In today’s increasingly digital business world, managing contracts has become a complex task. Keeping track of agreement status, ensuring timely renewals, and managing countless documents can lead to things falling through the cracks. Fortunately, digital contract management solutions like Sowise can help organizations streamline their processes and reduce the risk of errors and oversights.
In this post, we’ll explore the top 5 challenges of contract management and how digital solutions can solve them. One of the most common challenges is slow turnaround times, which can create bottlenecks that slow down the entire business. Digital contract management platforms can help speed things up by automating workflows, routing documents to the right people, and sending automated reminders when approvals are pending.
Another challenge is difficulty tracking contract status. With so many contracts in play, it can be hard to keep track of which ones are still pending, which are up for renewal, and which have been signed and sealed. Digital solutions can centralize all your contracts in one place, with tools to filter and sort them by status, renewal date, and other key metrics.
Misplaced or lost documents can also be a problem when contracts are stored in different locations or on different platforms. Digital solutions can ensure that all your contracts are stored in one secure location, with robust version control and audit trails to track every change.
Collaboration can be difficult with contracts involving multiple stakeholders. Legal, finance, and business teams need to work together to get everyone on the same page. Digital solutions can facilitate collaboration with features like comments and annotations, real-time document sharing, and automated alerts when changes are made.
Another challenge is the risk of non-compliance. Regulations and compliance requirements change all the time, making it hard to keep up with the latest rules and requirements. Digital solutions can help by automatically flagging contracts that need attention, tracking compliance metrics, and generating reports to ensure you’re meeting all your obligations.
To maximize the benefits of digital contract management, it’s important to have a clear plan for implementation, with buy-in from all stakeholders and robust training and support. Set clear processes and workflows, train employees on how to use the platform effectively, and set up regular check-ins to review processes and workflows.
If you’re looking to streamline your contract management processes and reduce the risk of errors and oversights, Sowise can help. Our centralized platform offers all the tools you need to manage your contracts from start to finish, with automated workflows, real-time collaboration, and robust reporting and analytics. Sign up for our freemium plan to get started!