5 Reasons to Use Electronic Signatures for Contract Management in 2018 - PowerPoint PPT Presentation

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5 Reasons to Use Electronic Signatures for Contract Management in 2018

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Most companies likely conduct a majority of their affairs in a virtual manner, with less and less reliance on the need for physical copies of forms and documents. Although some industries or firms may still prefer an inked signature on the final version of an important contract, there is really no reason to mandate this outdated practice anymore. With the right cloud-based contract management solution, it can be faster, cheaper, and safer to manage a company’s contract portfolio. And, this is not restricted to just drafting or saving a batch of contracts but includes the signature phase of the contracting lifecycle as well. Here are five reasons to use electronic signatures for contract management: – PowerPoint PPT presentation

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Title: 5 Reasons to Use Electronic Signatures for Contract Management in 2018


1
5 Reasons to Use Electronic Signatures for
Contract Management in 2018
2


FastThere is no doubt that technology has
increased the speed of countless business
operations. Instant communication and document
sharing in real time enable employees across the
globe to collaborate and complete more work in
less time. In the past, the contracting process
could drag on for weeks and months at a time when
hard copies had to be circulated around for final
review and signing. Now, solutions that
incorporate an electronic signature feature allow
for significantly faster turnaround times,
ensuring that the parties to the contract can get
started on fulfilling their contractual
obligations right away.
3


ConvenientObviously, one of the reasons that
technology has improved employee productivity is
because it is also a lot more convenient for
workers to get things done. Cloud computing
allows employees to access work anytime from
anywhere. With respect to contracting matters,
this means that the contract documents can be
edited, reviewed, and even signed from virtually
any mobile device. Thus, even if the parties to a
contract are out of the office or on an overseas
vacation, finalizing an agreement does not have
to be delayed until their return.
4


SafeOne of the chief concerns relating
to online document management is whether or not
those items will be safe residing in virtual
space. Given that companies are saving important
information electronically and there have been
increasing cyber attacks in an effort to obtain
that valuable data, there are understandable
concerns regarding the security of online
documents. Of course, the problem with relying on
hard copies is that those documents can be forged
or altered without people realizing it or being
able to trace it. One of the benefits of an
electronic signature is the digital timestamp,
and usually any activity associated with a
document is recorded and thus trackable.
5

CheapPaper, ink, envelopes, and
postage cost money, so printing and sending a
contract for signature can end up being quite
costly. This is especially true if a contract
ends up being revised or amended, necessitating
additional printing, circulating, and signing.
Even though an online contract management
solution will require the payment of a monthly or
annual fee, the advantages and features of the
cloud-based system make this a worthwhile
investment.
6

NecessaryThese days, doing work
in an electronic fashion tends to be the norm
rather than the exception. Business partners and
clients with whom companies intend to enter
contracts will likely expect most of the
transaction to be completed online. People have
quickly become accustomed to the ease and
convenience of online databases and mobile
applications, and companies will want to ensure
that their practices meet these demands and
expectations. Thus, offering electronic versions
of key documents and streamlining the signing
process is not only helpful but necessary.
7

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