Get to know about what is contract management, its process, importance and how it can help to grow profits of your organisation MSB Docs - CRO

1. Traditional vs
Automated Contract
Management
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2. Time Factor
Complexity
Paperworks & Documentation
Auditing and Reporting
Contract Renewals
Key Factors :

3. Time Factor
Traditional: The old way of creating and maintaining
contracts is a time-consuming one and it wastes more man-
hours.
Automated: Contract Management Software helps to
create, execute and maintain contracts in a reduced time. It
can manage the agreements between organizations very
efficiently without sucking more time.

4. Complexity
Traditional: Traditional contract paper works are a tedious
process and require more man powers since the formulation
involves more complexity.
Automated: On managing the agreements through
automated software, the complexity and confusion can be
reduced drastically since the process is more quick and
accurate.

5. Paperworks & Documentation
Traditional: Since the ancient way of contract management
involves more paperwork and documentation, it is highly challenging
to keep and maintain all physical documents of the agreements.
Automated: In automation, the paperwork and signing process is
purely fed in contract management software, it is very easy to keep
and maintain all track records of agreement. It is also more ease in
searching and picking the right document in a short time through
automation.

6. Auditing and Reporting
Traditional: When there is a need of changing or altering the terms
and conditions of a contract, it is more complex and hard to audit
and make changes in the papers of an agreement, and also it is
difficult in generating fresh physical agreements.
Automated: Automation software helps to edit or alter the specific
terms and conditions of the agreement when the situation arises.
Auditing and generating reports of automated deals are simple and
easier because it involves less time, less complexity, and more
accuracy.

7. Contract Renewals
Traditional: When the renewal time boundary is not respected, it
weakens the relationship strength of two business organizations. The
traditional way of contract renewals involves more caution and
should maintain a clear data record to initiate renewals at the right
time frame.
Automated: Managing contracts through software helps to maintain
numerous agreements in a single database to send renewal
notifications at right time. All the agreements in history can be
renewed without any delay via automated maintenance of contracts.

8. Thank You.!