Major Trends in the Contract Management Process
With the explosion of technological advancements that have emerged over the last few decades or so, few industries operate the same way they did before the computer was invented.
New technology has changed how we communicate, sell products, and yes, our contract management process and how we negotiate business contracts.
Contactless (online) contract management and negotiation via digital platforms and software is a recent trend that is only continuing as we lead into 2021; and, if you are involved in any type of organization that deals with contracts regularly, this is a trend that you will not want to be late too.
Trends in Online Contract Management and Negotiation
Contract management platforms are changing the way we create, negotiate, sign, and manage contracts in a significant way.
Before, businesses would have to dedicate excess hours into the lifecycle of each and every contract; starting with manually creating and drafting a contract, then getting all involved parties together to negotiate the terms, then having everyone physically sign the contract, only to then have to monitor various obligations associated with the contract.
Beyond that, managing the expiry dates and renewals was another tiresome stage of the contract management process – one that resulted in many missed deadlines and subsequent legal repercussions and fees.
Luckily, online contract management and online negotiation platforms are becoming the new norm for businesses who rely on contracts to operate (which, for the most part, is the majority of businesses!)
This continuing trend of online contract management and negotiation platforms are helping businesses streamline and automate the entire contract lifecycle. Also – using these contract management platforms – the entire contract management process takes place online (making the entire lifecycle ‘contactless’).
Benefits of online contract management and negotiation platforms
Some of the features and benefits they come with online contract management and negotiation platforms include:
- Simple contract creation. Creating contracts with these programs takes only a few clicks – templates and clauses are stored and can automatically be included based on user inputs.
- Painless negotiation. These software programs act as online negotiation platforms where involved parties can send edits and additions back and forth, without having to meet in person.
- Improved contract visibility. With online contract management platforms, all data is stored in one place – this means users and personnel can oversee all contracts within one repository instead of physical cabinets.
- Contract management security. These software solutions eliminate the need for manual storage and are password-protected.
- Automated alerts. Alerts can be customized to notify relevant users when an action is required of them, when a contract is nearing expiry, when a document must be renewed, etc.
- Ultimate compliance. The contract management process is made easy due to the software prohibiting edits or actions being taken that cross ‘legal guidelines’.
- Easy management. When all documents are stored in one place, this means more than enhanced visibility – it is much easier to actually manage the large volumes of increasingly complex contracts that plague the modern business.
Why Is Contactless Contract Management and Negotiation a Great Trend?
Online contract management platforms are a trend in commerce that is helping businesses and organizations everywhere automate & simplify the contract management process… and, this is a trend that will only continue to become more popular as time goes on.
Also, considering the damaging effect the COVID-19 pandemic has on the business landscape, the need for contactless and digital solutions to traditional ‘physical’ processes is as pressing as ever.
All the pandemic did was speed up this online contract management and negotiation trend – processes have been switching to digital for decades now, and this will only become more essential in the future.
How to Benefit From This Trend Using a Contract Management Platform
Online contract management platforms are a ‘trend’ because this technology is solving a pressing problem that needs to be fixed in order for businesses to continue operating despite external factors.
The way to benefit from this trend is to (if you haven’t already) ‘jump on the bandwagon’ and start implementing these online contract management software programs into your contract management process.
Otherwise, you run the risk of being affected by what is to come. By not having your contract management process take place digitally, you are exposing your business and failing to keep your organization stable in the event of potential risks (such as another pandemic).
Why Is It Important to Follow Emerging Trends and Issues in Project and Contract Management?
Following large-scale trends in business (and contactless contract management in particular) prepares your organization for safety against adversity.
Also, following these trends work towards your reputation – other major brands and businesses in your industry are at the forefront of technology and digital advancement… why aren’t you?