Generating, assessing and approving a contract is often a slow and arduous process for a sales team. There are many challenges to overcome during the contract management process: version control, inconsistent branding and losing sight of a contract’s status is only the beginning. Gain insight into the obstacles your sales team is facing, and you will be able to implement solutions to increase efficiency and accuracy in your contracting process.
Contract creation is typically very time consuming.
Creating contracts manually is often fraught with contract backlog, stalled negotiations and approval delays. According to an International Association for Contract and Commercial Management (IACCM) report, sell-side contracts consume over 76 percent of contracting resources, but it can take 21 weeks (or longer) for half of these contracts to go from bid to execution. An automated contract management solution will streamline the entire contract creation process by making it easy to create, share, review, edit and sign contracts on any device, dramatically reducing overall contract cycle time.
Manual contract management exposes a business to increased risk.
Sales teams who draft customer contracts but don’t follow uniform standards regarding formats, terms and languages can expose a company to increased risk. Without a system in place to track contract progress, handle version control issues and provide the necessary attention to detail, an organization can quickly fall into non-compliance with regulatory requirements. Contract management solutions like Octiv can reduce human error, provide triggered notifications of changes, deliver secure contract execution, support contractual and organizational compliance requirements and mitigate risk, all from a single platform.
Absence of a digital contract management system makes collaboration challenging.
Many contract management systems require users to download, attach and email each new version of a contract to colleagues and customers, generally a risky proposition since it can lead to version control issues and confusion regarding the “single source of truth.” Unlike other contract management providers, Octiv transforms contracts into online documents capable of being shared, edited, redlined, signed and managed from any device – absent the need to download additional software or plugins – providing a level of collaboration and visibility unmatched by other solutions.
Valuable time is often wasted searching for stored information.
Sales teams are often challenged with locating scattered documents and resources, especially when conducting business on the go. An automated contract management system allows the sales team to easily search the repository – using metadata or custom document properties the company assigns – to locate and produce information, or refer to the contract dashboard to obtain an overview of each contract’s status or view detailed contract reports. The Octiv system also enables users to save changes, share new versions and view a complete history of each document.
Manual systems lack the ability to view and sign contracts securely.
Without an automated system in place, sales teams often struggle to determine if and when contract execution occurred and exactly where the final version lives, leading to delay, confusion and a general lack of security for the company, as well as clients. The Octiv eSignature solution provides customers with the ability to execute contracts securely, online or in person, no matter what device they are using. The detailed signer routing order will ensure that the proper individuals sign at the proper time, following company protocol. Upon execution, Octiv will automatically place the contract in storage in a safe, cloud-based repository for future reference.
If your current contract management process poses these and other challenges for your sales team, take our Guided Tour to learn more about how Octiv can deliver a next generation contract management solution for your organization today.