Despite the many advancements in document technology, many businesses are still losing time and money using outdated methods throughout the sales cycle. According to research from Aberdeen, 47 percent of companies are still using manual processes to manage their sales contracts. Best-in-class companies who have transitioned to a digital contract management system enjoy a significant competitive advantage: they’re cutting their contract negotiation cycles in half, spending an average of just 11.5 days to create, negotiate and approve contracts compared to 21.5 days for those who haven’t updated their process.
The redlining feature in many contract management platforms is the major contributor to this improvement in the contracting process. Multiple parties can review and collaborate in real-time using the redlining capability, while the robust and easy-to-access repository maintains a complete history of document versions and changes. The entire redlining process takes place inside the digital document, eliminating the need to email different versions to multiple parties.
The Case for Digital Redlining illustrates how contract management software allows companies to close deals faster and more efficiently with features like digital redlining and a searchable online repository. This whitepaper details the following solutions presented by digital redlining and contract management software:
- How digital redlining allows companies to make contract revisions in minutes
- How teams can negotiate and collaborate in real-time, increasing productivity and saving time in the contracting process
- Why digital audit trails and central repositories are important in tracking the status and redlining progress of a contract
Want to learn more about digital redlining?
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