If your work involves relationships with parties outside your organisation, you probably know how slow, frustrating and unclear the contract lifecycle can be.
Contracts need to be drafted, sent around for internal approvals and sign-off, then to the counterparty to be reviewed, approved and signed, before eventually finding their way back to your or your Legal team for storage.
At times you might be unclear on who needs to approve what, and often you’ll be required to chase people to keep things moving. The process slows the business down, and gets in the way of you doing whatever it is that you’re trying to get on with.
It won’t come as a surprise to learn that a manual contracting process can cost businesses millions in lost productivity every year. Imagine all the time spent chasing approvals and signatures, multiplied by the number of contacts your team executes each year - it adds up right?
According to the latest Gartner research, businesses will have automated 50% of legal work related to major corporate transactions by 2024, and will increase their spend on technology platforms like Plexus Gateway 3x by 2025.
Read on to learn how Plexus Gateway contract management software improves the speed of execution, so you can get your work done faster.
Streamline contracts to make the business more effective
With a few clicks, anyone in your business can send a contract to internal and external stakeholders for review, approval and signature. Being digital means every contract is seamless, instant and compliance is guaranteed.
It only takes three short steps to upload your document, arrange your approval and signature workflow, then send the document to stakeholders and counterparties.
Select the Approve and eSign app from Plexus Gateway’s dashboard.
The Gateway platform sorts your data and prepares any pre-templated workflows associated with the type of document. For example, your business might have a rule that says any contract over $50,000 in value must be approved by Legal first. You can use the information you enter here later on to track, search and report on your documents.
After uploading the document, you can add in your desired workflow.
Plexus Gateway builds your approval workflow based on whether you need legal review and who you need approvals and signatures from. You can easily customise your workflow to set approval rounds and final signatories. For more complex workflows, we can build you tools that automatically define your workflow based on document inputs.
You then have the option to select signing locations in your document or to set up a contract renewal reminder if it has an expiry date.
Your document is then automatically sent to the first round of approvers, then instantly progressed through the workflow once each step is complete.
You can check in on the document’s progress, identify any roadblocks, and send a friendly reminder to your stakeholders if required, right from Plexus Gateway.
Signatures are all handled through DocuSign, and a final executed version of the document gets shared to all parties once complete.
Your contract is tracked through its lifecycle and securely stored via Plexus Gateway after the signing process is complete.
Digital contract execution workflows are eliminating drag from physical approval and signature practices, reducing contract lifecycles from weeks to days.
Watch the video to see Approve and Sign in action:
If you are interested in contract management software, we have more information available about what contract management is, why you need it, and how contract management can help your team get more work done.