Contract documents can certainly be a source of a lot of complexity in business processes of companies. Content creators may have a hard time pulling together all the information that is needed in a contract, while sales management and the legal department often have a lot of work in checking it, detail by detail, word-by-word.
And for the contract creator in the customer-facing team, there is a lot of manual work to do – and related stress, too, for getting each detail right.
Smoother processes, better control with contract automation
Luckily, a good contract automation application can make things a lot smoother. In our previous article, we looked at the benefits of such an app for the end users in the customer-facing teams. When it comes to administrators and content creators, the benefits are equally many and tangible:
- easier creation and maintenance of contract document with fewer errors
- more effective control over user rights
- smoother document content checking and approval for legal teams and business management
- easier circulating procedure
- consistent quality.
Study says: 24% cost reduction, 34% increase in revenue
A study on businesses’ document processes by Adobe – with emphasis on contract management – found that the improvement listed above will bring concrete financial benefits:
- 24% cost reduction
- 34% increase in revenue
- 14% risk reduction.
Quick recap: how automation works
A contract automation application enables document production based on usage of pre-defined templates, populated with modular content blocks, like information on products included and terms and conditions. Upon document creation, these are fetched automatically from a database and filled in with customer-specific details and other data.
Users like sales representatives generate the actual documents by clicking on an appropriate button in Salesforce and then by filling in a form to specify the document content. Depending on their user rights (granted by the administrators) they have more or less choice in selecting the content.
More control, less work, and headache
For those responsible for the contract content, automation makes it easier to create and maintain the document. You just create one modular section once, and it appears in the same form, Except for the customer- and transaction-specific data fetched from the CRM.
Updates are equally easy. Thus, automation can save administrators and content creators a lot of work as the need to specifically distribute it is eliminated and the template will automatically fetch the updated version from the database.
Easier circulation and approval: less work and stress
For those responsible for approving documents, whether from the content or legal perspective, circulation of the document can be automated within Salesforce: when certain step in the creation and approval cycle is completed by one worker, the document is automatically forwarded to the next one in the line for performing the next action. There will be less work and stress resulting from the need to alert every participant to do their part timely.
By adding an eSignature application to the system, the automated circulation procedure can be extended to the last phases: the final signatures by the business and its customer and archiving of the contract.
Checking the documents is also minimized: just giving them a once-over to ensure they have the right details, instead of checking each word, letter and punctuation mark with a magnifying glass.
Study confirms: without automation, document processes are clumsy
Such improvements are really missed by the U.S. executives and managers in sales, HR, procurement, legal, and other departments, who were interviewed for the Adobe study mentioned above. Out of all interviewees:
- 51% cited difficulty getting status and visibility into the document process
- 83% could not tell whether documents have been received by the people they’re sent to or reviewed/signed by the appropriate people
- 26% said getting documents routed, reviewed, and approved takes too long.
Higher, consistent quality
Whether It is about the quality of contract layout or consistency and accuracy of its content, contract automation can bring a substantial improvement. Automation allows eliminating human errors. It allows applying systematically a limited number of selected layouts for the documents. And it allows ensuring that all details are in place without any manual work.
Primarily, the better quality translates to higher reliability in legal and commercial terms, which of course have paramount importance to the business.
Interested? Book a demo!
Would you like to see how contract automation can help your business? Book a demo of the Documill Dynamo now.