One of the biggest challenges for businesses and legal teams is contract failure because of a myriad of reasons, including lack of clarity, poor communication, and of course, the bulkiness of paper contracts. But thanks to technology, businesses and legal teams no longer have to worry about contract management. With the coming of contract management software, contract failure can be avoided.

What is Contract Management Software?

For starters, contract management software is a cloud-based solution designed to simplify contract creation, negotiation, signing, collaboration, renewal, and management of the entire contract life cycle. In the last few years, the contract management software industry has been booming, courtesy of the increasing demand for agile contract management. According to statistics, the industry is expected to be worth around $2.9 billion by 2024.

There are dozens of contract management software brands on the market. One of the best options is Precisely. On the https://precisely.se/ website, businesses can save time in managing contracts while injecting professionalism and eliminating any cases of human error throughout the contract’s lifecycle. Now that you know a thing or two about contract management software, let’s dig deeper to find out more about the technology deployed in these digital contract management platforms, and the solutions offered.

Efficient Contract Management

Contract management software have been custom-tailored to make the contract management process a buzz. Legal teams no longer have to deal with bulky papers on their desks. Whether it’s a single contract or dozens, they can all be managed effectively from one platform. Interestingly, you don’t need a legal background to manage contractual agreements; this software comes with contract templates and other utilities that can enable anyone prepare and execute contracts professionally.

Contract Automation

Besides professional contract management, these software can help businesses save a lot of time courtesy of automation. As you may be aware, there are so many repetitive tasks in contract management that can be automated. So, instead of handling these repetitive tasks manually, software such as Precisely allow for automation so that professionals can have more time to focus on other core tasks in the department. Automation is critical in contract management as it eliminates any human errors.

Electronic Signatures

Another benefit of contract management software is electronic signatures. The advanced brands, for example, Precisely support e-Signatures. As the name suggests, this is a solution that allows the different parties in the contract to enter into legally binding contracts by signing contracts online. This is a fantastic solution that comes in handy where the parties in the agreement are in remote locations. This is a great feature, especially during the ongoing Covid- 19 pandemic when it’s not possible to arrange for physical meetings just to sign contracts.

Summary

Indeed, contract management software are lifesavers for both businesses and their legal teams. They make the execution of contracts faster and more efficient. What’s more? Contract management software, including the likes of Precisely, allow for collaboration and can integrate with other business tools, for example, sales tools, CRM software, finance tools, etc.