With DocuXplorer’s business process management tools, clients can standardize their contract execution, reduce turnaround times, and cut costs.
If contracts are an integral part of your business, you know that managing them can be inefficient. A document management system is perfect for cleaning up and automating tasks like contract processing and empowering business insights.
Effective contract management helps you proactively address common contractual issues, such as working with outdated versions and misplaced or expired contracts.
With sophisticated software tools like a DMS, your team can achieve automated contract management and focus on other tasks while contracts are processed quickly and accurately.
To bring efficiency, accuracy, and scalability to your organization, your team should identify and agree on which of your core business processes take the most manual effort and time and which cause the most issues.
Goals for your process enhancement could include:
Gaining alignment lets you focus on the processes that yield the most significant impact, such as contracts. You can then streamline these processes with workflow automation tools like DocuXplorer.
Outline your current contract process, its components, and its impact on your business.
A large retail client recently learned they spent 950 hours per month processing 100 contracts. Standardizing and automating key steps could shorten processing times by 62%.
The Client faced significant challenges in managing their contracts, prompting the need for a more efficient system. Initially, the process involved the legal team manually finalizing contracts, often leading to version control issues as the team sent revisions back and forth. This created uncertainty about whether they had the most current version, causing delays and risking errors.
Once the contract was ready, the team needed more clarity on where the final version was stored and its status. This lack of visibility and control was a major pain point, as the business manager needed help to track the contract's location and status.
The team needed a more effective storage, tracking, and collaboration solution. The legal team needed to access contracts for reviews and amendments. Managing contract expirations was also necessary; however, the business manager had no official process or reminders to help them track which contracts needed review, revisions, or renewal.
Given these challenges, the Client needed a centralized, trackable process that all the involved staff could easily execute. Implementing a document management system with automation capabilities would help them resolve issues related to version control, document tracking, and timely updates. This move was essential for the Client to improve operational efficiency and legal compliance while freeing up valuable time for staff to focus on more strategic tasks.
Standardizing your contract management process does more than improve efficiency—it creates accountability. Fixed processes allow you to speed up contract processing times by automating repetitive tasks.
With a document management system, you can create, store, and process contracts from one place. Consistent workflows make training staff easier and ensure everyone knows and follows the process, leading to fewer bottlenecks and smoother operations.
Legal departments often need to share documents with other departments, such as project managers. A centralized system for storing and tracking contract documentation lets teams self-serve and quickly access what they’re looking for from wherever they are.
A structured approach means eliminating uncertainty about next steps and easily tracking progress to identify opportunities for improvement. You’ll meet best practices and achieve your goals faster.
Automating steps in the contract process will shorten processing times and conserve resources. Contract automation eliminates manual, error-prone tasks, ensuring contracts are always up-to-date.
Using DocuXplorer, the Client was able to automate the most essential parts of the contract process:
The purple tasks in this workflow present opportunities to save time by leveraging automated contract management with DocuXplorer, so you can focus on the green decision-based steps that require more expertise:
An advanced document management system can transform your contract management process without overhauling your existing workflow. Automated contract management helps you reduce turnaround times, save money, and improve efficiency. You’ll eliminate the risk of duplicative work and lost records and comply with regulations when everything is tracked and reportable.
Let’s see the impact of using a DMS for contract automation:
A consistent and streamlined approach to contract automation boosts productivity and enhances compliance and accountability. Reliable and scalable processes reduce manual input and save time. The result is a well-oiled machine that requires less intervention and continues to optimize.
Identifying which of your core processes consumes the most effort and time allows you to target improvements where they’ll make the biggest difference.
Transitioning to a new document management system can be daunting, but with DocuXplorer, you’ll have hands-on assistance for a smooth implementation. You’ll work with a dedicated advocate to create an efficiency improvement plan tailored to your needs. This plan will outline your measurable goals and desired outcomes, helping you achieve the best possible results. Once implemented, regular optimization sessions with your DocuXplorer advocate will ensure you’re on the path to achieving your business process goals.
Your team will quickly adapt to DocuXplorer’s easy-to-use interface and benefit from guided end-user training. With comprehensive, ongoing support through a DocuXplorer partnership, you can transition smoothly and quickly and experience the benefits of improved contract management.
