Contracts determine the majority of business transactions, making them the lifeblood of any organization. Yet, many legal departments struggle to get their hands around contracts.
Often relying on ad-hoc methods for drafting, collaborating, storing and tracking contracts, legal departments can find themselves faced with a challenge: how to mitigate risk without 100% control.
Legal departments can gain more control by centralising contract management in a single tool and automating routine tasks across the contract management lifecycle. By adopting technology that supports contract automation, legal departments can improve:
- the quality of contracts by enforcing the use of templates and document assembly tools that remove the risk of human error;
- the speed of legal service delivery by removing bottlenecks during creation, negotiation and approval thanks to collaboration tools and e-signatures;
- self-service across the business for standard contracts (while staying in control!);
- visibility of key contract data and deadlines, status and next steps, especially when technology provides alerts and notifications;
- ability to track obligations and mitigate risk;
- accountability across the business thanks to better definition of roles and responsibilities at each stage of the contract lifecycle with tasks and standardised workflows;
- decision-making due to more accurate, complete contract data to generate reports;
- the perception of the legal department as an innovative, team player that understands the business;
- business continuity since everything is safely stored;
- compliance since everything is tracked with audit trails;
- and finally, business success since the legal department can get out from under the burden of admin tasks and take on more strategic projects that provide value!
The legal department plays in an important role in ensuring contracts enhance business results, protect the company from losses and deliver on expectations. Do not let the lack of contract automation stand in your way!
Our latest whitepaper explores 5 ways to beat contract management inefficiencies and the role of legal departments in mitigating risks with contract automation. Get your free copy now!