Benefits of using contract management software to negotiate contract
To successfully negotiate contract requires transparent and continuous interactions. With the help of Dealsign contract management software, contracting process is significantly improved in terms of time and effort spent compared to traditional contracting.
Dealsign improves the contract quality
Dealsign is an online contract management software that helps companies to close deals faster and manage contracts easily through better interactions across the entire contracting lifecycle.
Solutions like Dealsign improves the quality of the contracts by enabling collaborative creation of templates, alternative clauses and help texts on which clauses should be used on which case. Moreover, they follow a workflow which will ensure that the template used is always the latest version available.
Using contract playbooks implemented in the process, such as in tools like Dealsign, reduce the ambiguity in contracting language by having fallback clauses reviewed and internally approved beforehand and therefore making the contracting process more efficient and produce better quality outcomes in terms of the contract agreed. This applies even if you would use the counterparts’ templates, since using readymade contract playbooks gives you a clause library of approved clauses to choose from. Of course, in the end the quality of the final contract is dependent on the skills, experience and the professionalism of the party negotiating it.
Dealsign decreases contracting costs
Solutions like Dealsign are focused on reducing contracting costs, speeding up the contract negotiations, streamlining contracting process and improving quality. The traditional way of sending template and then haggling the clauses via email “ping pong” and onsite sessions is time consuming, costly and inefficient. When both parties can access the same document simultaneously, there is no need for waiting around for the other party to comment on the entire document before you can work on it.
With Dealsign you can reduce the cycle time of a contract by 60% -90% and the contracting cost from 50%-80% by using smart templates, playbooks and online contract negotiations. By using the inbuilt e-signing functionality, you will achieve additional cost efficiencies such as reducing workload, mailing and printing costs. As a bonus you can save some trees as well!
Dealsign improves contract management
Modern contract lifecycle management software help companies by providing event based notifications and enable search directly into the content of the agreements. By being able to search directly into content, this reduces the need for metadata filling and provides an easy access to the contract for the right persons.
Contract data is one of the least utilized sources of data in most organizations. In order for being able to utilize contract data, companies need solutions to analyze and make available the data contained in their contracts. Moreover, the contracts need to be digital - not scanned PDF´s stored in a corner of a system where no one finds them. Contract data is crucial for the profitability and success of a company. Digital contracting is the first step towards a more automated and AI driven contracting.
IACCM studies show that the best in class companies have contract value leakage of 6,2% of the annual revenue and the rest 12.4% on average. Good Contract Development and Management could improve your company's profitability by the equivalent of massive 9% of annual revenue.