How Does Contract Management Help Your Business?

| Updated on March 21, 2024

How easy is it for you to track work on a single contract? This can require a lot of your attention and concentration and take up time that you need to do other important tasks. Now, imagine that there are dozens of documents you are working with. This essence complicates the task and forces you to think about creative and technical solutions. Such effective solutions include contract management, which takes place with the help of modern software or web services.

What is Contract Management?

Agreement management takes place from the moment the document is created to the signing and execution of the contract or to its termination. To comply with all terms of the contract on time, monitor its signing and execution, and avoid reputational or financial risks, automated contract management is a necessary solution.

In addition, this term also includes the ability to quickly create and fill in the necessary documents, exchange them with partners, and sign and maintain reports. You can automate document flow and work with contracts using special services, and one of them is airSlate.

Why is Using the airSlate Service Worth it?

The airSlate service offers comprehensive solutions for businesses in any field and companies with different numbers of employees. A flexible pricing policy allows you to choose the optimal set of services for each individual case. With airSlate tools, you can perform many operations you need:

  • Create new contracts, orders, invoices, and other documents using ready-made templates;
  • Receive payments;
  • Monitor the processing of contracts;
  • Integrate tasks related to the execution of the agreement into a single process;
  • Automatically update records in CRM;
  • Share offers with different departments of your company or with partners;
  • Approve and sign agreements on a single platform without using additional software;
  • Receive reports in a convenient format without the need to first learn complex standards of interaction with airSlate tools.

You can use all the listed options, both on the desktop and with the help of mobile devices. Moreover, you can delegate routine repetitive tasks to one of the existing bots or create a new one according to your needs.

Generate documents, edit them thanks to various tools that simplify this work, and speed it up several times. airSlate is the most powerful all-in-one engine on the market that can handle any task when it comes to interacting with corporate documents. 

At the same time, the service is built according to the highest standards of quality, encryption, and data protection requirements, so you can freely use airSlate even in the case of confidential documents or when working with personal data.

Manage Contracts to Make your Business More Profitable

Effective contract management frees up dozens of hours of work time, so you can get more done or see new opportunities. All this has a positive effect on the company’s activities as a whole. As many steps and processes are simplified, the enterprise becomes more flexible, adaptive, and competitive. The company’s profits from this increase, and the chances of errors and losses decrease.

When you have automated document flow, it will be easier for you to deal with such phenomena as:

  • Lack of transparency and mistakes in important agreements;
  • A slow life cycle, which is accompanied by the need for personal meetings and increased attention to each text fragment;
  • Violation of terms or terms leading to termination of the agreement, etc.

The biggest risks are reputational, related to both the work of the company itself and its efforts to protect confidential or personal information; and financial, arising from lost profits or inconsistencies. By avoiding these risks, the automation of work with electronic documents allows you to not only reduce losses but also make the company financially successful.

Smooth and Convenient Contract Management

Working with airSlate takes place in several steps

1.     Preparation and work with templates

Most official documents and agreements have a similar structure, so airSlate offers many ready-made forms that you just need to fill out. You can edit documents as you need: add and remove fields, use graphics or multimedia elements, and add an electronic signature to your agreements.

2.     Joint work on the agreement 

You can share the document with partners, send documents to them for additional processing or obtaining an electronic signature, etc. You can set up notifications and reminders about pending document operations, so you don’t forget about the most important tasks.

3.    Automatic renewal of contracts provided that the parties previously agreed to this and allowed the bot to create a new agreement at the end of the previous one.

4.     Contract lifecycle tracking as needed. 

You can receive all the necessary data regarding changes and new transactions and even calculate KPIs in real-time.

Use modern solutions and be ahead of your competitors: have more time, earn more, and do your best with less effort. The airSlate service will help you do all this, as soon as you integrate this tool into the work routine of your company.

John M. Flood

John is a crypto enthusiast, Fintech writer, and stock trader. His writings provide guides to perform your best in the crypto world and stock planet. He is a B-Tech graduate from Stanford University and also holds a certification in creative writing. John also has 5 years of experience in exploring and understanding better about the FinTech industry. Over time, he gained experience and expertise by implementing his customized strategies to play in the crypto market.

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