The new age of digital contract management system

what bring you here may not take you there…

In recent years, digital infrastructure has become vital to a lean and effective organization around the world. The system of creation, execution and management of documents and agreements in the company has proven to help any companies to operate efficiently at a much lower cost and require less time to create, execute and manage the documents and agreements.

The opportunity for the adoption of the digital system of any companies rose from the cumbersome and tremendous cost that came with the legacy document system which required users to went through many loops before they have the working documents/agreement as summarized below;

“…enabling e-signature will  reduce the total time for handling 1 agreement from 90 minutes to 9 minutes and reduce the time for the sales team to organize the signing of the agreement from 30 minutes to 8 minutes. In addition, the study found that turnaround time of 1 agreement is 70% faster when using e-signature and can save as much as 40+ hours per week…”
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    1. Creation – search for documents in the folders located either in cloud storage or local computer then make some change.
    2. Execution – print and carry to a certain person for approval and/or signature courier to the other parties to do the same.
    3. Management – return the same documents/agreements to be stored in the file cabinet and then manually and separately keeping track of all information and important dates in each document.

The right digital infrastructure for documents/agreements operation of your company

Today, there are many Document Management Systems available in the market. However, not all of them have been created equal. The right digital infrastructure for documents/agreements of your company shall allow you to do the following;

    1. Efficiently create the agreement/document needed for each of your business operations with less time, cost and error.
    2. Enable you to see information related to the documents/agreements as well as approval as required by policy of your company before you decide to execute the legally binding documents/agreements.
    3. Securely electronically execute the agreement/document from anywhere in the world.
  1. Allow you to accurately and easily identify the signer(s) for legally binding documents/agreements and also prevent falsification of identity of the signer(s).
  2. Easily keep track of deadlines, important dates and also safekeeping of documents/agreements without relying on physical documents storage.
  3. Controlling and preventing unnecessary or unauthorized access to particular documents/agreements.

All of the above are features you should consider and look forward to when purchasing a tool for your business, even though the price is higher but the time and the cost of manpower you can save will be compounded over time and that makes the investment in the tools directly contribute to the growth of your company.

As mentioned above, the truly beneficial tools for managing the documents shouldn’t only allow the user to sign the document electronically but should also allow the user to manage the after-sign works such as deadline management and the storage of documents/agreements in a good order for later references or audit purposes.

The other feature every company should be looking for is that the tools should allow the documents to be stored securely and can prevent unauthorized access and shall automatically keep track of the visitors. This feature will allow you to run a tighter ship in terms of trade secret protection and allow your company to be in a better position when looking from the personal data protection point of view. At the same time, the sharing of documents/agreements should be made easily and securely.

The economic benefits of going digital

There is a study in 2018 that shows that, by enabling e-signature for your business can save you as much as 14.21 dollars per document/agreement. The cost saving mainly came from the fact that e-document do not need to be printed hence there is no physical document to carry over for approval and signature which helps cut the cost for delivery and no need to hire a manpower to physically handle the documents/agreements.

The study also shows that enabling e-signature will allow an executive level and administrative level users to reduce the total time for handling 1 agreement from 90 minutes to 9 minutes and reduce the time for the sales team to organize the signing of the agreement from 30 minutes to 8 minutes. In addition, the study found that turnaround time of 1 agreement is 70% faster when using e-signature and can save as much as 40+ hours per week (that’s equal to 1 headcount!!).

It is worth to note that the study is only on implementing an e-signature solution. Imagine the time and cost you can save if you employ the tools with all the features mentioned above, those are the times which executives, administrative staff and sales team can spend more on growing your  business.

Going digital will enable your business to grow faster at a lower cost

In the business world where the competition is fierce and ever increasing, the ability of one business to turnaround and move faster is becoming even more important. A proper digital infrastructure, especially for the documents/agreements management works will make your life much easier and will enhance your turnaround time, lower the cost of your business operation for documents/agreements and free up valuable time for your business on every level.

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