Unlocking Efficiency: The Essential Guide to Contract Automation

TL;DR

What is contract automation

Contract automation is the use of technology to streamline and automate the process of creating, managing, and executing contracts, reducing manual effort, errors, and improving efficiency and compliance.

Key contract tasks that could be automated

Key contract tasks that can be automated include contract creation, review and approval, tracking changes, managing deadlines, renewal reminders, compliance checking, analyzing contract performance, and creating reports. Automation can streamline these tasks, reducing errors, saving time, and improving efficiency.

What are the benefits of contract automation

Contract automation streamlines contract creation, improves accuracy, increases efficiency, enhances compliance, and simplifies the tracking and management of contracts, ultimately reducing costs and risk while speeding up contract turnaround times.

Key software that helps with contract automation

Contract automation software helps streamline the contract lifecycle by automiting processes, enhancing compliance, ensuring accuracy, and simplifying workflows. Key software includes Concord, PandaDoc, Ironclad, Apttus, Agiloft, and ContractWorks. They offer features such as templates, e-signatures, tracking, and more.

Bad examples of contract automation

Contract automation can sometimes lead to severe errors, such as miscalculation, omissions, miscommunication, and wrong data input. It can also result in problems like legal disputes, overstated costs, and wasted time due to flawed contract templates and insufficient automation rules.

Examples of contract automation

Contract automation involves using software to streamline contract creation, execution, and management. Examples include self-service contracts, personalized contracts, high-volume contracts, and smart contracts based on blockchain technology.

Businesses and industries that benefit from contract automation

Contract automation boosts efficiency, reduces errors, and saves costs, benefiting many businesses and industries, especially those in legal, real estate, procurement, healthcare, and technology sectors. It can also enhance compliance, risk management and client satisfaction.

How we can help you with contract automation

Our agency offers services in contract automation, significantly reducing manual work, time, and errors. We streamline workflow, ensure compliance, improve negotiation processes and securely manage your contracts.