Accelerate Business Collaborations with Digital Signatures

Digital contracts gained tremendous success among business circles. Electronic signatures like DrySign help in the process and save time and resources

Aug 21, 2023 - 16:24

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In the Philippines, contracts play a vital role in establishing trust and facilitating business collaborations. However, many companies still rely on manual contract drafting, which can impede timeliness and efficiency, especially when partnering with larger firms.

To overcome this hurdle and unlock seamless collaboration, the adoption of digital signatures is the way forward. Digital contracts not only enable precise and error-free agreements but also offer efficient contract management solutions. By embracing this transformative technology, businesses in the Philippines can enhance contract negotiations, streamline processes, and ensure compliance, empowering them to thrive in today's competitive landscape.

The Contract Management Process

Let's explore the various stages of the contract management process and how embracing digital signatures can optimize each phase:

Planning Stage: In the initial stages of contract management, it is crucial to assess resources, challenges, and technology capabilities. Recognizing the limitations and assets of your contract management team will inform decisions made throughout the process. By understanding the benefits of digital solutions over manual processes, such as electronic signature software, businesses can set the stage for a more streamlined and efficient contract management journey.

Implementation Stage: To effectively manage a pool of contracts, relying solely on basic manual solutions like spreadsheets or shared drives may be insufficient, especially for larger teams. Automating processes with contract management software empowers teams to easily handle a higher volume of contracts, improving efficiency and productivity.

Don’t miss to read: https://drysign.exelatech.ph/blog/how-mobile-esignatures-serve-businesses-being-sustainable

Pre-Contract Stage: Clear communication and collaboration among team members are vital during the pre-contract phase. Ensuring that your contract management team is well-informed about the progress and prepared to handle upcoming contracts sets the foundation for successful contract negotiations and execution.

Handover Stage: The transition from the contract administration team to the contract management team requires clarity and seamless coordination. Hosting meetings and fostering open communication between the two teams can help prevent any oversights or misunderstandings, ensuring a smooth handover process.
Contract Stage: The contract execution phase is critical, and relying on manual processes can pose challenges. Digital contract management software offers a range of features, including automated alerts, notifications, templates, customer reporting, and bulk send capabilities. These features keep teams informed about important dates and commitments, mitigating the risk of cancellations and delays.

Pre-Renewal Stage: As the contract period approaches its end, discussions regarding renewals, revisions, and extensions become common. Evaluating the successes and challenges of the contract management process during this stage is crucial. Fostering open dialogue and strategic planning is key to maintaining a successful working relationship and setting the stage for future contracts.

Post-Contract Stage: The conclusion of the contract period calls for a thorough review of the terms and obligations. Settling outstanding invoices and properly archiving the contract ensure a smooth closure. Reviewing the contract management lifecycle is essential, identifying areas for improvement and refinement to enhance future processes.

What are the business benefits of contract management?

Centralize Contract Storage - Streamlining your contract management process begins with keeping all contracts in one easily accessible centralized location. You can digitize and efficiently archive each contract by leveraging contract management software. This approach simplifies the task of locating and retrieving contracts whenever necessary, saving valuable time and resources.

Establish Key Performance Indicators (KPIs) for Process Evaluation - To drive continuous improvement, it is crucial to identify bottlenecks and areas for enhancement. Implementing clearly defined KPIs specific to your organization's objectives allows you to measure and evaluate the effectiveness of your contract management process. Regularly reviewing these KPIs provides valuable insights and presents opportunities to optimize efficiency and productivity.

Assign Access and Permissions Strategically - Human errors and unauthorized access can pose risks to your contract management process. You can minimize these risks by strategically assigning access and permissions within your contract management platform. Carefully determining who has access and what level of permissions are assigned ensures that team members can only access relevant portions of the platform, enhancing security and preventing inadvertent modifications.

Conduct Compliance Reviews - Compliance is paramount, especially when dealing with government oversight. Regular compliance reviews within contracts ensure that your contract management team meets all applicable regulations and legal requirements. Collaborating closely with the legal team allows you to address any compliance concerns, mitigate legal risks, and maintain the integrity of your contract management process.