The Consequences of a Misplaced Contract

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It happens to all of us at one time or another; a contract goes missing, and you frantically try to find it. Is it in the drive? Is it in Dropbox? Is it in an email? You search everywhere and still can’t find it. 

This scenario plays out regularly at businesses all over, and we have the solution on how to avoid it. But first, let’s make sure you understand the negative ramifications of misplaced contracts.

What happens when we lose contracts?

Lost contracts can lead to poor consequences for all parties involved. 

The first rule of business is, “Time is money!” And when your team is wasting time searching for a lost contract, the company is losing money. Your firm needs strong organization and efficiency to maintain high levels of productivity. 

Another significant consequence of misplacing contracts is miscommunication, either across the team or to outside parties. Without the correct data, your team can’t be successful. Miscommunication leads to possible missed deadlines, undercharging vendors, or worse. If a lost contract has negative consequences on an outside party, that can be detrimental to your company’s reputation. 

The worst thing that can happen is that your data gets into the wrong hands. If a misplaced document accidentally ends up in the wrong person’s inbox, they now have access to that data. Misplaced contracts, in this case, can lead to upset parties and even legal action against your organization. Strong security is paramount when it comes to contract management. Your business needs to eliminate insecure means of data storage and how it transmits confidential information.

How do we solve the issue of misplaced contracts? 

Your business needs strong contract management to avoid misplaced contracts. To do this, you’ll have to eliminate using spreadsheets as a database and toss out using email as a means of transmitting confidential documents. 

Instead, replace these outdated methods with the technology your team needs: Zendoc, the AI-powered contract automation platform designed to help you stay on top of all your contracts. 

With Zendoc, all of your contracts can now be in one central cloud instead of being spread across many. Now your team no longer has to search through their inboxes or multiple platforms to find the document they need. 

Our AI will also instantly tag all the crucial data in your documents. These tags allow your team to extract the specific data they need immediately. With your business moving faster, Zendoc will help reduce overhead costs while maximizing productivity.

Your data is secure with Zendoc. By eliminating sending contracts through emails, you will also reduce the likelihood of data breaches from email hacks or missent communications. We take the security of your data seriously. Your documents will only be accessible to your organization. 

Zendoc is available for you to try for free on a 14-day trial. Sign up today, and let misplaced contracts be a thing of the past. 

About Zendoc

Zendoc is a full-service AI-powered contract automation system that not only organizes all of your agreements into a single database but keeps you up-to-date on what you need to do to extract as much value from your contracts as possible. You don’t have to worry about forgetting your obligations because you don’t have to remember them in the first place. 

We offer a 14-day free trial demo so you can experience relief from the pain of managing your contracts. Try us today!