Contract management requires meticulous security and intentional planning. It used to be an endless headache to manage the versions of contracts and the many paper copies that existed while still maintaining confidentiality and communication. Now, document control software provides everything you need to manage your contract processes with efficiency and complete security. Here are four benefits of document control for the contract management in your business.
Contract negotiations are rarely straightforward or concise. For this reason, you will probably have multiple people working on them at once from different locations. Document control software gives you the ability to securely conduct regular contract management procedures from anywhere with internet access. Simply use your secure credentials to access your document repository and pull up the documents you require.
Few things slow business more than signing an old version of a contract. Prevent this and other versioning problems by using software that keeps the newest versions at your fingertips. Document control software only allows one user to edit at a time, allowing any other authorized user to view documents while they are being edited. The system saves the new file immediately, making it the primary version. There is no risk of using an out-of-date version or of conflicting versions existing in different offices. Instead, every relevant party can view the current contract at any given time.
It used to be that contracts required greater dependence on the postal service and patience. An approved contract was printed and mailed to the signer, and then the official wait began. At times it would take weeks or even months to collect all of the relevant signatures. Now, thanks to electronic signatures, your contract management procedures just became lightning fast. Once all parties approve a contract, they can securely sign from the comfort of their own homes or offices. With no need for in-person signing, the business is complete in a matter of moments.
Once all parties sign a contract, document control software records the essential information and immediately processes the document. The contract is published to the company repositories, making it accessible and searchable for anyone with clearance. Additionally, completed contracts are routed into the appropriate workflow to ensure that there is no delay in processing.
For many organizations, contract management is a vital part of day-to-day business. While paper versions the can easily bog down the contract lifecycle, contract management becomes straightforward and efficient when you choose document control software. Document control offers an all-encompassing solution for your contract management processes. Want to learn more? Contact MaxxVault today.