3 Best Practices When Switching to an Online Contract Management System

3-21-2016 | by Benjamin Fleshman

Every company requires contracts. Every company wants to maximize their efficiency in contract management. They want to increase revenue, decrease costs, and waste no time in doing so.

Much of the business world is coming to the conclusion that using an online, or cloud-based, contract management system is the easiest and most productive way to manage contracts. You may have heard about this, and you’re excited to try it out and see what benefits your company can glean. And why shouldn’t you? Managing your contracts online is a great way to grow your business and streamline your process.

We have been in the business a while, now, and we have unfortunately noticed a few pitfalls that clients can fall into that prevent them from taking full advantage of our online contract management system. That’s why we have these top 3 tips for making the transition as smooth as possible, which could save your company time, and you a few hairs needlessly yanked out in frustration.

Don’t Make the Switch All at Once

If your company manages a large number of contracts, then attempting to automate them all at once is going to be a nightmare. Our suggestion is this: start small.

Rather than attempting to put all of your documents online at the same time, pick a sector of your business to champion the cause and test the waters. If you were to move everything simultaneously to an online system, you could become overwhelmed and unable to capitalize on the benefits that an online system can offer you.

Instead of causing extra stress for yourself, take a few contracts, let’s say from your shipping and logistics department, and let Concord show you how to better manage them all. You’ll get to see just how much time you can save by using our cloud-based management system.

We will walk you through the process of drafting, negotiating, altering, saving, and signing your contracts. You’ll see how easy it is, and that will make the larger transition to online contract management that much simpler and streamline. There will be less confusion, and you will be able to increase your revenue in a simple, easy way: by managing your contracts online with Concord.

Take Full Advantage of the Available Technology

While it’s true that Concord offers free e-signatures, drafting, deadline alerts, and storage, there are many more services that could bolster your company revenue and save you money on your contract lifecycle management.

Our standard package offers you dropbox integration, administrator oversight, amendments management, and a good deal more. Each of these unique tools is designed to streamline the process, give you more control over your contract management, and reduce the time it takes you to procure, award, and fulfill contracts.

Of course, if all you are looking for is a way to sign contracts online, then we are happy to oblige with no charge to you. If, however, you really want to take your contract management to the next level and begin saving bundles on your contracts, we have the very services that can help you. When you switch to online contract management, be sure that you know what you are looking for and that you take advantage of the opportunities offered by the system that you choose.

Don’t Overwhelm Yourself With Alerts

Our previous point was to take full advantage of the available technology, which includes alerts. Part of maximizing efficiency and capitalizing on the available potential is managing your alerts.

Some business owners will go absolutely crazy with alerts, thinking that more knowledge and more visibility equals more power. To a certain extent, this is true. Be cautious, however, that you don’t exacerbate and irk your team with useless deadline reminders, notifications of signatures, or any other alert that might flood their inbox. It’s good to be aware of deadlines, but only those which actually pertain to you.

To avoid this, determine who will need to receive a particular alert, and decide when they will need it. When would be the most effective time to remind someone of a deadline, or notify them of a pending signature? How often should they be reminded? Work with your team on a personal level to determine the answers to these questions.