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7 Reasons to Automate Your Contracts

February 07, 2012 | Comments: 0 | Views: 109

Contracts are the backbone of every organization. They define and contain every aspect of all corporate relationships; with employees, customers, vendors, partners and stakeholders. Managing your contracts efficiently amounts to managing your business efficiently. And the same holds true whether your contracts are sales contracts, insurance policies, or financial documentation such as ISDA Master Agreements.

As pressures rise to reduce costs, safeguard against risk and improve compliance, a high quality contracts solution is becoming a "must have." The cost of NOT implementing these efficiencies and safeguards is too high. IACCM President, Tim Cummins, has been quoted as saying,

Organizations which don't manage their contracts effectively will be at a tremendous competitive disadvantage.

Do any of the following issues apply to your contracts process? Take the self diagnostic test below to determine your contract creation and management needs.

Do you create a number of predictable negotiated documents each month?Does re-keying contract data result in too many errors?Is it too costly or time-consuming to have lawyers reviewing so many similar agreements?Are you at risk for business people creating non-compliant agreements?Does it take too long for the legal department to turn around agreements for internal business clients?Are you unable to keep track of your rights and obligations when they fall due?Do you have a clear understanding of the level of risk associated with your portfolio of contracts?

If you answered yes to any of the above questions, it might be time to consider implementing a document generation and contract management system. These systems encourage staff adoption of best practices and help to build in compliance. You want to be sure that the solution you choose has the flexibility to expand to all contract types, even if the initial project is only for automating one. It is also important that the solution you choose meets your company's IT objectives and integrates with existing systems such as, SharePoint, corporate databases, ERP systems, etc.

What to Expect:

Lower Costs: Contract automation customers report reduction in the time and expense of their sales contracts process. Faster turnaround times, improved business focus, and consistent, error-free documents will help to further strengthen the bottom line.

Visibility into Data: Quality document assembly software allows you to capture, manage and analyze all of the information in your contracts. Expiration dates, renewals, key terms are all tracked.

Less Risk: Every company is only as strong as its contracts. If employees use the wrong templates, contracts or language in making their deals, your company can have a lot at risk. Unfortunately the creation of documents in many companies is mostly manual and involves people having to choose the right template or document for the right situation. Contract automation ensures that every person creating a document has precisely the right content for every specific situation.

Adine is the Director of Marketing at Exari Systems, the leading global provider of enterprise contract automation software. She has been blogging for Exari on topics relating to contract automation, document assembly and contract management - including industry trends and best practices - for more than 3 years.

Source: EzineArticles
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Article Tags:

Contract Automation


Document Assembly


Contract Management


Document Generation


Document Automation

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