Hey there, my savvy friends! Are you tired of the tedious and time-consuming process of managing contracts for your business? Well, fret no more! In this ultimate buyer’s guide, we’re diving deep into the world of contract management software. Get ready to discover how this powerful tool can revolutionize your legal and business teams, making contract agreements faster and more efficient than ever before. Let’s jump right in!
What is Contract Management Software?
Contract management software is a game-changing tool designed to automate and streamline the entire contract management process for businesses. Say goodbye to manual work and hello to efficiency! With contract management software, your legal and business teams can create, negotiate, sign, renew, and report on contracts, all within one platform. No more juggling between different tools, everything you need is centralized in one workspace.
The Case for Contract Management Software in 2024
Despite the legal industry embracing technological advancements, many businesses are still stuck with manual and inefficient contract processes. Let’s face it, this costs valuable time and money. According to recent studies, businesses lose an average of $122 for every hour their in-house counsel spends on contracts. That’s a huge hit to the bottom line! Additionally, many companies lack clearly assigned roles for contract management and struggle with storing contracts post-execution. But fear not, my friends, because contract management software is here to save the day!
How Can a Contract Management Solution Solve These Problems?
Contract management software offers the perfect solution to these pain points by automating routine administrative tasks and streamlining contract workflows. Take, for example, Juro, a leading contract management tool. By adopting Juro, users can agree on contracts up to 10 times faster, saving valuable time and resources. With automated approval and signing workflows, you can ensure that the right stakeholders are involved at the right time, eliminating any unnecessary delays. And forget about juggling different tools, with Juro, you get an end-to-end solution that simplifies your entire contract management process.
Most importantly, a contract management solution improves collaboration between legal and the wider business. A recent report revealed that lawyers are 1.5 times more likely to face friction with sales when a Contract Lifecycle Management (CLM) system is not in place. Shockingly, over half of the respondents to the survey have yet to implement a contract management system. Don’t be left in the dust, my friends! It’s time to embrace the power of contract management software.
Who Uses Contract Management Software?
Contract management software is used by businesses that want to scale their contract workflows without increasing headcount. If you’re a fast-growing company with increasing contract volumes, this is the tool for you. But it’s not just limited to one department. Contract management software can benefit multiple teams within your organization, including legal, sales, finance, operations, and HR teams.
1. Legal Teams
Legal teams are typically the ones responsible for the contract process in a company. With contract management software, in-house legal teams can easily manage contract templates and set up rules that enable commercial teams to self-serve when it comes to contract creation. As Victoria Sörving, Chief Legal Officer at Funnel, puts it, “Contract management software has revolutionized our contract workflow, empowering our legal team to work more efficiently.”
2. Sales Teams
Sales teams are all about closing deals, and they despise anything that gets in their way. With contract management software, sales teams can self-serve on contracts, eliminating the need to wait for legal to create them. Most contract tools also integrate with major CRM systems like Salesforce, making it seamless for sales teams to manage contracts alongside their other tools. Callum Hamlett, a Senior Revenue Ops Analyst at Paddle, raves about the benefits: “Contract management software has transformed our sales process, enabling us to close deals faster.”
3. HR Teams
HR teams in fast-growing companies deal with large volumes of contracts. Contract management software automates HR contracts at scale, making it quicker and easier to hire and onboard new employees. Luke Hextall, Head of People Ops at GoPuff, highlights the advantages: “Contract management software has revolutionized our HR processes, saving us time and resources.”
4. Finance and Ops Teams
Finance and ops teams need full visibility into contracts. They rely on contract management software to reconcile contracts and billing, as well as generate accurate revenue expectations for their business. David Swenton, Director of Business Ops at Cleo, praises the features: “Contract management software has empowered our finance and ops teams to have full control over contracts, improving our overall business performance.”
In short, Juro’s AI-enabled contract automation platform empowers all teams to create, agree, execute, and manage contracts up to 10 times faster than traditional methods. With faster contract cycles and decreased business risk, Juro is the ultimate solution for legal and commercial teams alike. To find out how Juro can supercharge your legal productivity and enable your teams to self-serve, check out Management for more details.
Get ready to take your contract management process to the next level with contract management software. Say goodbye to tedious paperwork and hello to efficiency and speed. Embrace the future of contract management today!
Disclaimer: The content provided in this article is for informational purposes only. Management does not endorse specific products or services. Always conduct thorough research and consult with professionals before making any business decisions.