Contract automation is becoming a business staple, particularly as we head into a recession. But what is it? How does it work? And how can it help you? These are just some of the most common questions about contract automation.
What is contract automation?
Contract automation means that software is used to automatically oversee the entire lifecycle of a contract – from creation right the way through to renewal. But contract automation isn’t just for Sales. Legal, HR, even Marketing, can all benefit from it.
After all, in the US alone, a whopping $120 billion a year is spent on paper contracts and forms, most of which are out-of-date within a few months anyway. That’s bad for a company’s books, and for the planet.
But, don’t worry, contract automation doesn’t have to be done through a complex series of integrations that take a huge amount of time and resources to set up and test. It can all be done through great contract management software.
Read also our article "All you need to know about Oneflow electronic signatures and the eIDAS regulation" - [ Ссылка ]
Summarise:
Contract automation is the use of software to oversee the entire lifecycle of a contract, from creation to renewal. It offers benefits to various departments, including Sales, Legal, HR, and Marketing. Contract automation eliminates the need for paper contracts and forms, which can be costly and outdated. It can be implemented through contract management software, which should have features like easy contract generation, collaboration, multiple signing options, secure management, real-time analytics, and integrations with other platforms.
Contract automation works by using contract management software that integrates with other tools like CRM and productivity suites. It streamlines the negotiation and signing process, eliminating the need for paper or PDF contracts. The software should allow for live editing, ensuring efficiency and compliance. The goal is to save time, improve workflows, reduce errors, and provide real-time insights.
The benefits of contract automation include shorter signing time, secure storage of documents, reduced workload for legal teams, improved workflows, and increased efficiency. It can help businesses grow by saving time and money, enhancing customer experiences, and reducing consideration time. Contract automation is suitable for both B2B and B2C companies, allowing contracts to be adapted to customers' needs and providing a more customer-focused experience.
Oneflow is a contract management software that simplifies contract automation for all industries. It offers features like seamless contract creation with templates and AI, quick signing with various methods, centralized contract storage and management, and powerful integrations with CRM and other platforms.
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ABOUT ONEFLOW
Oneflow automates the entire contract process from start to finish, all in one place. Turning clunky, static agreements into helpful, digital contracts.
Processes are faster, decisions are better, and deals are quicker. It’s an easier, smoother, and smarter way for teams of all shapes and sizes to handle their contracts.
