Contracts play such an integral part in the growth of your business. It helps you build great relationships with your clients and partners, and it also protects your organization from any serious legal implications if things go awry. In this light, you need to invest time and effort to ensure that your contract management system is solid and effective.
Adopting a more digital approach to contract management certainly is the best way to go forward, especially if you want to have a more efficient system. What are the benefits of electronic contract signing? How can a digital approach help you with your workflow? Let’s find out.
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What Are the Benefits of Electronic Contract Signing?
Why should you switch to a more digital approach to managing contracts? What are the benefits of electronic contract signing? Let’s explore.
1. Increased efficiency
Before the digital revolution and the existence of electronic signatures, organizations went through multiple steps to get contracts signed and sealed. The drafting process of contracts alone already takes so much time. And then there’s the transmittal of documents, which also is time-consuming.
Electronic contract signing offers a more simplified process. It automates many tasks, such as contract creation. If you are equipped with the right tools like Fill, you can take advantage of their selection of contract templates to save you some time.
Furthermore, electronic contract signing also means that you do not have to rely on courier services to deliver your contracts to the signers safely. Sharing documents can now be easily done simply by sharing links or forwarding the documents online, similar to sending an email.
2. Enhanced safety and security
Manually processing contracts have plenty of risks involved, especially as it’s a lot easier to tamper with the documents and forge signatures. Electronic contract signing significantly eliminates all these said risks.
From the transmission to the completion of the signing process, you are assured that your documents are protected against any threats. When you choose the right tools for this process, you can take advantage of their robust security features, like end-to-end encryption to prevent unauthorized access to your contracts.
Moreover, one cannot easily edit or change anything to the document without you knowing it.
3. Reduced costs
It can be a bit costly to manage your contracts the traditional way–from the printing expenses down to the cost of storage. Of course, there is also an additional expense for the workforce to manually manage contracts.
When you opt for an electronic contract signing, you can do away with these expenditures. For one, you do not have to print multiple copies of your contracts. You also do not need to pay for courier services to deliver the contracts to the involved parties. Additionally, all your documents can now be stored electronically, saving you from spending on storage solutions.
How to Digitalize Your Contract Management System?
The contract management system is said to be one of the most overlooked aspects in many organizations. While many understand the importance of its role in their business, some people just do not know how to create an efficient and effective system.
If you are one of those individuals who want to up their contract management game but do not know where to start, consider digitalizing your system. Here are easy ways to go about it:
1. Only handle digital or electronic contracts moving forward.
One of the things that can make digitalizing a contract management system daunting is the idea that you need to convert all of your old contracts into digital formats. While you ultimately have to do that, you can start your transformation by ensuring that you implement an electronic contract signing for your newer contracts moving forward. Your old contracts can wait.
2. Introduce tools and software to your workflow.
The beauty of embracing a digital approach to your workflow is that a plethora of tools and software can help you get the job done faster and easier. For instance, Fill, an electronic signature application can help you with electronic contract signing.
You can easily and safely share documents and contracts with your clients and partners with just a click—no need to print anything.
Fill also has a real-time audit trail and log to help you keep better track of the progress of your documents. You will automatically receive updates when the signee has already opened the document and signed it. It also sends a reminder to ensure that your contracts get signed in a timely manner.
Contracts are essentially the backbone of just about any business. They predicate the money that comes in and out of your company. Thus, you need to treat them with great importance. Although it sounds like an extremely daunting task, especially if you have to manage dozens of contracts at a time, there are various ways to help you make this easier.
Luckily, with the ever-evolving technology, you can opt for an electronic contract signing to ensure the safety and efficiency of your contract process.