The demand for agile solutions has been witnessed across all boards, including in the legal departments of advertising and marketing agencies. Contract lifecycle management software are on the frontline in this quest to digitize the entire lifecycle of contracts.
Contract Management Software Industry Statistics
For starters, contract management software is a cloud-based tool engineered to streamline the entire lifecycle of contracts. Today, the contract management software industry is witnessing exponential growth courtesy of the ever-increasing demand for agile contract management solutions. According to the latest reports, the industry will be worth around $5.2 billion by 2027.
Precisely, the Future of Contract Management
One of the most reliable digital contract management software is Precisely, a digital contract management solution available in a software-as-a-service delivery model. This software is custom-tailored to help advertising and marketing agencies to streamline the time-consuming contract management process.
Simplifying Contract Drafting
One of the biggest advantages of Precisely is the efficiency it injects in contract drafting. Users don’t need to have a legal background to create compliant contracts. In the case of agencies, anyone can create contracts by customizing any of the available contract templates. This is such a great thing for advertising and marketing agencies that want to reduce overheads related to in-house legal departments.
The Ultimate Contract Management Solution
Precisely allows agencies to manage all their contract workflow in one place, thus giving them increased control and improved performance of all contracts. There are tools for handling all stages of the contract, from contract preparation to perfection and consummation.
One benefit of contract management software is that they do away with paperwork as all documents are digital. They also save advertising and marketing firms the hassles of storing contractual documents in hard copy.
Another benefit of Precisely is automation, a feature that helps agencies to save time on repetitive tasks. Importantly, smart features such as reminders and event alerts eliminate human errors that can lead to contract failure. All parties in the contract are notified of all events that require attention, for example, contract expiry, renegotiation, renewal, and so on.
As a future proof contract management solution, Precisely supports e-Signatures. That means the sales and legal teams of advertising and marketing agencies can sign compliant contracts with clients, online.
Advertising and marketing agencies suffer a lot because of contract failure. Fortunately, by leveraging contract management software such as Precisely, it’s possible to solve most of the problems that cause contract failure, be it lack of collaboration, communication, or involvement.