Modern businesses create complex contracts that often require multiple revisions and many authorizations. Creating and managing these contracts electronically in a document management system can save time and frustration and ensure everyone is working with the most current version of a document. A powerful document and contract management software system provides important features that maintains security, allow users to collaborate, provides alerts and reminders as to contract experation or renewal dates but most importantly provides rigorous version control that ensures knowledge workers have the most current version of contracts available to them. It is essential that the solution allow users to look at and even check out contract documents from anywhere in the world they have access to the Internet.
The Cost of Paper without Contract Management Software
For a knowledge-worker time savings equate to money. Assume: that the average FTE burden for an average knowledge worker is likely $100,000 per year. This equates to an average salary of ~$65-70k plus ~$33-35k in additional benefits and burdened costs. If the average annual cost of an engineer is ~$60k how much of that workers time is consumed dealing with an average contract written on paper over its lifetime? The following typical paper processing related tasks can just take minutes each but if if added up become a substantial expense.
- Walking to a printer to pick up paper
- Walking to a copier to copy paper
- Walking back to desk with paper
- Signing paper, multiple copies
- Walking signed paper to another approvers office
- Sticking signed paper in interoffice mail box
- Stuffing signed paper in an envelope, and walking to/from mail box
- Putting signed paper in a fax machine, including walking to/from fax
- Putting signed paper in a priority mail envelop, including walking to/from drop off box
- Putting signed paper in file cabinet, including indexing, including walking to/from file cabinet or storage location
- Putting signed paper on scanner, including uploaded to archive, including walking to/from scanner
- Retrieving signed paper from cabinet or storage location, including walking to/from archive
- Shredding signed paper in future Changing this contract to an electronic form and entering it into a workflow will save significant time and money for this engineers employer.
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