4 Ways Digital Contracts Can Boost Your Business

It’s just the lay of the land in modern business that businesses need to grow. Ideally, it would be significant, but any progress is progress, right? Right. However, there are some tools out there that, if you onboard them early, lead to further success later on down the line.

A little investment now can lead to a significant return later. One such investment to make that will boost your business is digital contracts.

Why are digital contracts important?

Digital contracts are important because modern businesses rely on them to connect all the different parts of the business machine. Barring a company operating on 100% trust sprinkled with angel dust, the one thing that all companies rely on, regardless of size or industry, are contracts.

Because contracts dictate what is owed and what is required from any 2 or more parties. Without it, there would be no guarantee of a mutual transference of value. Nothing would work.

Need to hire a new employee? They need a contract. Find a new supplier? Contract. What about selling your product? Another contract.

Contracts are sneakily the most important part of your business, but they are invisible to the naked eye.

They are even more invisible in the digitally focused world we work in today. Contracts used to be signed with pen and paper, but that’s old school. There are newer, more digital ways of working with agreements - electronic signatures.

Digital contracts automate contracting steps like contract drafting, review, negotiation, signing, storage, tracking, and analysis. This is made possible through smart contract management software that replaces the traditional, manual processes with AI-driven automation for better contract management.

That leads us to ask the next question, why use digital contracts?

What are the benefits of using digital contracts?

Why should you work with digital rather than analog contracts? This is a valid question. There are 4 main reasons.

1) Digital contracts are interactive

One of the most exciting parts about digital contracts is that they are interactive. When you look into it, contracts are agreements between two parties or people.

And during the agreement process, there are conversations and negotiations. How often during a contract process is everything just accepted flatly without a rebuttal? Not a whole lot.

Usually, there are edits, revisions, and changes that need to be made as the contract process moves along.

But, instead of having to make those changes in a PDF, redownload it, and then send it back to your counterparty, you can just do it directly inside of a digital contract. Without ever having to leave the contract or needing to email it back and forth.

Have a comment that needs to be added too? Same thing. You can just select the part you want to make a note on, and then it’s there, left inside the contract, for all to see. It'also makes it easier to share it with your accountant or bookkeper in case you have questions for them as well.

Plus, it’s all done in real-time. So everyone is on the same page, and no edits or old versions get lost somewhere along the way.

To further enhance efficiency, implementing contract review automation with AI can expedite the review phase, ensuring accuracy and compliance.

It’s a known phenomenon that when a person feels like they actively contribute to the outcome of a discussion or win-win negotiation, they feel more satisfied with the result. And that they got a better deal because of their involvement. That’s why the interactivity of digital contracts can lead to happier customers and, therefore, more business.

2) Digital contracts work wherever you are

Every business has its tech stack or tools that they are using on a regular basis that help them with daily tasks. For some, it’s a CRM system. For others, it’s an HR tool or a cloud manufacturing software. If you can imagine it, a business tool probably exists for it, which is great!

Because with digital contracts, you don’t have to reinvent the wheel and drastically alter your processes. Or even leave the tools or platforms that you use. Digital contracts integrate seamlessly with any platform you have in your tech stack.

For example, if you live in Salesforce for your workflow, you’ll never have to leave your Salesforce environment to create, send, sign or manage a contract. You can do it all from Salesforce. For instance, LegalOn's contract review software integrates effortlessly, providing an additional layer of legal scrutiny without disrupting your workflow

Digital contracts help you save time and effort on the administration side of the agreement process. So that way, you can spend less time on the busy work, and more time on your actual job, which allows your business to grow faster.

3) Digital contracts provide flexible agreements

One of the best abilities of a tool is flexibility. Swiss Army Knives are famous for that. The same can be said for digital contracts. On top of being able to work on the platforms of where you are, they are able to be accessed and signed on any device, wherever you are.

Nowadays people work on the go and need their solutions to work where they are. That means on the train, on a plane, in the cafe, or at their home office. And digital contracts can be signed, sent, and delivered from anywhere.

With the rise of hybrid working, non-traditional work hours, and international business being the norm, the way contracts are signed has changed. This flexibility is particularly valuable for companies looking to hire international contractors, allowing them to manage agreements across time zones and borders seamlessly.

And when. It’s that flexibility of digital contracts that gives businesses and their employees the ability to do their jobs and be the best version of themselves.

4) Digital contracts give you more control

Contracts are a significantly important part of your business, yet far too many times you rely on third parties to complete a sale.

The contract process shouldn’t be outsourced to another company or person. With a contract maker and in general with digital contracts, the control lies with you. From the pre-signing process until the post-signing process.

A contract management platform that uses digital contracts puts the power in your hands. You can create custom templates, and determine who can do what inside of the platform, and inside of each contract.

And after each contract is electronically signed, there’s a detailed audit log and storage archive accessible at any time. You’ll be able to access any information you need about your contracts whenever the need arises. You have control, no one else.

Takeaways

Contracts are a vital part of your business. Sure, while they aren’t that glamorous compared to other aspects of running an organization, not everything super important is.
Digital contracts simplify the contract process for you.
Digital contracts give you and your employees a better opportunity to work efficiently and more effectively. They streamline the admin work of contracts and let employees focus on what they get paid to do.

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