Do you want to process more contracts more instantly while maintaining compliance with your organization’s internal standards?
You’ve arrived at the right place. Contract redline software can assist you in striking the ideal balance between speed and compliance, while also making the contracting process more transparent and streamlined.
We’ll explain what contract redlining software is and how it can help your team be more productive and efficient in this blog post.
Digital Redline software for contract redlining:
Contract redlining software enables you to digitally track contract changes, accept or reject suggestions, and collaborate with external and internal stakeholders in real-time. It accelerates the redlining process and cuts turnaround time by up to 50%.
Streamlining contract management can have a significant impact on other aspects of your business. Contract creation, negotiation, and approval account for approximately 18% of sales cycle activities. A well-defined contract management process aids in the acceleration of the sales cycle.
However, redlining a contract remains difficult. It’s a problem that’s exacerbated by the limitations of Microsoft Word and Google Docs. According to research, large organizations lose around $215,000 per day due to lengthy contract review processes.
Benefits of Contract Redlining:
Contract redline software allows your teams to collaborate and communicate more effectively. Process automation and streamlining aid in the elimination of time-consuming tasks. The freed resources can then be directed toward critical tasks that require more attention. Here are some of the advantages of digital redlining software.
There will only be one version of the contract document for everyone to work on. Contract redlining software eliminates confusion caused by multiple versions, allowing people to collaborate more effectively.
Workflows for approval
During the contract negotiation process, multiple people will frequently be required to provide input. If it is an MSA for your service, for example, you may need to obtain approval from your Head of Sales if the contract value is less than a certain amount. These approvals are currently obtained through a variety of other channels such as email, Slack, and so on. Using the proper redlining software, you will be able to collaborate on a contract during the redlining phase.
Capabilities for tracking
You have the flexibility and ease of tracking each change, just like you would with MS Word’s track changes option.
Collaboration in real-time
Collaborate with internal stakeholders to get approvals quickly. You can leave comments for your team and opponents. Parley Pro team makes it simple to collaborate.
Storage in the cloud
Cloud storage has numerous advantages for remote teams. Members can access documents from any location with an internet connection.
After you have redlined and accepted changes to the contract, you can sign it directly on the contract redlining software, eliminating the need for third-party signature tools.
Looking for contract redlining advice and best practices? Parley Pro team the best contract redlining software, has handled over 100,000 contracts. Enabling process efficiencies to accelerate contract redlining and negotiation remains critical for your company.
We assist you in harnessing the power of automation by providing the appropriate set of contract lifecycle management (CLM) tools. When each stakeholder understands their role in the process, contract management will be a brisk activity. Our contract redlining software works with any contract that is in Doc or Docx format.
Using composite workflows, your sales and legal teams can collaborate much more effectively to achieve results. Because all the data is in one place, everyone will benefit from increased productivity. if you have any related questions, contact the Parley Pro team.