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If you were to create a customer case study about some of the biggest obstacles for businesses during their transition from small to big, you will find a common challenge among the top 2: wasting time tracking contracts, leases, invoices and other documents in outdated, paper-based contract management systems. Most small companies hold themselves back when business picks up because they spend too much time and resources on managing their clerical work rather than improving themselves. A way to prevent this from happening is to invest in a centralized contract management repository that can be scaled up as necessary.

Here are some benefits and ways you can grow your company with contract management software.

Digitization of Documents

Paper-based contract management systems have several disadvantages but the most visible one is the physical space required to store paper documents. By scanning documents not only does the company save space but also ensures that the document can be available anytime and anywhere by authorized personnel. Also, digitization of documents is done with optical character recognition (OCR) so that you can edit the text and search for a word or phrase. The search feature empowers you to plow through hundreds of pages to find right away that clause that your client has a question about.

The Power of the Cloud

Information is power and not having key documents available during contract negotiations can prevent your business from closing sales. Similarly, having to tell your clients every time that you will “get back to them” when they have urgent questions about clauses in their contracts, can make them wonder why they are paying you so much in the first place.

When trying to grow your company with contract management software you have the option to choose it as a SaaS (Software-as-a-Service), which is a web-based service that is delivered on-demand via the Internet through any browser. Through one single fee you will have full access to the whole software suite. No software to neither download nor install. No hidden fees. No maintenance fees. All you need is a browser with web access. Take your office with you on the road.

Complete Mapping of Client’s File

Beyond safely storing digital copies of documents, contract management software has the ability to map external links to scanned documents and files, both on internal and external servers. Instead of chasing papers around your office, you can access relevant documents by clicking on links. This allows you to have a complete map of your client’s file at all times.

Email Notifications

In order to effectively manage all of your contracts through their entire contract lifecycle, your team needs to be aware of all upcoming deadlines and necessary documents. Contract management systems allow you to set email reminders throughout the contract life cycle to maintain proactive control on all contracts and agreements. The email notification reminds your sales team about expiring contracts and documents whether they are on the road or they are at home. There is no limit to the number of tasks that you can track.

Takeaway

A contract management software is a solid investment for any small business to take control of its contracts throughout the entire contract lifecycle. A centralized system reduces clerical costs and prepares the company for future growth.