Managing contracts can feel like a never-ending battle, especially as your business starts to take off. The more you grow, the more contracts you have to handle, and things can get chaotic fast. Drafting and approvals take forever. Sometimes, contracts are sent out missing crucial details. And the absolute worst? Losing track of a contract altogether and scrambling to find it months later.
Believe it or not, businesses lose up to 8.6% Â of contract revenue or payments due to poor contracting processes. 90% of executives already feel there is a need for better contracts and more streamlined processes.
So, how can you make contract management easier at your company? Using templates, setting up automated reminders, and storing everything in the cloud are great places to start. In this post, we’ll break down the major contract management challenges and show you some practical solutions to keep things running smoothly.
1. Long contract creation times Creating contracts from scratch every time is a real time-sink. You’ve got to make sure every term is included, avoid sending the wrong versions, and deal with endless email back and forth to track the latest edits.Â
Then, there’s the wait for legal approval before it can even be signed. For simple contracts, this might take a few hours to a whole day. For complex ones, it can drag on for days or even weeks.
Custom templates cut down creation time A template is a pre-designed document framework that standardizes terms, ensuring consistency and reducing errors. You can build custom templates for various scenarios, like expense reports, client engagement letters, and financial statements.Â
It takes a one-time effort to create a thorough template with all the essential terms for your company. This saves you from manual errors and potential legal pitfalls. Plus, you can easily update these templates as needed.
With Signeasy, you can set up templates with roles and fields in advance. You can also add custom messages and request attachments right in the templates. When you need a signature, just enter the recipient’s email and hit send. These tools help you create contracts faster and more efficiently, saving you time and hassle.
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2. Manual errors and inefficiencies Manual errors in contracts are a huge risk. You might
enter wrong data, miss any terms, send the wrong version of contracts, skip the signing order, add wrong signer details or worse, miss adding a signer. Such contracting issues do not show their terrible effects straightaway. But when you are in legal trouble, and contracts (that could be your saving grace) have problems, that’s not a good place to be in.Â
Automated workflows and edit options reduce errors To reduce contract errors, a contract management software can be highly effective. It offers features such as templates for consistent contracts, maintaining signing order, and automated reminders to ensure nothing is overlooked.
Signeasy includes all these features to reduce errors and maintain compliance. It also has an edit feature that allows users to update signer details even after the contract has been sent for signature. This streamlined process significantly reduces manual errors and boosts overall efficiency.
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3. Poor visibility and tracking Keeping track of contract status can be a nightmare. Often, the entire contract communication happens over email, making it hard to find out where a contract is stuck.Â
Has someone requested a revision? Who has signed it? Who hasn’t signed it yet? Manually checking these details by digging through countless emails wastes time and is not the most efficient method.
Real-time visibility into contract status What you need is real-time visibility into contract status. This means having a system that tells you exactly where a contract is at any given moment—whether it needs your signature, is waiting on others, or has been completed or voided. This level of insight helps you take quick action and keeps the entire process moving smoothly.
Signeasy makes it easy to track your contracts. On the platform, contracts are organized into folders based on their status: ones you need to sign, those waiting on others, completed contracts, and voided or expired ones.Â
You can easily see who still needs to sign each individual contract, so you know exactly where things stand.
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Email notifications keep you in the loop, letting you know when someone views or signs the contract. You can also add CC email addresses when sending out contracts for signature, ensuring that everyone who needs to be informed stays in the loop. This transparency helps prevent delays and keeps everyone aligned.
By providing real-time visibility and detailed tracking, Signeasy ensures you’re always aware of your contract’s status and can act swiftly to keep things on track.
4. Delayed approvals and signatures This challenge is closely related to poor visibility and tracking. Without a systematic way to monitor contracts, keeping track of who has signed and who hasn’t becomes a major headache.Â
Sending reminders for signatures becomes an extra task that often falls through the cracks. 42% of executives admit there’s no clear responsibility for contract management oversight in their organization. This lack of clear ownership leads to delayed approvals and signatures, slowing down the entire process.
