DocuSign’s fifth annual “State of Contract Management” report (2019) analyzed a survey of over 800 companies. The results showed manual processes continue to lead to poor contract management.
31% reported that their most common method for contract management was via the use of spreadsheets.
This can and has led to numerous issues for these companies surveyed.
The top 5 problems with using a spreadsheet to manage your contracts
Nearly 40% reported human error as an issue that affects them either often or very often. This can be especially true when multiple people are using the same document for various purposes. Changes can be made in one field by accident and set off a chain-reaction of errors in multiple fields.
Almost 30% of those surveyed reported that they had accidentally sent a contract to the wrong party. These contracts are full of personal and confidential information. Having them fall into the wrong hands can be a costly error for a company, resulting in losing a client or worse.
When 39% of respondents said they could not locate a contract they were searching for, that is money out the door. Team members need to locate contracts immediately to make changes or find important data for clients and coworkers.
- Missed obligations and deadlines
As stated above, using spreadsheets as your database can leave a lot of room for user errors. If you fail to notice or miss an obligation/deadline, this can hurt the stakeholder and your business. It is imperative to have adequate notifications for any time a contract is about to enter a termination or renewal period.
- Poor information sharing and team collaboration
We know spreadsheets for being static, and this is great if only one person is accessing the information regularly. Yet, that isn’t the case when it comes to contracts businesses use on a daily basis. These documents serve as an informational hub full of the data your team needs access to. As multiple team members are accessing the same documents to pull data every day (ie. the finance team, customer support, the sale team, operations, etc.), these team members need access to the correct data instantly. Otherwise, the wrong information may be accidentally communicated to a stakeholder.
Stop the spread of spreadsheets today!
There is no reason for these headaches listed above. These can easily be eliminated by integrating Zendoc into your business.
Our platform will integrate all of your contracts and legal documents in one location, and you’ll be able to extract the data you need instantly. We specifically designed Zendoc to decrease the time wasted searching for documents and information, and increase the time spent doing more added value work for your clients.
Zendoc’s AI helps team members tag the important information they need to extract later and have it at their fingertips instantly.
Your documents stay safe and secure in our cloud, and you will be at ease knowing that they will never again end up in the wrong hands.
So, go ahead and toss that old spreadsheet. Delete. Trash. Empty. You won’t need it any longer with Zendoc. There is no steep learning curve, and you can get started with your integration in just minutes.
Learn more about how Zendoc can assist your team to improve their contract management systems today.