In the contemporary business landscape, processes and systems have become more digital. An example is completing and signing contracts. Gone are the days where contracts were printed on large stacks of paper and mailed back and forth between the signing parties. Nowadays, the trend is shifting towards signing contracts online. This article delves into the often underestimated benefits of signing contracts online and will highlight key tools available today, such as HelpRange, which provide PDF/document protection, usage analytics, and tooling.
Efficiency and Speed
Without a doubt, the efficiency and speed of operations are the key reasons why businesses are shifting towards online contract signing. Paper-based contract processes involve several steps – printing, signing, scanning, emailing or mailing, that are unnecessarily time-consuming.
On the contrary, using online contracts facilitate immediate delivery to all parties involved, no matter where they are in the world. The entire process can be completed within a few minutes, ushering in an era of improved operational efficiency.
Cutting down costs is a constant priority for most businesses. Moving from traditional paper-based contracts to digital ones can significantly reduce costs. The expense associated with printing, paper, ink, stamps, and other mailing supplies is entirely eliminated.
Additionally, businesses can save on manpower resources. With online contracts, a person doesn’t have to stay back to prepare and mail the contracts. Same as the recipients, who won’t have to deal with the hassle of returning them. Over time, the cost savings can be substantial.
Errors in contracts, no matter how small, can lead to major repercussions. When the contract process is automated, the potential for human error decreases significantly. Online contracts often come with prompts or warnings for empty fields or invalid data, thereby increasing the accuracy of the entered information.
When it comes to sensitive information, online contracts offer superior security compared to paper-based versions. Digital signatures are encrypted and can provide a legal trail of who signed the document, when they signed it, and where they were geographically located. This documentation can be crucial in case any dispute arises.
Cutting down on paper has clear environmental benefits. Organizations that aim to promote a more sustainable business operation will find shifting to online contracts a viable strategy to reduce their carbon footprint.
Integration with CRM
Many online contract platforms can be integrated with Customer Relationship Management (CRM) platforms, facilitating easier tracking and management. This allows businesses to get reminders when contracts are about to expire or when a renewal is due, ensuring no key dates are missed.
Online contract management lets businesses maintain complete audit trails of contract life-cycles. The technology documents every step from creation, negotiation, approval, and renewal, which not only makes it easy to track the progress but also creates a legally sound history in case of disputes.
While we have discussed the many benefits of signing contracts online, it's also important to choose the right tools to facilitate this change. Tools that offer document protection, usage analytics and other features like electronic signatures are a must-have.
HelpRange is an example of such a tool. This online platform is not just about signing contracts. It provides a comprehensive solution for business document management that includes several features such as PDF/document protection, usage analytics, and tooling capabilities. HelpRange empowers you to protect your PDF files by controlling who can access them, limiting their use, and tracking usage.
As we increasingly shift towards a digital approach in our work lives, online contracts are the answer to a streamlined, cost-effective, and secure business process. They simplify contract management and bring myriad benefits that help businesses in more ways than one. Overall, this is a win-win situation for everybody involved in the process. Embracing this change and shifting towards signing contracts online is certainly a step forward in the right direction for businesses globally.
Check out HelpRange
HelpRange is "Next-Gen Documents Protection & Analytics Platform". HelpRange represents the cutting-edge platform for document access controls and in-depth analytics, ensuring superior management and usage insights for your documents.