“Ineffective contract management costs the average company 9.2% of annual revenue,” while “organizations that utilize contract management automation improve contract renewal rates by 25%, increase revenue by 1%-2%, and cut contract cycle time in half.”
The above statistics clearly show the importance of a Contract Management Software for any legal department and if you’re considering one, then here’s why it’s necessary.
Contract review is much easier with a Contract Management Software as moving it from one stage to another is smoother. Once a person is done reviewing their part of the contract it can be sent to the next with a simple notification, making it easier to complete the contract quickly and without delays.
An effective Contract Management software allows you to store your standard templates and clauses to create contracts instantly. You can save a lot of time by leveraging this library and reduce human errors. Imagine responding to a new contract request in less than 5 minutes.
A Contract Management Software provides a central repository to keep all the documents, contacts, emails, notes, contracts, etc. all in one place, making it easy for you to locate them. There is no need to go through various folders, notes and email threads and having all the information in one place makes it more accessible.
Forrester and Aberdeen also claim that using a contract management software can help in “55% improvement in compliance, 50% reduction in contract cycle times, 25% improvement in contract renewal rates and 1-2% improvement in revenue.”
PracticeLeague’s Contract Management Software has a number of important features that can help optimize your legal departments’ processes. Contact us now to find out more.