1. Decreased costs
Storing contracts electronically reduces physical storage, printing and transportation costs. Contract management software lets you share contracts by email, securely or through an online web portal eliminating the need to ship huge packets of paper. Digital signature functionality embedded in contract management software can in many cases eliminate printing completely.
Enterprise content management systems can make contracts accessible even from the most remote of locations.
2. Central control
Contract management software makes it possible to store all versions of the same contract in one document, ensuring that the newest version is always the one being accessed and revised. Different levels of contract access can be granted to different individuals. For example, the legal counsel could be granted access to edit the contracts while the records manager is only be able to read the content.
3. Improved accountability
Storing electronic contracts in a repository with contract management software makes them accessible in the field from computers or mobile devices. Making contracts so easily accessible leads to improved accountability over contract changes and approvals since they can be viewed at any time.
4. Increased productivity
Reviewing and approving electronic contracts with contract management software is faster and easier than the unwieldy (and sometimes unorderly) stacks of paper of years past. Today, stakeholders can review and sign contracts from a mobile device. As features such as digital signatures allow most types of contracts to be handled electronically end-to-end, productivity can soar with the saved time for not having to handle paper
5. Simplified records management
Contract management software simplifies records management in multiple ways. Records managers can be automatically notified when a contract is close to expiration, so that they can earmark it for renewal or automatic archival. Keeping contracts in an electronic repository also simplifies compliance with records management regulations, as appropriate retention can be applied automatically.