Contracts are among essential documents of a company, for example, for rent & energy supply, contracts with service providers and customers, software licences, or insurance. Thanks to the right software, these can not only be received and stored digitally today but also managed – with far more potential than meets the eye at first glance.
One of the essential advantages of using software for digital contract management is the timely knowledge of upcoming contract deadlines through automatic reminders. Expensive breaches of duty can thus be avoided, and possible savings can be identified immediately, for example, if the contractual services are no longer required.
Digital Contract Management: Many Essential Functions
However, it is not only the overview of notice periods that is of decisive importance. The much more fundamental overview of all existing contracts can also be used to optimise costs. Supported by categorization, filtering, and search functions, it is possible to identify unnecessary contracts. In addition, this often results in new negotiating positions with service providers, such as replacing individual contracts with framework agreements.
Share Contract Content Remotely
In addition, of course, knowledge of the contract’s content is essential for every company – and the corresponding employees. If the responsible actors do not know the defined task or the services to be provided, breaches of contract are almost inevitable. With contract management software, the content of contracts can also be accessed remotely via the cloud in seconds and, in the case of ContractHero, can even be explicitly released for different teams.
A perfect software solution must also be easy to use – for digital contract management, however, a high degree of innovation and automation is significant, e.g., automatic recognition of deadlines and contract amounts. “From the user’s point of view, the biggest challenge lies in the decision on how to manage contracts digitally in the future,” says Sebastian Wengryn, co-founder of ContractHero. “The actual use, even the transfer of all existing contracts, is very intuitive and easy with our solution.”
Secured Multiple Times In The Cloud
In addition, the flexibility to connect to other digital tools and the ability to customise the application environment play a significant role, including the possibility of your views, categories, and keywords. The backup of contract documents has been one of the arguments for digitization that has been neglected so far: While the loss of paper contracts after shredding or fire often goes undetected. The documents are usually irretrievably lost, and digital contracts in the cloud are secured multiple ways. What’s more, they remain up to date. Because with a software solution like ContractHero, the complete contract history can be mapped, and team members will never work based on an outdated version again.
ALSO READ: Researchers Are Developing A New Battery – Made Of Aluminum & Sulfur
