Time and again we have been saying that contract and document management process are the lifeblood of every venture. They act as legal pillars, helping your business stay afloat and in harmony with stakeholders, customers, and management.
However, the contract and document management process isn’t all lilies and roses. Believe it or not, even the best and most skilled industry professionals often end up making certain errors or missing out on certain loopholes during the contract and document management process.
This, in turn, may end up exposing your business to potential risks such as non-compliance, auto-renewals, and failure to deliver necessary obligations. The longer these contracts and documents are left ignored, the greater risk they pose to your venture.
However, there’s an easy way out to prevent such unfortunate situations.
And that’s by watching out for certain mistakes during the contract and document management process. This way, you’ll be able to safeguard and ensure the integrity of your legal documents and contracts.
Read on to learn more about those common mistakes and the best ways to avoid them.
• Underestimating the power of manual labor
Yes, AI-enabled solutions and automation have certainly revolutionized the industry. However, underestimating the power of manual labor can also end up compromising the integrity of your legal documents.
Relying on AI-enabled solutions completely has often paved the way for several problems. These problems include losing track of contract lifecycle stages, confusion, missed tasks/opportunities, and decreased revenue. While using tech solutions, there’s a good chance that the algorithms might use the wrong values or data. Thus, it is essential for you to have a full-fledged team of industry experts who can monitor and look after the contract lifecycle management. Such experts have years of experience and training to perform tasks efficiently, spot loopholes, and deliver quality results.
• Using Outdated Contract Storage Methods
Gone are the days when business professionals used to stuff their offices with filing cabinets to store paper documentation and spreadsheets. Not to mention, storing files on one’s computer locally can lead to the loss of crucial documentation, versions, and essential data.
Such outdated and lackluster storage methods can make it tough for the organization to maintain version control and safeguard contracts and documents.
To avoid this, it is essential to stay updated with the latest and most secure storage solutions offering efficient contract repository management. Industry experts often suggest opting for web-enabled storage solutions that help in storing contracts, tracking their version lifecycle, and monitoring and enforcing audit trails. Such storage solutions also make it easier to search for stored confidential contracts and enhance document collaboration.
• Ignoring loopholes that may compromise the confidentiality of the documents
When it comes to legal contracts and documents, ensuring confidentiality is definitely on the table. After all, legal documents and contracts include information that could wreak havoc on the organization if used improperly by unauthorized individuals. That’s certainly a nightmare for any business professional.
That’s why make sure the contracts and documents are stored in proper formats and password-protected. This way, it would be easier for you to steer clear of any unauthorized activities.
Dodge the contract & document management mistakes with Aeren LPO!
Now that you are familiar with potential mistakes that may affect your contract and document management process, it is now time to learn about a one-stop solution. And that’s seeking professional help from the experts at Aeren LPO.
Here at Aeren LPO, we have a full-fledged team of qualified and experienced professionals who are well-versed in the dynamics of contract and document management. By associating with them your organization can leverage our world-class and broadly acclaimed contract management services. Their tailored plans and top-notch solutions can help you prevent and address the aforementioned mistakes.
Considering how user-friendly, scalable and seamlessly our integrated solutions are, no wonder it is a go-to option for your venture.