Making the decision to digitize your organization’s contracting process is a big step. But it’s one that can pay off in big ways, from increased productivity and revenue to a better experience for your customers. So how do you know where to start?
In this article, we’ll take a look at some of the departments and documents that stand to benefit from Contract Digitization. We’ll also discuss the importance of making a business case for Contract Digitization, and provide tips on how to get started.
Digitizing Your Organization’s Contracting Process
What is Contract Digitization?
Contract Digitization is the process of converting physical documents into digital format. This can be done for a variety of reasons, but the ultimate goal is usually to make it easier to store, search, and manage contracts.
There are a number of benefits that come with Contract Digitization. For example, digitized contracts are easier to search and organize. This can save time when you’re trying to find a specific contract or clause. In addition, digitized contracts can be shared more easily with other members of your organization. And because they’re stored electronically, they’re less likely to be lost or damaged.
Contract Digitization also offers some environmental benefits. Storing contracts electronically requires less paper, which means there’s less of a need for trees to be cut down. In addition, digitized contracts can be stored on servers that use less energy than paper files.
So now that we know what Contract Digitization is and what benefits it offers, let’s take a look at some of the departments and documents that can benefit from this process.
Departments That Can Benefit from Contract Digitization
There are a number of departments within an organization that can benefit from Contract Digitization. Here are just a few:
- Accounts Payable/Receivable: Contracts related to invoices, payments, and other financial transactions can be digitized. This can make it easier to track payments and manage financial contracts.
- Human Resources: Employee contracts, benefits packages, and other HR-related documents can be digitized. This can make it easier to store and manage these important documents.
- Legal: Digitizing legal documents can make it easier for lawyers to access the information they need. This can save time and money when it comes to legal research.
- Marketing: Digitizing marketing documents can make it easier to track customer data and manage marketing campaigns.
- Sales: Sales contracts, proposals, and other sales-related documents can be digitized. This can make it easier to manage customer data and keep track of sales goals.
As you can see, there are a number of departments within an organization that can benefit from Contract Digitization. So how do you know where to start?
Prioritizing Where To Start
When it comes to Contract Digitization, the long-term goal should be to transform document-related processes across the company. In the short term, it’s best to prioritize one process that will have the most impact on productivity, revenue, or experience. With initial success, it’s normally easier to win approval for broader implementation.
Depending on your business and circumstances, the proper beginning point will differ. Consider a number of variables to help you decide where to begin:
Level of Impact
What’s the potential impact of Contract Digitization on this process? Will it save time? Money? Improve customer experience?
For example, if you’re considering Contract Digitization for your Accounts Payable department, you’ll want to consider the potential impact on efficiency and cost savings.
Ease of Implementation
How difficult will it be to implement Contract Digitization in this area? If it’s a complex process with many stakeholders, it may be best to start with a simpler process.
For example, if you’re considering Contract Digitization for your Sales department, you’ll want to consider the ease of implementation. If it’s a complex process with many stakeholders, it may be best to start with a simpler process.
Size of the Team
How large is the team that will be using Contract Digitization? If it’s a large team, you may want to consider doing a pilot program to test the waters.
For example, if you’re considering Contract Digitization for your Legal department, you’ll want to consider the size of the team. If it’s a large team, you may want to consider doing a pilot program to test the waters.
Once you’ve considered these variables, you should have a better idea of where to start your Contract Digitization journey. From there, you can begin to build a business case and make plans for broader implementation.
Making a Business Case for Contract Digitization
Before you can implement Contract Digitization, you need to make a business case for it. This means identifying the benefits that Contract Digitization will offer to your organization.
There are a number of ways to make a business case for Contract Digitization. For example, you can identify the cost savings that Contract Digitization will offer. You can also show how Contract Digitization will improve efficiency or productivity within your organization. And finally, you can demonstrate how Contract Digitization will improve the customer experience.
Once you’ve identified the benefits of Contract Digitization, you need to make a case for why your organization should invest in this technology. This means outlining the costs of implementing Contract Digitization and comparing it to the potential benefits.
If you can show that the benefits of Contract Digitization outweigh the costs, then you have a strong case for investing in this technology.
Consider Decision Engines ContractIQ
If you’re looking for a Contract Digitization solution, then you should consider Decision Engines ContractIQ. ContractIQ is a cloud-based platform that helps organizations manage and digitize their contracts.
Our Decision Engines ContractIQ product uses patented AI and ML bots to help legal and non-legal business teams extract key elements from contracts, track risks during the contract life cycle, and manage them effectively.
The Decision Engines solution is pre-trained on thousands of contracts and legal papers to automatically extract typical clauses and fields from diverse machine non-compliant documents such as PDFs and photos. Out of the box, the solution is 90% accurate for common phrases and fields, resulting in an immediate ROI.
Contract Digitization can offer a number of benefits to your organization. These benefits can be seen in a variety of departments, including Accounts Payable/Receivable, Human Resources, Legal, Marketing, and Sales.
If you’re looking to make a business case for Contract Digitization, then you need to identify the benefits that this technology will offer to your organization. These benefits can include cost savings, improved efficiency, and improved customer experience.