Contracts are assets to manage business risk. They are essential for the containment and control of costs, for the prevention of damage and for the actions of counterparties. Contracting and compliance are intertwined facets and require methodical oversight. An effective contract management plan not only enforces compliance and mitigates risk, but also ensures better relationships between contractual parties.
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Blockchain and smart contracts: We are on the verge of seeing smart contracts become mainstream with applications in real business environments.
Their simplicity and seamless integration saves time, creating a world of improved economic efficiencies, and reduces legal spend and internal cycle time, while ensuring absolute transparency and control.
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We can probably agree that getting a contract written up and signed should be the easy part of a sale. A formality before the final handshake.
But is it? How familiar are you with a streamlined contract management?
The World Commerce & Contracting estimates that poor contract management costs companies an average of 40.5 hours and 9% of their annual revenue. I bet you can come up with a better use for that time and money!
Mismanaged contract workflows result in administrative bottlenecks in your sales pipeline. The extra time spent by sales, legal and operation teams writing and approving contracts adds up to your client acquisition costs. Even worse, it can kill the momentum of a sale.
Moreover, errors increase risks on liability or compliance. Missed savings opportunities and unwanted contract renewals also impact your bottom line.
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