With the need to keep up with the ever-changing demands of the legal workforce, contract management digitization is inevitable. This transformation goes beyond the workforce as highly strategic law firms now leverage digital legal contracts to gain a competitive edge and outperform their competitors.
In this post, you’ll learn why businesses in the legal industry should consider upgrading their contract workflows and revolutionizing their contract management process to achieve optimum results.
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Minimizing the complexities in legal contract signing may not be a walk in the park, but it isn’t unachievable either. With digital transformation, you can seamlessly go through each phase of your contract lifecycle as you overcome the challenges that could negatively affect your desired outcome.
What Is Digital Transformation?
Digital transformation happens when you incorporate digital technology into several business processes, such as client management, document management, and contract signing. Often abbreviated as DX, digital transformation helps businesses thrive by shifting their approach to satisfy the requirements of today’s modern business environment.
Should Businesses Care about this Transformation in Legal Contracts?
Simply put, Yes. By prioritizing the transformation in legal contracts, your business can effectively implement modern strategies that promote growth. Digitizing how you transact and do business with clients allows them to execute documents remotely. Not only does this help speed up your transactions, but it also opens new doors of opportunities as you expand and offer your services to clients based offshore.
Fill is a secure way to share and sign legal contracts. Try it for free today.
What are the benefits of the digital transformation happening in legal contracts?
Deploying the current digital transformation into your contract lifecycle offers many benefits. Let’s go through a few of them:
- Speed and accuracy. Embracing contract digitization means you are processing transactions faster with automation and error reduction. You also avoid facing the risks of paying hefty fines for overlooked clauses as you can quickly scan through the document using advanced search functions.
- Accessibility. You can access and manage your documents without digging through a mound of paperwork. You can also provide your clients a better signing experience, allowing them to execute documents using only their tablet or smartphone.
- Compliance. Your business should consider the transformation in legal contracts if it wants to stay compliant with the ever-evolving laws on data and privacy. By applying digital transformation to your legal documents, you implement modern security measures that automatically ensure compliance
- Profitability. Since digital transformation can help speed up your transactions, you can close more deals and acquire new clients without dealing with reduced lead times and protracted negotiations.
- Scalability. Your business should consider digitizing its contracts to scale and drive consistent growth. Choosing digital contract management allows you to handle large volumes of transactions without affecting the speed and quality of your service. You can also cater to more clients with the help of automation.
How to Successfully Implement Legal Contact Digitization in Business
When it comes to transforming the workflow of your legal contracts, there are a few things that you need to keep in mind:
1.) Prioritize Security
When transitioning to digital legal contract management, the first step is typically finding reputable contract management software. However, you must be sure that this solution can provide the highest level of encryption. This will allow you to eliminate any possible security breach risk that could lead to heavy financial losses.
2.) Take full advantage of automation.
Automated tools and assistants help lessen the risks of errors. When you automate repetitive tasks such as form filling, you can process transactions quickly.
3.) Establish a well-defined audit process.
Establish a well-documented and clearly defined audit process to stay compliant with your industry regulations. Documenting the activities and exchanges done in each negotiation helps you double-check for inaccuracies and errors. It also allows you to quickly refer to your records to confirm the authenticity of each transaction.
4.) Mitigate risks by restricting user permissions.
Restricting user permissions helps you ensure the confidentiality of your contracts and other legal documents. In case of a breach, you can quickly narrow down those with access to your files and prevent further damage.
5.) Choose a cloud-based solution.
Storing your contracts in the cloud makes it easy to access them whenever you want. You can also sync your files across your devices, so you don’t have to take a long ride back to your office to verify a clause or correct some errors. A secure and mobile-friendly cloud-based document signing solution can simplify your digital contract management process and minimize the possibility of misfiling and lost records.
Whether on your PC, tablet, or smartphone, you can seamlessly view and sign contracts with a cloud-based contract management solution. You can also have your clients sign your contracts without meeting in person.
Final Thoughts
In a world where technology plays a crucial role in establishing integrity and influence, evolution in business involves embracing change and being open to modern innovations. By initiating this transformation in your legal contracts, you are already one step ahead in creating a seamless experience for your clients.
With Fill, get your contracts signed quickly and securely with just a few finger taps. You can even use your phone to keep track of your document’s activity.
