Contract automation maximizes the efficiency of agreement management, which allows for deals to be closed faster. This is especially beneficial to finance departments and teams that close deals daily.

How Does Contract Automation Software Speed Up Deal Closing?

Contract management software streamlines the cycle allowing a better experience for Finance Departments and teams who close deals daily. Businesses who automate their contract management have higher deal closure success rates leading to higher profits and better partnerships.

What Factors Does the Speed of Closing a Deal Depend Upon?

The Convenience of Contract Negotiations For All Parties

If all parties can quickly access the contract, the deal closing process will be quicker because you won't waste time making sure everyone has access to the agreement. If you store all of your contracts in a single repository, all of them will be easily accessible to every team member.

Contract Review and Approval Speed

The average contract cycle is around 20-30 days; however, the deal closure can be significantly prolonged if the agreement's review and approval take a long time. Obtaining final signatures can be a lengthy process depending on how accessible the counterparty is. If you have to ship out papers for them to sign, the approval process may take up to a week.

The Opportunity for Real-time Collaboration

Real-time collaboration is the most effective way to speed up a deal closing. If there is no form of real-time collaboration, the process will be longer than necessary. Time is wasted waiting for stakeholders to email you back, and terms are misunderstood. 

How Can Contract Automation Embrace and Affect the Speed of Deal Closing?

Contract automation significantly improves the speed of deal closing by automating many processes, allowing contributors to collaborate in real-time, and improving agreements. 

Automated tasks make deal closure much more efficient. Teams can focus on negotiation rather than formatting, deadlines, and collecting signatures. Automation software allows you to format your document and automatically sends the agreement to the appropriate parties for signature.

Real-time collaboration made possible through automation eliminates time wasted playing phone tag. You don't need to wait for a stakeholder's opinion on something about the agreement since you can simultaneously edit it. Collaboration allows for the contract cycle to take less time, meaning a faster deal closure.

Finally, contract automation organizes all your business arrangements in a single repository. Do you find yourself spending hours searching through emails, files, and folders to find a specific deal? The time you spent searching for it could have been used to improve the negotiation. Thankfully, automation solves this issue allowing for quick deal closures.

What is Contract Automation?

Contracts are a core component of a business's growth and success. The traditional way of management is tedious and prone to human error, wasting company time and money in the process. Automation software has significantly improved the process proving to be beneficial to many businesses.

Contract automation is the process of developing, storing, sharing, and managing agreements online between you and your business partners. Automation software takes this process a step further by doing most of the heavy lifting for you.

The software takes control of the contract cycle by streamlining the process through automated management and workflow. The software also keeps all of your agreement documents on a single repository allowing you and your team to access and collaborate on them quickly.

What Contract Automation Software Functions Help to Speed Up Deals Closing?

Access to Contracts From a Single Repository

Having your agreements organized on a single platform saves you the hassle of hunting for a specific one. The organized repository allows for easy access to any agreement you need so you can quickly respond to customer inquiries and close deals.

Real-time Collaboration

The real-time collaboration will allow you to close deals much quicker than before. Through automation software, your team can easily reach an agreement using simultaneous editing to negotiate and collaborate. 

Automated Contract Drafting

Pre-made templates are a useful perk that automated software offers. Rather than type up an entirely new contract every time, templates enable you to choose which one fits your needs, then all you need to do is fill in a minimal amount of information. Templates will significantly improve your efficiency in the contract cycle, allowing for faster deal closures.

Reminders for Deadlines and Renewals

Automation software will prevent missed deadlines that stall your contract cycles. Most software programs will send you and your team email alerts for upcoming deadlines and agreement renewals. It will also notify parties when their review or approval is needed, allowing a deal to be closed faster. So if you are tired of the drawn out process of working on a contract, try this software: https://parleypro.com/product/.

Automated Workflow

Streamline the contract management process by allowing the software to take your agreement from one step to the next. You will no longer need to waste time worrying about what stage a deal is in and whom it needs to be sent to because the program does it for you.

Automated Approval with E-Signatures

Signatures are an essential component of closing a deal, although manual signatures can significantly lengthen the agreement. Luckily, automated software programs offer approval with E-Signatures. E-Signatures are a seamless signing process that is done one hundred percent electronically. They allow for a quicker approval process compared to traditional signing.

Final thoughts

If your team closes deals daily, automation is an excellent opportunity for growth. Automation allows for your team to close deals faster than ever through streamlined contract management. Improve relations with your customers and partners by delivering them a high-quality proposal on-time. Contract automation will save your team wasted time and money by taking care of the management process for you.