How APAC organisations can improve productivity with contract management, part 3

Handling and managing contracts can compose the bulk of the work in many legal, administrative and purchasing departments. But all too often, they’re relying on tedious, manual processes that have a negative impact on productivity and efficiency—and ultimately, revenue.

Consider these scenarios:

  • Frequent workflow bottlenecks while waiting for signatures and approvals
  • Wasted hours spent identifying and correcting errors in rogue versions of contracts
  • Redundant and confusing communication about contract statuses and deadlines due to a lack of visibility into the workflow

Do any of these common contract management woes sound all too familiar?

In the final edition of this three-part blog series about increasing productivity with contract management (read part 1 here and part 2 here), we explore how ECM technologies increase automation levels and help organisations in the APAC region boost efficiency while reducing operational, reputational and regulatory risks.

Automate, automate, automate

The right ECM platform will offer a contract management solution that delivers many process improvements to your organisation. By using contract management to automate predictable tasks, you drive work forward more efficiently. You can even take advantage of automation features that support better collaboration between internal and external stakeholders.

For instance, being able to automatically route contracts and kick off notifications during certain parts of the workflow means the right individuals will be notified faster, resulting in a shorter review process and approval cycle.

Best-in-class companies are more than two times as likely to have automated every step of the contract lifecycle.

– $The Aberdeen Group$

Automating workflows also standardises processes and keeps requests up to date, so fewer errors slip through. This lowers the risk of non-compliance and saves both time and money.

Ultimately, automation capabilities free skilled employees to do more valuable work over manual, time-consuming administrative tasks.

APAC’s contract management solution

The right ECM solution helps departments improve the accessibility, transparency and control of their contract management processes. Beyond the automation benefits, deploying an ECM platform with a robust contract management solution leads to:

  • Increased searchability of contracts and accessibility of related content and records
  • More transparency and accuracy from full audit trails and tracking functions
  • Better end-to-end control and security with permission-setting capabilities

As we’ve seen throughout this series, with ECM and contract management, organisations can promote accountability and enforce consistent business practices, reducing risks and increasing efficiency throughout the entire contract lifecycle. It’s all about managing the complete contract cycle, creating controls and automating lower-value tasks.

Ready to learn more?

Eugene Chng is Hyland’s director of sales for the APAC region. In this role for the last four years, Eugene has been the driving force behind the organisation’s considerable growth in the region, including implementation of the local professional services team, expansion of its partner and sales network and dynamic growth of its customer base throughout the region. Eugene’s career in the technology sector is extensive, having worked with global IT organisations such as EMC and IBM prior to Hyland. His vast experience and knowledge of the sector have led Eugene to become a regional thought leader for ECM and content services categories.
Eugene Chng

Eugene Chng

Eugene Chng is Hyland’s director of sales for the APAC region. In this role for the last four years, Eugene has been the driving force behind the organisation’s considerable growth... read more about: Eugene Chng