The effects of cloud computing are now evident in the business world. It has brought about solutions such as hosted IT servers, e-mail solutions, hosted ERP systems, and most recently hosted contract management software. Cloud-computing has revolutionized the business processes by causing the stakeholders to take their focus off their business’ computing power and concentrating on their core competencies.
What is cloud-based contract management?
Instead of investing in on-premise hardware and software to handle data, businesses can now put more impetus on finding a cloud service provider. Cloud-based contract management helps streamline the processes involved in managing contracts and help minimize supply chain risks.
A cloud-based contract management software could benefit your business in the following ways:-
Any business aims to expand its customer base continually. The more it grows, the harder it is to keep track of all your contracts. Through OnBase contract management program, you will be able to store contracts in a centralized location. This is not only efficient, but it also reduces the likelihood of losing pertinent documents.
Improved security of confidential data
It is virtually impossible to protect manual data. Locking them up in a metal cabinet marked ‘confidential’ does not mean that they are secure. Cloud-based solutions add to your contracts’ security through permission-based regulations and two-factor authentication.
Shortened sales cycles
By eliminating the lengthy processes involved in manual contracts, your business will reduce the time it takes to conclude a deal. Cloud-based contract management solution could reduce the time it takes to close a contract from a few weeks to hours.
Unprecedented access to information
Such solutions make it easy for all stakeholders involved in a particular contract to keep up with the process. Your sales team can receive alerts on the status of the contracts. They will be able to see if it was viewed and if it has been signed or declined. The management can also remotely monitor and review the contracts.
Stores contracts for future audits
Cloud-based contract management software will come in handy should you need to go through a corporate clean-up process. Such audits require that contract documents be investigated. As they are kept in a central repository, it makes the process easier and faster.
Reduced operational costs
Using automated contract management program will help your businesses cut down on costs associated with office supplies which are typical of manual contracts. Cutting down on huge desks, drawers and file cabinets needed to store manual files could eliminate the need for a huge office space.
OnBase contract management system streamlines the process of generating and disbursing contracts under a centralized and safe platform. More and more business are embracing the flexibility cloud-based contract management provides and therefore, taking full advantage of the benefits it provides.
Requordit aims at making your business efficient and responsive by providing you with cutting-edge contract management services. Contact us at 312 332 9200.