Contracts are one of the few things that connect all businesses, regardless of their size, industry, or location. Contracts are critical for every business. While unstructured contract management might raise operational and financial risks for your company, an effective contract management process can significantly boost performance.
A cutting-edge contract workflow platform, like InkPaper, is recommended for making your organization more efficient and reliable.
Which industries can use InkPaper?
Although InkPaper can be used by any offices, teams, or organizations that deal with contracts or agreements, we've listed eight specific industries that stand to gain from its adoption.
TECHNOLOGY
Companies in the technology sector handle many corporate contracts and agreements that have to be tracked throughout their lifespan. Technology companies are known for their speed of execution, especially those dealing with and deploying software solutions. With the feature of online notifications, it becomes easier for legal teams to collaborate internally and with third parties to complete the review process faster.
A contract workflow platform like InkPaper allows sales teams to close their agreements with customers and third parties faster by re-utilizing proven templates, publishing a secure online contract, and obtaining key signatures at speed.
MANUFACTURING
Manufacturing firms are involved in a complex network of buying and selling sectors, each of which comes with new contract documents.
Due to the presence of a large number of contracts and subsidiary documents, people can often get confused.
Since all legal aspects of a trade contract must be thoroughly analyzed and approved by a legal team before execution, there is a need for an efficient reviewing and collaboration process.
A contract workflow platform like InkPaper helps in the quick drafting, easier negotiations, faster execution of contracts, which in turn shortens the time between contracts, prevents clerical mistakes, and improves the efficiency of the team.
SUPPLY CHAIN MANAGEMENT
For supply management industries like distribution and trade, contract management software solutions are the need of the hour. Businesses can use this software to effectively and efficiently manage all types of contracts, including complex supplier arrangements. By streamlining the entire process, the software assists businesses in increasing efficiency and reducing expenditures while also providing a framework for managing and monitoring the value obtained from third parties.
For a successful supply chain, speed and efficiency are the 2 key skills. InkPaper can benefit such organizations significantly by cutting down the time required for reviews and approvals of contracts. E-signatures will enable both parties to execute the contracts, without wastage of time. With the centralization of storage, it will be easier to access and monitor the contracts for renewal and updates, which will minimize the risk for the companies.
HEALTHCARE
According to a study, 96% of healthcare firms lack effective contract management. Healthcare organizations and hospitals usually have hundreds or thousands of contracts with vendors, individuals, and other organizations.
It needs a system to manage hospital contracts so as to provide patients with the best care, reduce operating costs, and minimize risks.
Combined with the ever-changing and stringent compliance regulations in the pharmaceutical industry, the companies require an integrated contract workflow solution to comply and reduce financial risk in order to manage contracts efficiently.
InkPaper is beneficial for the healthcare industry as it can manage vendor contracts more efficiently, provide secure and central cloud- storage, send email notifications for reviews and approvals, help in faster contract executions by obtaining secure e-signatures, etc.
FINANCIAL SERVICES
A contract workflow platform is important for financial services companies not only for the review and approval process but also for better management and storage of contracts because a lack of effective and efficient contract management can lead to a direct loss of dollars. It exposes you to financial risk as a result of missed obligations and renewals.
Using e-signatures increases security and speed in executing agreements.
Financial teams need both fast-templatized agreements, as well as highly complex agreements, executed at speed.
A contract workflow platform like InkPaper helps visualize which contracts are active. Further, finance teams can improve revenue by shorter approval times of contract, and stay prepared for audits with better document storage.
LEGAL SERVICES
Lawyers, legal teams, and law firms deal with contracts day in and day out. Doing everything manually is an uphill task. An in-depth review of the contract is required to ensure it is structured correctly.
InkPaper streamlines the process of reviewing your contract for you. With InkPaper workflow tools, you can upload your contract to the cloud, collaborate online with your colleagues without the need for repetitive emails, and quickly resolve problems within your contract.
E- signature helps with the speedy execution of contracts.
Cloud storage helps with risk management. Contracts can be accessed easily by the team members and renewal deadlines won't be missed.
InkPaper, a contract workflow software, along with helping to make day-to-day work easier improves the efficiency of the organization.
STAFFING SERVICES
Organizations providing staffing services deal with contracts and agreements frequently. Their workflow involves contract drafting, approvals, and administration services, including hiring, training, and compensation. With a proper contract workflow platform, they can become a lot more efficient with minimal resources.
Benefits of InkPaper for such organizations include speedy recruitment process, reduction of manual processes, limited use of paper, secure and central data access, and transparency. The ease of onboarding enabled by InkPaper’s e-signature enabled platform gives off the impression early on, that the company is structured and streamlined for maximum efficiency.
ENTERTAINMENT
Keeping up with contract negotiations is a necessity for the entertainment industry and includes artist agreements, contracts that outline royalty rights, freelance contracts, outside media relations, and many other time-sensitive and detailed agreements. Missed deadlines are a major challenge in fast-paced industries, like entertainment. With an efficient contract workflow, contracts can move quickly through their process, and thus, missed deadlines can be reduced.
Since entertainment is a global industry, companies have many branches and by storing all contracts together on the cloud, contracts are less likely to be lost and can be accessed at any time, anywhere. The e-signature feature will ensure quick executions and approvals.
By using InkPaper's solution for contract management, entertainment companies' employees can focus on other important aspects of their business.
Takeaway
With the right contract workflow platform, every industry can become more efficient, uncover new revenue opportunities, secure compliance, and reduce financial risks. Organizations of all sizes should prioritize the use of a contract workflow platform enabled with e-signature, like InkPaper. It is a cost-effective way to improve business performance on both the top and bottom lines.
Schedule a live demo with InkPaper and discover how it can benefit you.
