Most companies spend a lot of time and resources manually creating and negotiating contracts in conducting business. While this has become the status quo since the beginning of industrialization, we have to take note of better options in the market.
This is precisely when contract negotiation automation comes in. Unlike what some people may tell you, automating contract negotiation has become a hassle-free thing today. Not only that, you have some other benefits of shifting from manual contract negotiation to an automatic system.
In this article, we have talked about the top benefits of setting up contract negotiation automation for your business. We will start with the most interesting one.
#1 Get More Contracts Done
Spending less time manually negotiating contracts means that you can get more contracts done. Regardless of the automation service that you use, these services would take only a fraction of the time and effort that you would otherwise spend on writing, proofreading, approving, and negotiating a contract. If your business has to deal with multiple tenders and contracts every single day, this is a great save of resources. You should also consider that automation tools come with a fantastic amount of control. That you can accurately track all the contracts from/to your business, automation means an incredible ROI.
#2 Ease of Management
The bigger problem with manual contract negotiation isn’t making the contracts. It has to deal with managing multiple documents, especially if you have a massive number of contracts. However, when you use a suite of automated contract making tools, you can easily manage all of them. So, when you want to find contracts that contain a specific clause or phrase, a simple search through the repository would be enough. Because these tools store everything digitally, you won’t have trouble nit-picking the crucial terms, either. Again, you save time.
#3 Fewer Legal Errors
Although you may employ some of the best professionals to draft contracts and approve them, human errors may occur. These errors, however, can be very expensive from a business point of view. Well, this would not happen with automatic contract negotiation tools, which make use of pre-approved templates. For instance, if you use a platform like https://parleypro.com/product/, you also have access to a number of legally cross-checked contract templates. Because you use a template that has helped you draft the perfect contract at least one single time, these platforms bring you confidence as well.
#4 Intuitive Negotiation Process
Even if you don’t plan to remove the human element from the contract design process entirely, automation tools can convert the negotiation process into something more straightforward. For instance, you will likely have access to a platform to connect with the other parties on the contract. Using this platform, you can enable discussions and negotiations that you can easily track. Once you have made a crucial decision, the said platform would automatically alter the contract as well. In addition to saving time, this step would increase transparency between the parties involved.
#5 Increased Quality
A contract document that comes out of your organization reflects the quality control of your business also. That is, designing a bad-quality contract document is going to push your reputation down. This is why picking an automated system for contract negotiation can increase the overall quality of your business. Because you never have to doubt the authenticity or legal compliance of a document, you can focus more on discussions that matter. At the end of the day, both parties would have a contract document reflecting what they want. Even in an unlikely event where things go wrong, review and revisions won’t be a problem, either.
#6 Room for Analytics
You may think that automating the negotiation process reduces your options for data analysis. Actually, this is not what happens. Because you store your contracts as well-designed digital documents, every bit of data from the document is accessible for the right algorithms. As a result, you get to enjoy more in-depth analytics into what your contracts mean in real-time. For instance, the right automation platforms will give you an overview of all your digital contracts in a simple manner. If used properly, these insights will help you drive your business to a better path.
The Bottom Line
In case you haven’t noticed, all these benefits point towards one thing: better, higher-quality business deals that bring you peace of mind. Therefore, apart from the time and money you’d spend through the shift, you have many more reasons to automate contract negotiation.