Whiteboard Wednesday: Tool vs Platform

What’s the difference between a tool and a platform? Find out in this week’s edition of Whiteboard Wednesday.

Tools are great—but they only get one part of the job done. A single hammer can’t build a whole house; you need an entire toolshed of supplies. This is the concept behind a platform. A platform combines all tools into one single source of truth so that processes are more efficient and work gets done faster.

What does that look like with contract management? Word, email, and e-signature are all useful tools, but having to use each tool in a separate application is a tedious process that slows things down. Having a platform for contracts means all people, processes, and documents are in the same place, which increases collaboration, allows a company to scale, and adds value as teams save time and increase revenue opportunities.

To find out exactly what makes a tool different from a platform and what organizations should be looking for in regards to contract management, watch the video below.