Contract Management Software Automates The Entire Application Process
Posted by Melanie Aizer on Mon, Aug 08, 2011 @ 03:28 PM
There are two types of technologies that companies can select to resolve their business inefficiencies of processing paper-based contracts.
Digital signature technology enables users to place a digital signature onto a document. This eliminates the delivery of documents to signatories, either by mail or courier. Digital signature technology reduces delivery costs and eliminates latency of returned documents. This technology is ideal for business processes that require a contract to simply be signed and returned.
Digital signature capability is certainly one important component of automating the contract process — but it is just the start.
Contract management software has built in workflow automation features that make it possible to mirror even the most complex workflow process.
Contract management software reduces and even eliminates operational time and expense associated with:
• Preparing contracts
• Distributing contracts
• Routing contract data into additional forms or to appropriate signatories
• Checking for contract errors
• Storing contracts into internal or external back-office systems
• Retrieving individual or groups of contracts — by file names or by any internal data points
Products and services such as insurance, wealth management and merchant card service application forms, employee on-boarding, and equipment lease agreements all require the completion of multiple forms. Some of them need to be dynamically added to the package depending on customer selections in the ‘master’ agreement, approval of various internal and external signatories, and mapping of all the data and supporting documents into internal and systems of record.
More automation means less manual labor, faster contract conversion times, a better customer experience and lower shipping costs.
Workflow automation is driven by three key elements:
Contract Routing
Correct contract routing is the key to automation. For example, new account applications require information to be filled-out first by the potential client, then by the company for quotation, and then back to the client for final signature. Final copies may need to be sent to your organization and other suppliers involved in the deal.
Business Rules
The approval process may require that contracts be dynamically routed by decision-tree business rules. For instance, a new customer application may contain a question about payment method. If the customer selects “direct withdrawal,” then the automatic withdrawal agreement form is launched and routed, as required.
Supporting Documentation
Contracts often require supporting documentation. For example, a direct withdrawal agreement will likely require a copy of a void check, while ensuring that the correct supporting documentation is uploaded by the relevant signatory and travels with the contract package.
Download our Executive Summary TODAY and improve your contract processing-related operating margins by 75% or greater within days of implementation.
