What are the key benefits of having a contract management software?

What are the key benefits of having a contract management software?

Written By
Joy Cunanan
Updated on
April 6, 2022
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Key Benefits of Having a Contract Management Software

Key Benefits of a Contract Management Software

In this age of digitalization, the emerging legal tech industry has brought in innovative solutions to empower every organization’s legal processes. One of which is a contract management platform that primarily streamlines contracts’ lifecycle. Adopting a contract management software can greatly benefit your organization in more ways than one. 

Digitizing your contract process can result in a 50% reduction in the time taken to get to a signed contract. A centralized platform to manage your contracts will ensure greater visibility which in turn enhances contract compliance, which is increased by 55%. With these key practices in place, inefficiencies in the contracting process are minimized, avoiding an estimated 5-40% loss in deal value

64% of management and 40% of legal counsels identified the lack of contract visibility to be a key barrier in the contract management process. This can be mitigated with the adoption of a contract management software, which provides an accessible, centralized space for every agreement to ensure greater contract visibility. The automation of the contracting process further streamlines contracts’ lifecycle from end to end— from contract drafting, compliance tracking, approval gathering, signing, storage, and retrieval.

Author
Joy Cunanan
Joy is the Digital Transformation Manager at Lexagle. As a marketing professional in the Tech and B2B industry for over seven years, she is always on the lookout for the next best solution in the ever-changing online world. With a passion for helping businesses thrive and optimize operations, she shares her expertise in the power of contract lifecycle management and its capacity of easing the contracting process for busy organizations worldwide.

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