Evisort E-book: A Guide to Automating Contract Creation, Workflow Accountability, and Compliance
Unseen yet indispensable, contracts guide almost every action a business takes, determining how much revenue it can expect to receive and what expenses it should plan to incur. The proper management of contracts is therefore essential to business success. Delays in the process can cause serious harm—not just delays in the time it takes to close a contract, but the time it takes to create one.
Yet creating a contract quickly and well is easier said than done.
The process can be divided into five discrete steps:
Review & Approval
Put like that, it may look like a simple, well defined exercise. But all too often, the march to signature drags out due to lack of compliance, lack of visibility into accountability and approvals, slow collaboration, and bottlenecks in moving the business forward.
Why getting to signature is so difficult?
Despite the existence of technology, including Artificial Intelligence (AI), for streamlining and accelerating contract management, many organizations are still encumbered by the fear of change, preferring the traditional way of doing things even if it costs them more time and money. The higher-value the subject matter, the more complex the legal issue, the more numerous the parties involved, the greater the downside.
While there is no single reason the pre-signature process goes wrong, most problems fall into four categories. Download the guide to find out more!