How APAC organisations can improve productivity with contract management, part 1

If your department handles a large volume of contracts, then you know: the more manual your process, the less efficient you are.

Common drawbacks stemming from a manually intensive contract management process include workflow bottlenecks and documentation errors that can lead to revenue leakage and non-compliance issues. You also risk longer sales cycles, missed opportunities and troubled customer and vendor relationships.

In this three-part blog series, we take a look at the major ways an enterprise content management platform can ease the headaches related to contracts and help organisations in the Asia-Pacific region manage processes by increasing visibility from start to finish.

Organizations with inefficient contract management processes reported up to nine percent less revenue annually.

Unsurprisingly, organizations with inefficient contract management processes reported up to nine percent less revenue annually, according to the International Association for Contract & Commercial Management (IACCM).

But there is a better way.

Manage the complete contract lifecycle

Many leading organisations are turning to enterprise content management (ECM) solutions to manage the complete contract lifecycle, automating predicable steps while empowering staff to complete knowledge-driven work. Even with all the moving pieces, parts and players, legal departments and contract administrators can use ECM technology to take control of contract management.

When various documents are stored in separate network folders, file cabinets and individual inboxes, the process is inherently chaotic; ultimately blocking managers from having a complete view of the process. The unfortunate result is information silos and disconnected data that lead to mismanaged negotiations, reviews and approvals.

With the right ECM solution, you have a central location to store, track, collaborate and take action on all documents, data and tasks in the contract lifecycle. This gives you complete visibility into the contract management process, from a history of interactions with data to a clear view of current work, upcoming obligations and expirations.

Increase transparency and productivity

By capturing, storing and managing all contracts and supporting information in one secure location, you free yourself from an over-reliance on paper.

With a streamlined, digital process, your organisation:

  • Improves security with the ability to customise who can access contract information
  • Automatically routes contracts for review, approval and execution – including digital signatures
  • Receives automatic notifications of expirations and auto-renewals
  • Supports compliance with a full audit trail of all interactions
  • Accelerates contract cycle times and reduces operating costs, minimising time spent searching for information and manually routing documents

Take control of contract management

With the right enterprise content management platform, your organisation manages the complete contract lifecycle with a comprehensive view of all information, tasks, activities and correspondence related to contract processes. By taking manual tasks of the equation, you take control of your contract management process.

You also:

  • Minimise predictable, manual tasks like filing and retrieving documents
  • Eliminate the need to jump between multiple applications, spreadsheets or file shares
  • Free your department to focus on higher-value tasks, like handling exceptions and completing more knowledge-driven work

Ready to learn more?

Also, don’t forget to check out part 2 of this series, where we cover the benefits of creating controls how to effectively manage contract creation and negotiation by creating controls.

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