As anyone in the legal profession knows, contracts are at the forefront of many important transactions. Without effective contract management methods, however, it’s easy to miss critical steps in the contract management workflow or for paperwork to pile up in files or unruly inboxes.
Instead of relying on ink-based signatures and manual, error-prone processes, automating contract management workflows can save organizations time, money and resources in the contract management process. Let’s take a closer look at how to control contract management workflows, why it’s important, how it benefits businesses, the key steps to managing those workflows and how online notarization services can help.
What is contract management workflow automation?
Contract automation empowers both legal and nonlegal teams to self-serve on routine legal documents, at scale. Automating contract management workflows make contract processes more efficient, which saves companies time and money. Think about it: Instead of passing paperwork back and forth across desks, inboxes, and platforms, you can automate processes so your teams can shift their attention to more high-value work.
Challenges of a manual contract management process
Manual processes are notoriously laborious, time-consuming and error-prone. Relying on physical document hand-offs, ink signatures and other non-digitized processes also slow down your workflows.
Depending on your industry or role, an inefficient contract management process can have a significant negative impact on your revenue. For example, an attorney can only complete so many contracts a day when chasing down paperwork or requiring clients to notarize documents in person. Contract negotiations and revisions are also slowed when you can’t manage and track changes in one place on a digital document — not to mention the increased likelihood of costly human errors that also risk compliance issues. When it comes to contract management, there’s a better, digitized way.
Benefits of contract management workflow automation
Automating contract management workflows does more than save time — it allows businesses to run smoothly. Here are some of the benefits of using a contract management workflow automation system:
- Centralizes document collaboration, minimizing back and forth and making it easier to track and resolve document revisions.
- Reduces repetitive, low-value tasks (such as delivering paper copies of a contract or manually checking and managing every initial and signature).
- Minimizes errors and mitigates risk by offering required fields to ensure every document collaborator and signer completes every necessary signature or task.
- Leverages and references contract data easily and efficiently without hunting for paper files or scouring inboxes.
3 ways to automate the contract management workflow
The benefits of contract management workflow are clear. So what’s next? Here are 3 steps that an organization can take towards automating their contract management workflows:
1. Implement a record management system
Research and implement a record management system to eliminate scattered paper-based workflows. Ideally, this solution will also include an electronic signature (eSignature) feature so you can capture signatures in the same place documents are created, edited and stored.
2. Leverage digitalization
The notarization process is consistently one of the most cumbersome steps of any document workflow, but it can be digitized, too. Online notarization tools like Notarize make it easy to safely and securely digitize the notarization process.
3. Use a records management system
A records management system and automated contract management workflow also makes it easier to track critical contract dates and deadlines right where the work is happening.
How Notarize fits into your contract management toolkit
Professionals across even the most highly regulated insurance and law firms, are increasingly investing and trusting in AI-powered contract management software and automated workflows to keep work flowing and drive overall contract value. Adding an online notarization service such as Notarize to your toolkit can help take the tedious work of in-person signatures and notarizations out of the contract management process.
Schedule a demo to learn more about how Notarize can help you better manage your document and contract workflows.