Why You Should Care about Contract Management

This is the final post on how to use contract management features to speed up the pace of business. 

Read Part One of our series.

From features to process change

Flashy features and tools are tempting, but these are only a small part of the value delivered by a contract lifecycle management platform. The real difference that implementing a contract management platform makes is in the high-level business processes. For everyday users, features are key, but for the C-suite, the real value proof is helping employees work faster and smarter.

The image above shows how contracts can be streamlined by three simple techniques to create an output of faster, smarter, and streamlined workflows. Good functionality is key to any platform, but the real proof is in the outcome.

Key business benefits

Contract management provides a competitive edge for a business that no other process can quite match. Contracts are the DNA of a company; they build relationships, connect teams and organizations, and drive revenue results.

In addition to the process changes mentioned above, having contracts organized and more efficiently managed helps teams close deals faster and do daily tasks more effectively. Take, for example, a sales team that formerly signed contracts using an assortment of PDFs, e-signature, and email. Get a legal team involved and another step and person in the process is added, likely taking anywhere from a few days to a few weeks more time on a single document. When the team makes the change by having all of those steps in one place, it now enables Sales to collaborate with Legal in real-time, all while negotiating, sending, and signing a contract from a single source of truth. This speeds up the pace that Sales is able to get deals signed, allowing them to bring in more revenue, and frees Legal up from searching through emails and rewriting contracts simply because an outdated version was used. This new way of doing business isn’t just for Sales and Legal, however. Every team, from Procurement to Marketing can work faster, smarter, and more effectively with a contract lifecycle management platform that streamlines workflows and provides better insights.

Conclusion

Managing an organization’s contracts, no matter how many or how few, can be greatly simplified and streamlined through proper management and tools. Consolidating into an all-in-one platform that not only has impressive features but changes how a business functions is key to lasting success.

 

Want to talk about contract management?

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.