Contracts and the Platform Economy

By Concord Editorial   Dec 10, 2020
Digital contract management man throwing papers into the air

This is the final post in our series about the platform economy.

Read Part One.

Contracts within the platform economy

Contracts are often the last manual process in an enterprise. To truly uncap growth and work smarter, contract management needs to be at the same level as every other process: created, negotiated, and organized on a platform. Embracing a contract management platform can simplify how an organization buys, sells, and manages their business. 

An effective contract management platform should have three elements. The focus should be on how key business processes will be impacted: 

Collaboration

A platform should strengthen collaboration. Platforms are made to connect people, processes, and documents. Any system that doesn’t elevate the level of communication and visibility between teams and across the company isn’t an effective tool. In today’s fast-paced world, with teams often spanning the globe, communication and collaboration are key to success. 

Scalability

A platform should be able to grow as your company grows and easily adapt as processes change. This goes across an entire organization, too: if one department finds a tool useful and wants to expand it throughout the company, it needs to be easily scalable. 

Intuitive use

A solution is only as good as its usage. In other words, what good is a platform if people won’t use it? A platform should be intuitive, easy to use, and easy to implement, so the time to value is rapid. 

From there, the benefits can be seen in individual departments. Legal becomes a strategic leader as they push digital innovation and strategy. Sales becomes empowered to move faster and increase revenue and growth. Procurement can scale faster and work as an ally for all teams across an organization. 

A platform approach to contract management can reconcile speed with compliance to increase efficiency and help you capture more revenue, scale faster, and maintain flawless compliance. 

Conclusion 

Scaling an organization into the future means not only staying current with the latest trends, but being an active, engaged adopter. The platform economy is here and ready to bring your business into the future. Will you join it?

Let’s talk contracts!

Concord’s mission is to help companies achieve scalability and efficiency by automating their most central process, contracts. The cloud-based solution enables over 300,000 users around the globe to create, collaborate, sign, store, and manage their agreements all in one place. Founded in 2014 and headquartered in San Francisco, Concord is built by business for business. 

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