for appropriate approval processes

It is quite imperative that digital contracts are soon going to rule out the legacy contracting process. In-house legal teams are shifting to digitally powered solutions to keep-up with the changing business horizons and contributing significantly to business goals.

Razor365 has a robust and comprehensive Contract Management Software which seamlessly integrates with your existing systems and creates a contract lifecycle that is effortless to manage and grow.

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