Contract Approval Process

How do you make the contract approval process more efficient with less risk?

 

If your company is like many, it has no efficient means of managing your contract approval process. Contract review requests may come through phone calls, faxes, or emails, creating a great deal of confusion and inefficiency:

  • Employees and managers are unable to see where requests are in the approval process.
  • New or revised contracts that need immediate approval to support the operations of the business or, in the case of sales, win new business, are delayed or lost due to the request not receiving approval in a timely matter.
  • Request information is missing, requiring numerous back and forth communication to get all required information.
  • There is no audit trail for who requested approval, who approved it, when it was submitted/approved, etc.
  • There is no high-level view of how many requests were submitted and where bottlenecks may be occurring.
contract review process illustration
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Approving contracts with workflow management

By providing employees with a central web dashboard for submitting and tracking a request for new contracts, timeliness and productivity are dramatically increased. After choosing and implementing a workflow management solution, the contract approval process becomes more streamlined. In some cases, approvals for contracts are received in a matter hours, down from days or even weeks. The employee submitting the request will know immediately if the new contract provisions are approved and will be able to review any revisions or comments that are made within the dashboard.

 

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