7 Ways to Better Use Electronic Signatures and Contract Lifecycle Management Software

Upgrading from handwritten signatures to electronic signatures can be one of the most productive things that a company ever does. On the other hand, it can also be a tad underwhelming if the company does not take full advantage of the available technology. Most companies experience a mixture of these two feelings: the extreme glee that comes with the benefits of eSignatures, and the slight disappointment that there isn’t more.

Well, there is more. In our quest to help you get the most out of your automated CLM system and eSignatures, we have compiled this list of 8 ways to use electronic signatures and CLM software more effectively in order gain those extra benefits that you were hoping for when you upgraded.

1.    Track Documents Through a Visible Audit Trail

Tracking your documents allows you to be informed about the progress of your contract from the initial draft through its completed phase. This grants you greater control over the contract’s lifecycle. Using this technique in its basic form simply allows you to monitor the progress of the document, but when you begin to master it, you can enhance your overall customer experience.

You can receive notifications when deadlines arise, and even when a third party signs (or doesn’t sign) a contract. Knowing, for example, that a party has viewed a contract, but not signed it, gives you an opportunity to step in and solve any issue that they may have with the contract.  If the other party has signed the contract, then you can begin immediately to fulfill that contract without delay. This decreases uncertainty and hesitation when executing a contract.

2.    Create Templates for Frequently Used Documents

One of the more frustrating parts of contract management is building an entirely new contract every time a deal is made. Most of us tend to use up a lot of time and mental energy drafting a new document, making sure that the phrasing is just right, formatting it all correctly, and then printing up every new version of the document. This frustration is only exacerbated when it is the same document wasting our daylight hours, time and time again.

Using a template, whether one that you create yourself or one generated by our experts here at Concord, allows you to simply input necessary data into a pre-made document. This streamlines your drafting process and helps you slap that eSignature on more quickly. Electronic signatures remove the frustration of signing a contract, and templates remove the frustration of generating the same document over and over again.

3.    Personalize Your eSignature

Your personal signature is a way of distinguishing your identity from anyone else’s. When you write a signature with pen and paper, it is discernible from anybody else’s signature. It is uniquely yours.

Many e-signature platforms simply allow you to select a font for your electronic signature that looks fairly similar to your real signature. You pick from a preselected list, and that’s good enough for the courts. It is legally binding and secure, but it lacks finesse.

When you personalize your e-signature, however, it adds an extra measure of security. Personalizing your signature can come in a couple ways. You can sign using your mouse or track pad, or using a stylus pen on a tablet.

4.   Customizing the Signing Experience

Your signature isn’t the only customizable thing. You can, and should, customize your signature request process. Doing so will make your company stand out to clients, who will then remember the ease of the contracting process that they experienced when dealing with your company. With an API Integration, you can integrate e-signatures directly into the foundation of your business using the API feature offered by Concord.

5.    Enhance Document Security

Concord is as serious about document security as you are. That’s why our baseline security is as strong as the leading banks of the world. On top of encrypted documents, passwords, security audits, and multiple server locations, Concord also offers you a variety of custom security options.

Double authentication, which requires all users and/or third parties to use two methods to verify their identity, is an optional security measure which you can pair with complex passwords (which you can customize to require changing every six months) and regional specific data hosting. Your documents are secure with Concord.

6.    Integrate Concord into Your Current Apps

Concord is fully integrated with Slack, Salesforce, Box, Dropbox, and Google Drive. You can choose to utilize these systems, or even other applications which your company currently uses, in order to make the transition easier. Further integration of Concord into third party software is done through our API. Using this means that your team won’t need to learn a lot of complicated new software techniques because they can continue using the same software that they have been using with the added bonuses of Concord’s CLM system.

7.    Generate Automatic Reports

Establishing effective metrics for your salesforce, legal department, or any other sector of your company is an important way to monitor efficacy and improve general output. One of the major benefits of Concord’s software is that it can be used to easily generate reports to monitor compliance, output, customer satisfaction, and any other metric which you might wish to monitor. Creating reports has never been easier than with an automated CLM system.

Once you have created the report, you can then use it to determine the best course of action for your company. You can determine which areas need the most work, which sectors are doing the best work, and you can then set out to find out what the best way is to make every sector improve. These automated reports can be a boon to your company.