Contract Management Software Blog & News

Why Are Your Operating Costs Higher Than They Should Be?

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Think about the documents in your organization that require formal or informal approval or sign-off; your contracts, agreements, proposals, account opening forms, expense reports, employee on-boarding packages, and so on.

Common to all of these different document types is the excessive cost in processing them.

Think about your own company and whether any of these issues exist:

• Your sales people don’t sell as much as they could because they spend time preparing, chasing and administering paperwork rather than selling

• Time and money is wasted physically shipping paper to, from and between signatories

• Pools of labor are allocated to error-check each returned contract and then correct those “not in good order”

• Additional labor is allocated to manually key or scan information from completed documents into one or more back-office system or a significant percentage of customers go away after being frustrated by clumsy and difficult to understand agreement forms

Considering all of these costs it may not come as a surprise to learn that manually processing business agreements is very likely costing your organization anywhere from $20 to $40 ... per agreement. 

And if the business documents are customer facing, such as account opening forms, the potential for revenue shortfalls due to customer abandonment rates or sales person inefficiency can cause your costs to skyrocket.

Watch this 5 Minute Video and Discover the Power of Contract Management Software to Improve Operating Margins in Days