Theron recognized four gaps in its existing contract management lifecycle after taking a step back and studying it. These gaps were driving the majority of the problems, resulting in five-figure losses for the company.
· Inability to collaborate on contract reviews resulted in severe delays in executing new agreements due to lost files and overwritten changes.
· Limited Access and Visibility: A lack of cross-departmental visibility into contracts resulted in invoicing problems and project scope misalignment.
· Inability to Connect Contracting with Other Platforms: The inability to connect contracting with other major platforms led to inefficiencies and resource waste.
· Lack of Ability to Effectively Locate Contracts: Finding contracts was time-consuming due to the inability to assign unique IDs to contracts, search by metadata, or scan textual papers.
Theron set out to find a better contract solution; a partnership approach and a methodical approach to contract storage were fronts of mind. Theron discovered ContractSafe after analyzingseveral options. He was immediately impressed by its simple user interface and display contracts with clear and visible contract data. ContractSafe’s volume-based pricing system, which allows customers to pay by contract quantity rather than by user, was a secondary selling feature.
JourneyApps has saved big bucks and countless hours since deploying ContractSafe to streamline contract management. The company’s finance, legal, sales, and management departments may cooperate on contract evaluations using ContractSafe. Regardless of their location, no team is left out of the loop. Comprehensive search tools and sophisticated optical character recognition (OCR) technologies simplify employees to identify the same document they need, reducing the time teams spend manually searching for documents.
Results
While Theron had reservations about how easy it would be to implement, ContractSafe’s Team Of experts made sure it was straightforward and quick. The team helped JourneyApps develop unique identifiers for each contract, allowing for more organized documentation storage and management approach. Employee acceptance has been significant, according to Theron.
JourneyApps reaped the following benefits after switching from manual to ContractSafe processes:
· A significant increase in revenue as a result of enhanced client contract scope and fee revision execution.
· By detecting and addressing contract billing mistakes caused by inadequate contract administration, an extra $10,000 in income was discovered.
· Reduced the time it takes to process contracts, do due diligence, and comply with annual audits, resulting in savings of more than 125 hours.
JourneyApps has also been able to tie revenue and expenses back to specific contracts using ContractSafe’s unique contract IDs, allowing for a more comprehensive view of overall company performance throughout the whole enterprise. From invoicing and SLA monitoring to account management and sales, ContractSafe has become an integral component of JourneyApps’ whole client lifecycle.
JourneyApps would not have been able to scale portions of the business that relied largely on implementing custom contract conditions if it hadn’t chosen ContractSafe, according to Theron. It also would not have been able to program its internal invoicing system, saving the company time and money.
Contract management is critical for all businesses, irrespective of size. Effective contract management software can help businesses increase income while also saving money. Companies who entrust ContractSafe with recordkeeping can save time, gain visibility, and maintain security.
This challenge is solved by using contract management software to automate contract storage and organization. Teams may rapidly access documents they need by utilizing a centralized, cloud-based contract repository with efficient search and filter features. ContractSafe’s network, for instance, is integrated with OCR technology, which allows users to search supporting documentation, as well as [AI]ssistant, which streamlines the storage and classification of your papers. As a result, you’ll spend less time looking for documents and arranging them. The Greatness of ContractSafe
When organizations manage contracts in isolation, a slew of serious problems can emerge. Finance departments may not receive final contracts, resulting in billing mistakes. Project managers will not receive the completed project specifications, or that management will lose track of the numerous service providers.
All businesses, regardless of size, must oversee contracts properly. Effective contract management systems can help businesses increase income while also saving money. Companies who use ContractSafe to simplify document management save time, gain visibility, and maintain security.
The contract management system promotes cooperation and improves overall visibility into contract conditions, vendors, and effectiveness across the organization. ContractSafe provides versioning control tools and a logical folder and naming system to ensure that everyone has access to the most current contract version. It’s much easier to avoid mistakes and save money if all teams are on the same page.
Inclusion
ContractSafe has become a fantastic enabler for us, allowing us to automate other processes and improve our capacity to handle a growing number of highly customized customer engagements.For more ContractSafe.com today to enjoy this amazing experience.