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Ditching Paper for Pixels: How Contract Management Software is Changing the Game

by Busines Newswire
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Jumping on the contract management software bandwagon comes with a bunch of perks, like cutting down on paper use big time. This move from relying so much on paper has loads of cool advantages, so it’s no shocker that forward-thinking companies are all about going “paperless” when it comes to handling contracts.

You’ll Still Need Some Paper Though

First things first, we gotta get that contract management software isn’t going to zap paper use into oblivion. Everyone throws around “paperless” like it’s the ultimate goal, but total paperlessness? That’s not really doable, or even smart, most of the time.

Over at the American Bar Association’s online mag, Law Practice Today, lawyers Donna Neff and Natalie Sanna chat about how “paperless” doesn’t mean zero paper: “Going paperless means we’re using way less paper, but it hasn’t completely disappeared,” they say.

They’re still getting docs via mail and fax, which they gotta scan in. “While we’re working on a case, we keep the scanned papers in the actual file folder,” they mention. But once a case wraps up, they chuck the paper, except for a few things (like signed wills, for example).

Cutting Down Paper’s Plenty Good

Most companies will find they still need to handle some paper. But automating stuff means a massive drop in paper use, which is enough to score a bunch of pluses, like these top five perks:

  1. Cheaper Paper and Storage Costs.

Loads of docs can be tossed after scanning them, and some don’t even need to hit paper. Big bucks spent on paper and rooms full of filing cabinets can become a thing of the past.

  1. Boosted Productivity from Time Savings.

With this software, all your contract docs are in one digital spot. This means everyone who needs info can get it quick, no matter where they are or what time it is. Plus, since it’s digital, finding stuff is a breeze.

If the contract crew is spread out geographically, this software is a major time-saver, speeding up deals and boosting success rates.

Even if everyone’s in the same office, automating means no more hunting for files and less time wasted.

  1. Tighter Security for Sensitive Info.

Worrying about online data safety? No need. In fact, contract management systems are safer than paper. They let you layer up security to block unwanted access – way better than a file cabinet lock. Also, paper contracts can be shared without permission, but software keeps tabs on who’s sharing what.

  1. Consistency.

Contract management software keeps contracts in line with company policies, strategies, and the law. It speeds up approvals and flags any changes or rule-breaking, preventing costly mistakes from inconsistency.

  1. Syncs Up with Other Business Tools.

In the paper world, contracts are like cash under the mattress – not fully utilized. Once contract data goes digital and central, it can easily mesh with other business software, like CRM, logistics, and accounting. This means the valuable insights in contract data get used to boost operations and strategy.

So, in a nutshell, hopping onto the contract management software train isn’t just about being trendy. It’s a real game-changer. Less paper clutter, saving money, getting stuff done faster, keeping important info safe, staying consistent, and making everything play nice together business-wise. It’s like giving your contract process a turbo boost while keeping things eco-friendly. Pretty cool, right?

Conclusion:

So, hopping on the contract management software train is a big deal, and it’s not just about cutting down on paper use – though that’s a huge plus! It turns out, going “paperless” doesn’t mean totally ditching paper, but it sure does reduce it a lot. The perks are awesome: you save cash on paper and storage, work gets done quicker because everything’s digital and easy to find, and your sensitive info is safer online than in a file cabinet. Plus, this software makes sure everything is consistent with company policies and law, and it syncs up with other business tools to make the most out of your contract data.