5 Sure Ways to Convince Your Boss to Invest in a Contract Management System

1. 5 sure ways to convince your Boss to invest in a Contract Management System By ​DocuCollab © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com

2. Contracts have existed for centuries and form the bedrock of any commercial                         transaction. Businesses all over the globe, irrespective of size, industry and region                         have one thing in common: they all operate on a basis of contract foundations. The                               contracting system has undergone rapid evolution from the days of Bartering and                         Oral Contracts to Written and Sealed Contracts due to the advent of technology and                             our dynamic society.    A seamless contract management system empowers your organisation to extract                     the maximum value out of the agreements you have worked so hard to negotiate                             while reducing your exposure to risk. For every business, time is money and an                             automated contract process is a must. It helps to reduce your contract overload and                             at the same time increase Return on Investment (ROI) and unlock your true value                             potential.    Logically speaking, if contracts are executed faster, the business can collect on them                           sooner. If the contracts are detailed and meticulous, fewer disputes and fewer                         time-wasting contract revisions will arise. According to a Global Legal Survey done                         by Artificial Intelligence (AI) Solutions Provider, APPTUS, contract approval time                     drops an average of 82% with the use of a ​Contract Management Software​. This                             means that the Top Management will rest assured knowing that their contract                         management process is working seamlessly. If you agree that the same holds for                           your business, are you currently using a contract management system? If not, we                           have compiled a list of 5 reasons as to why a Contract Management Solution is                               crucial to your business:  1. An automated contract process is a must!  According to the 2015 State of Contract Management Survey by SpringCM, 71.3% of                           businesses lack automated contract processes. Majority of businesses depend on                     © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com

3.   manual procedures to execute the contracting process from start to finish.                     Applications like Microsoft Word, email and Excel are being utilized to manage and                           execute the contract process. However, it is really easy to lose track of your edits                               combined with the hassle of saving numerous versions. Besides, there is the gaping                           hole of hidden metadata and an overwhelming number of Redlines. This normally                         alters the composition of the entire contract in question. To err is human and a                               contract handled by only humans may have numerous errors. Where sales contracts                         are involved, you don’t want to end up with either a bad contract or a complex legal                                   issue on your hands.    DocuCollab Contract Management Software is an investment that can add a lot of                           value to your company. DocuCollab is a one-stop contract management software                       that helps businesses to automate every step of their contract management lifecycle                         using seamless contract lifecycle management tools right from idea to execution.    Click here to read:​ ​Six Complications of Redlining Contracts in Word  2. Time is money!  A recent Forrester survey has stated that it takes about 3.4 weeks to complete the                               contract signing and approval process in the IT Services Industry. Rationally                       speaking, that is a lot of time and businesses don’t have time. A manual contracting                               process comes with its share of demons. Contracting professionals stumble while                       dealing with direct contract requests from multiple departments, searching through                     multiple shared drives and folders, digging through old e-mails, using Excel                       Spreadsheets to track progress and tracing contracts. You might think that this                         process saves you a lot of money by discarding the need for a contract management                               solution, but that is not the case. Besides, it is not fair on the part of the contract                                     professionals to sift through numerous old contracts while juggling scores of new                         contracts.  © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com

4.   DocuCollab Contract Management Software is leading the digital revolution to                     ensure that you save time and money by automating and accelerating your                         contracts, proposals, quotes and other document transactions by up to 70% with a                           host of other revolutionary features. DocuCollab is a ​simple way to minimize e-mail                           overload and maximize productivity​. This ensures that your team will finish                       reviewing documents and negotiations significantly faster. DocuCollab is an                   innovative addition to your company which will become an irreplaceable everyday                       contract management tool.  3. Avoid Contract Overload!  Contracts are a vital part of building relationships and completing business                       transactions. According to a survey done by Pricewaterhouse Coopers, an industry                       giant, the average number of contracts range between 20,000 to 40,000 for an                           organization of their magnitude. However, a large number of businesses suffer from                         contract overload. Their limited capacity to manage the overwhelming volume of                       contracts being executed by them affects the entire contracting process.                     Organisations, in turn, fail to thoroughly understand the legal implications of their                         contracts rendering them ineffective while assuming the correct amount of risk. This                         causes problems later on and poses significant risks as contractual issues are                         harder to manage at a later stage of the contracting process. When this happens the                               top management takes certain decisions which are unsupported by data, opening                       the doors for unnecessary comparison resulting in weak contracting stances,                     monetary losses or even reputational damage.    DocuCollab   has   developed   a   patent-pending   micro-collaboration   contract   management software that makes collaboration on documents much easier. You                     will control the access to the documents and share only the portions of the                             document that need editing. With features like ​Collaborative Editing, Conversation                     © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com

5.   Channels, Paragraph Level Security, Integrated Data from CRM, Real-Time Change                   Tracking and Secure External File Sharing​, contract overload is a thing of the past.    Click here to read:​ ​What CEOs need to know about Digital Contracts?  4. Improve your Return on Investment (ROI)  According to the 2015 State of Contract Management Survey by SpringCM, 29.1% of                           businesses attributed increased sales productivity as the foremost business force                     behind contact management. In the current scenario, sales productivity is turning out                         to be one of the reasons why companies are investing more and more on contract                               management solutions. This should not come as a shock to you, given the duration                             of these contract processes. Companies today are investing, innovating and                     revolutionizing the leading-end of their sales pipelines to improve their ROI. However,                         they are not eliminating manual and outdated contracting processes, in turn sinking                         their ROI further. Your business may have an outstanding sales process in place but                             a proper contract management solution improves your ROI drastically.    DocuCollab, the perfect contract management software for sales gives you the                       advantage of document storing features, real-time editing and feedback which will                       increase your sales team productivity by up to 70%​. DocuCollab will ensure that your                             contracts are signed quicker and your team can focus more on selling instead of the             actual contracting process.                    5. Reclaim your lost revenue!  According   to   the   International   Association   for   Contract   and   Commercial   Management (IACCM), businesses lose an average of 9% of annual revenues due to                           poor contract management practices. It is a known fact that the majority of                           businesses have a large chunk of their spending locked-in contracts. Even after                         knowing this universal truth, most businesses invest relatively limited resources in                       © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com

6.   contract development and vendor management. It must be shocking to note that                       average procurement operating expenses across sectors are usually less than 1% of                         the total expenditure. This underinvestment leads to the omission of a significant                         source of value. Besides, suboptimal contract terms and conditions combined with a                         lack of effective contract management reduce this revenue even further. For                       instance, this 9 per cent would have been equal to about approximately $2.5 trillion                             in value for Fortune’s 2016 Global 500 companies.    DocuCollab Contract Management Software automates your agreements, increases                 your bargain speed and quickens income flow by up to 70%. A micro-collaboration                           tool like DocuCollab will help you save both time and money. It uses a central                               repository to share and manage documents and contracts ensuring that your sales                         team has all the information in one place. They can instantly send and receive                             contracts making the negotiation cycle shorter. A necessary investment in a                       Contract Management Solution like DocuCollab ensures optimum returns in the long                       run for any business.    Click here to request a demo today discover how your business can benefit using                             DocuCollab Contract Management Software! © 2018-2019 All Rights Reserved, No part of this document should be modified / used without prior consent. DocuCollab​​- 1604 Spring Hill Road, Suite 216, Tysons, Virginia, 22182, USA Contact Number:​ +1-571-228-7037 | ​Email:​ sales@docucollab.com