Automated reminders for timely signatures To overcome this, you need a solution that automates reminders and provides a clear, real-time view of contract statuses.Â
Automated reminders ensure that signers are prompted to sign at the right times without the need for manual follow-up. Additionally, having a system where you can easily see which documents are pending your action or awaiting others' signatures can significantly speed up the process.Â
Being able to request and attach necessary documents, like ID and address proof, within the same system also helps streamline the workflow and prevent delays.
With Signeasy, you don’t have to spend hours tracking contracts or sending reminders. Once you initiate a contract, all signers get an automated reminder to sign, and if they haven’t signed, they get a nudge on day 1 and day 7. You can even send quick manual reminders for urgent contracts.
Signeasy also lets you request supporting documents like ID and address proof while sending the contract for signature. This way, you don’t have to follow up manually. Just add a request attachment instruction.
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By automating these processes and providing real-time tracking, Signeasy ensures timely approvals and signatures, making contract management a breeze.
5. High compliance and security concerns Contracts set expectations and assure smooth operations, but what if, months after signing, the vendor shows up with different terms and a completely different contract? Sadly, this happens.Â
According to the Veriff Identity Fraud Report 2024 , document fraud was a major issue in 2023, with a 20% rise in overall fraud and 13.7% specifically being document fraud.Â
Document tampering is a real problem—you might think you’ve signed a solid contract, but it can be altered without your knowledge.
Enterprise-grade contract security to the rescue To combat these risks, ensuring contract security is crucial. This involves:
Digital certificates : Provide a unique fingerprint for each document, making any alterations detectable.Two-factor authentication (2FA) : Adds an extra layer of security for signer identity verification.Single sign-on (SSO ): Helps maintain secure access to contract management systems, ensuring only authorized personnel can access sensitive documents.Encryption : Protects contract data both in transit and at rest.Audit trails : Keeps a detailed record of all actions taken on the document, ensuring accountability and traceability.Access controls : Sets permissions for who can view, edit, and sign the contract.Secure storage : Uses secure cloud storage to protect documents from unauthorized access and data breaches.Compliance with regulations : Ensures that the contract management process complies with relevant legal and industry standards, such as GDPR, HIPAA, or eIDAS.Signeasy enhances contract security with features like Trust Seal , two-factor authentication, and single sign-on to ensure your contract is tamper-proof and accessed by the right person. Additionally, Signeasy offers encryption, audit trails, and secure cloud storage, ensuring your contracts are protected and compliant with regulations.
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6. Poor collaboration with internal and external teams When contract communication is scattered across emails, it becomes a nightmare for teams like procurement , finance , legal , and sales to stay aligned and approve documents efficiently. Each suggestion requires an email, and recipients must hunt down the latest version to make edits. This back-and-forth cycle continues until all teams approve, causing significant delays.
Adding to the complexity, version control issues arise, with team members working on different versions simultaneously, leading to conflicting changes and confusion. The lack of real-time collaboration tools fragments discussions and decisions, causing miscommunication and further slowing down the process.
Centralized digital platform for smooth communication To overcome poor collaboration, a centralized digital platform is essential. It should allow real-time document editing, version control, and integrations with tools like Microsoft Suite and Google Workspace.
Real-time commenting and automated notifications eliminate endless email chains and ensure timely input from team members. Centralizing contract-related communication minimizes miscommunication and speeds up the workflow.
Signeasy streamlines collaboration by integrating seamlessly with tools like Microsoft Suite, Google Workspace , and HubSpot . This allows teams to manage and edit documents in real-time directly within these familiar environments. Team members can drop comments and suggestions within the document, ensuring that everyone is working on the latest version and eliminating the need for endless email chains.
7. No integration with existing systems Without proper integration, teams have to switch between multiple platforms to manage contracts, leading to inefficiencies and errors.Â
For instance, they might draft contracts in a word processor, email them for reviews, and store final versions in a separate document management system. This disjointed approach can cause delays, increase the risk of losing important documents, and make it harder to maintain a clear audit trail.Â
Additionally, the lack of integration can lead to duplicate data entry, increasing the likelihood of mistakes and inconsistencies across systems.
Streamlined system integration The ideal solution should connect with tools like CRM systems, document management platforms, and email clients, allowing contracts to be created, reviewed, signed, and stored within familiar tools.
