5 Reasons You Need a Digital Contract Request Process
By Karen Howe
In the new world of doing business, it is becoming clear that digital contract processes are no longer a nice-to-have but a must-have, and the contract request process is no exception. Here are 5 of the most compelling reasons for implementing a digital contract request process:
1. Request contracts from anywhere, at any time
How are you handling the contract request process today? With many businesses still forced to operate remotely, paper contract request forms no longer cut it. You can’t simply walk a request over to the contracts department and drop it on a desk. Even under “normal” operating conditions, the realities of a distributed workforce make any contract request process that relies on in-person contact impractical. With a contract management system like Contract Logix, requesting a new contract is handled digitally and can be done from home, from out in the field or from the office during or outside of regular business hours.
2. Get more accurate and complete data from the outset
Whether you are managing a request for the drafting of a new contract or following an intake process for third party paper, getting accurate and complete information along with the request is vital. A casual approach via emailed contracts, hallway conversations or paper forms can lead to multiple back-and-forth queries to get all the critical information necessary. With a digital contract request process and customizable forms, you can ask all the right questions up front and ensure that users can’t submit the request with missing or incomplete data.
3. Increase efficiency
Requesting contracts via email or other non-digital methods lacks the efficiency of a digital approach. For instance, with Contract Logix, request submission forms (along with any pertinent documents) are automatically routed to a Requests queue in the system, thus are not in danger of getting “lost” in someone’s inbox. After the request is reviewed, a single click converts an approved request to a contract with no need to re-key any information. If there is a need to ask for additional clarification or to decline the request entirely, again, a single click is all it takes to notify the submitter. The process is quick and uncomplicated.
4. Gain visibility
Do you know how many requests your team handled last month? Do you know how many were for third party paper versus your own? And do you know what percentage were accepted, rejected, or declined? Employing a digital contract request process gives you access to contract metrics like these. And it’s not only the team overseeing contract intake that benefits. Submitters can get instant information about the status of their requests, eliminating repeated appeals to your team for status updates.
5. Achieve tighter integration of amendments and addendums with original contracts
Customers have told us that a high number of inbound requests they handle are not for new contracts, but for amendments or addendums to existing contracts. From a holistic standpoint, keeping these records linked is vital. You need a contract request process that allows a submitter to easily make that connection and without it, you can end up with a bunch of separate jigsaw pieces instead of the whole puzzle.
Managing the contract request process can be a challenge without the proper tools. Contract management software from Contract Logix supports customizable request forms, automated request routing, a holistic approach to viewing contracts and their amendments/addendums, and the ability to gather valuable insight into request metrics, and will streamline your entire contract intake process. Want to learn more about how we can help you digitally transform your contract management into a fully streamlined and automated function? Schedule a call to discuss your needs.