Electronic or automated contracts are on the verge of rising. Most businesses are now trying to embrace automated contract systems. Hence, it has become the need of every business to adapt to the automated contract workflow process.
You might wonder what an electronic contract workflow is and how it helps make a streamlined contract.
What is an electronic contract workflow?
Electronic contract workflow is the process of end-to-end processing of legal documents that pass through different stages. Moreover, no matter if it is the signature or execution of the contract, everything takes place online.
Contracts do affect the entire team of your employees. However, a contract must be an enabler and not a blocker. It can only be possible if you take the necessary information from the team members.
However, a contract workflow means everything till the execution. Also, a contract workflow includes the following procedures:
- Contract creation
- Internal collaboration
- External negotiations and limitations
- Electronic signatures
However, any process after an electronic signature falls under the loose label of “contract management.” Such processes include:
- Data extraction
However, here we will talk about making an electronic or automated contract workflow. Let’s see below to know more:
- Who will be doing what
The most essential and the first step towards making an electronic contract workflow is to assign tasks to every individual who may require the contract through any means. Whether you are using automated contract-generating software or google forms to handle contract requests, you need to assign roles to the team members who are part of the workflow.
Also, you must make sure that the contract does not sit in the wrong inbox. However, knowing the roles of every individual who is part of the workflow is equally essential.
Are you done with the role-assigning task? Now let’s head toward the second step.
- Set up predefined templates
A good contract workflow is when the entire workflow process speeds up. In addition, if you want to speed up the workflow process, it is essential to acknowledge the predefined template. This will not only speed up the process but result in the most efficient way to complete the princess. This way, the concerned departments will get the documents they need urgently.
Also, a predefined template helps you save time as you don’t have to create a contract from the beginning. Also, a ready-made template helps employees to self-serve on routine contracts, which is something exceptionally incredible.
- Approval workflow
The next part of a contract workflow is the approval workflow, where a designated person has to approve the contract before it is rolled out.
When the contract is ready, an email is sent to the concerned person. The contract cannot move forward unless the person hits the approve button.
- Enable a kanban view
Modern businesses tend to use kanban boards which is a common feature in cloud solutions. However, the kanban view helps to manage the projects and processes to a great extent.
Kanban view ensures an easy view of your contract during a workflow process. Once the contract is rolled out, you never know what stage it is. However, a kanban view lets you view the status of any contract.
- Flexible eSigning options
Businesses these days do not rely on physical signatures. The use of eSignatures is trending nowadays. Furthermore, when businesses want efficient and speedy workflow, they opt for eSginatures. However, there are two methods through which business can use the eSignature option:
- Mass action
Some high-end businesses have to sign more than 1000 contracts every month. Hence, it becomes difficult to opt for a wet signature as it may be time-consuming. However, the business instead takes a mass action where the business can select multiple contracts and sign them at once. Unquestionably, using such a feature helps you save time.
- Esigning through mobile
Sometimes it happens that the prospect does not have a desktop when the contract is out or has left the meeting. Designing through mobile is the best option to sign the electronic contract. Even when you are not in the office premises or in front of the desktop.
- Automate contract renewal reminder
The last stage in the contract workflow is eSigning. Hence, contract renewal is a post-signature activity. It is an equally crucial activity and falls under contract management. The business can set up the contract renewal reminder so that the concerned stakeholders get an automated reminder email before the contract renewal.
- Monitor the analytics and eradicate the bottlenecks
No matter how smooth your workflow process seems to be, there are still some activities that halt your workflow. It may happen that a concerned team does not bother to look at the contract soon after it has rolled out or another team who takes a decade to sign the contract.
To make the process efficient, businesses monitor the analytics regularly to remove the pain points.
Do you want to remove all the halts that come down your way during a contract workflow? An electronic contract can help you the most. By following the steps above, you can easily overcome and eradicate the bottlenecks. This way, the contract generation process becomes easier and more effective even for beginners.