Integrations streamline workflows, reduce manual data entry, and maintain consistency across platforms. A centralized system communicating with all essential business tools helps teams work efficiently and reduces errors and document misplacement.
Signeasy integrates with platforms like Microsoft Suite, Google Workspace, and Outlook. You can create, store, and collaborate on contracts in Microsoft SharePoint or Google Docs. With connections to Gmail, Outlook, and Teams, you can send documents for signatures and check their status directly, eliminating the need for app switching.
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8. High costs of contract management Managing contracts can be expensive, especially when relying on traditional methods. Costs can quickly add up from printing and mailing documents to storing physical copies.Â
Additionally, the time spent manually tracking, reviewing, and approving contracts translates to significant labor costs. Errors and inefficiencies in the contract management process can lead to costly legal disputes and missed business opportunities.Â
Without a streamlined system, companies may also incur high costs for external legal reviews and compliance checks.
Digital contract management solution for reduced costs Such a system can eliminate the need for physical documents, reducing printing and storage expenses.Â
Automating the contract lifecycle — from creation and approval to signing and storage — can significantly cut down on labor costs and minimize errors. A digital system also provides real-time tracking and automated reminders, ensuring that contracts are managed efficiently and deadlines are met.Â
Moreover, integrating contract management with other business systems can further streamline processes and reduce the need for external legal reviews, thereby cutting costs.
By providing a comprehensive digital solution, Signeasy helps businesses significantly reduce the costs associated with contract management.
9. Frequent storage and retrieval issues Storing and retrieving contracts can be a major headache, especially when dealing with physical documents or disorganized digital files. Physical storage requires space and can lead to issues like misplacement, damage, or loss of important documents.Â
Even with digital storage, if contracts are not systematically organized, finding the right document when needed can be time-consuming and frustrating. This lack of organization can lead to delays in accessing critical contract information, potentially causing business disruptions and missed deadlines.
Centralized storage and search A centralized, digital contract storage system offers secure, organized storage for all contract documents, making them easy to retrieve when needed. Features like tagging, categorizing, and advanced search capabilities can further streamline the retrieval process.Â
Having cloud-based storage ensures that documents are accessible from anywhere, anytime, and protected against physical damage or loss. Regular backups and robust security measures are also crucial to safeguard sensitive contract information.Â
Signeasy addresses storage and retrieval issues by providing a centralized, cloud-based platform for all your contracts. With Signeasy, you can securely store all your contract documents in one place, ensuring they are organized and easily accessible. Advanced search features allow you to quickly find specific contracts by document or sender name.Â
10. Missed contract renewals and expirations Manually tracking contracts in Excel sheets is a recipe for disaster. It’s easy to lose track of which contracts are up for renewal, leading to missed deadlines and lost opportunities.Â
Without a solid system, accountability goes out the window, and internal miscommunication can cause renewals to slip through the cracks. Missing termination steps is another headache. Vendors might need to delete data for security purposes or provide follow-up support, and without proper tracking, these steps can get overlooked.Â
Plus, some contracts have strict timelines, like needing a signature within 90 days for a new tender. Missing that deadline can mean losing out on crucial deals.
Keep tabs on all your contract dates A centralized calendar for all contract deadlines can keep everyone on the same page and make sure nothing slips through the cracks. Automated reminders and alerts for renewals and expirations can save the day.Â
This system should track every important date and send you notifications well in advance, giving you plenty of time to review, negotiate, and take action.Â
With Signeasy’s contract reminder feature, you can set alerts for all your important dates, so you never miss a deadline. These reminders sync with Google, Apple, and Yahoo calendars, giving you timely notifications right where you need them.Â
Moreover, Signeasy’s dashboard shows all your contract expiration dates at a glance, helping you stay on top of things.
Use Signeasy for efficient contract management The root cause of most problems in contract management is manual processes, which are prone to delays, errors, and compliance lapses. Understanding and addressing common challenges can help you convert your contract processes into a well-oiled machine.
Contract automation not only speeds up the process but also significantly improves efficiency. Signeasy steps in as a reliable partner in this process. It solves all the top contract management challenges by cutting down the time spent on contract drafting and streamlining workflows.Â
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