One of the largest impediments to progress within organizations is the phrase ‘’That’s the way we have always done it’’. Today, technology hasn’t left any sector untouched. And the legal sector is no different when it comes to the processes being catalyzed and made more efficient. Contract Management Process is require to run you contract smoothly.

‘Nuts and Bolts’ of Contract Generation 

Since the advent of technology & digitization, the contract generation process has massively transformed. Changed over the years, right from ancient ‘Roman-Greek Empires’ days. Remember the traditional typewriters going – ‘tak..tak..tak..’ typing lengthy contracts and then runners or logistics services carrying them across?

Then came computers, which not only made the process of contract generation faster. But also reduced the burden of huge piles of wasted contract papers. Computer applications made typing more convenient, emailing made quick suggestions, red-lining. Changes easier while electronic transfers saved a lot of time & our runner boys and girls a lot of effort. And Ta-Da! 

Now imagine, if organizations is still stuck with the rudimentary processes and insist that contract generation should be the way they originally were – ‘’That’s the way we have always done it’’ – where would we be?

Eventually, there stands no need to print, sign and scan contracts anymore, all thanks to electronic signatures. With the COVID-19 pandemic, eSignatures have streamlined the contracts processes much more as it became the standard way to sign contracts.

How Contract Management Has Evolved

Well, rapidly evolving technology has made even the most fascinating contract management processes a history, laying down the path for groundbreaking AI, ML, etc., and revolutionizing this entire domain. From the moment a contract is verbally discuss, to the time it expires, the entire life cycle of a contract is now manage by the right mix of top-notch technology and human touch. 

Harvard Business Review, in 2018, estimated that inefficient contract management causes firms to lose between 5% to 40% of their value on a given deal, depending on circumstances. Despite such benefits, many organizations have still not implemented a centralized contract management approach. Why? In many cases, it’s simple because ‘’That’s the way we have always done it’’!

The way contract generation has evolved, contract lifecycle management has evolved too! Ever-evolving technology has automated the entire process and shrunken it down to reduced human intervention as well as bare minimum errors.

The amalgamation of technology and human expertise has significantly improved and streamlined the contract management process right from creation and tracking of templates (and individual clauses within those templates) to the creation of every contract through contract review, approval, execution, performance tracking, renewal, and (eventually) expiration.
Efficiency due to technology and human expertise isn’t only about innovation, but also about automation. When it involves the management of contracts, the excuse ‘’that’s the way we have always done it’’ might just be pulling an organization’s efficiency down. So here’s a food for thought? – ‘don’t get stuck in the old ways of how you have always done it. Evolve your contract management process and ace yet another domain!’