Nowadays, more and more companies are moving an increasing share of their operations to the Cloud. Clearly, it behooves any serious business to understand the reasons behind this trend, so as to make the right decisions in incorporating this technology in its digital toolkit. However, it is crucial to get a handle on just what this technology can do for your company, and to get involved at the operational level from the get-go – from planning, through to implementation, right on to the post-implementation stage. One of the main areas where Cloud-based systems can boost your operational efficacy is contract management. So let’s take a look at what a Cloud-based Contract Management System (CMS) consists of and how it can translate into increased profits and higher efficiency for your company.
Share Data Easily and Shorten Contract Cycles
Clearly, data stored in the Cloud will save you storage and infrastructure costs, but the benefits don’t stop there. One of the key advantages of Cloud-based CMS is the ease it offers in terms of sharing data among your company, clients, and suppliers. By doing away with the cumbersome paper trails associated with traditional contract management, you’ll streamline and accelerate your contract completion process significantly. For instance, e-signing shortens contract cycles from days or even weeks, to a matter of mere minutes, which in turn translates to happy customers and more deals closed more quickly, thus boosting overall profits. Furthermore, the Cloud also allows anyone involved in a contract to see precisely where a deal stands at any given moment, as well as greatly facilitating reminders, status updates, and post sales follow-ups.
Enjoy Unlimited Storage and Scalability
Apart from the aforementioned downsize in in-house physical storage space, shifting your CMS to the Cloud will cut costs in infrastructure investments and spare you the hassle of complex and time-intensive storage drive partitioning. What is more, the Cloud frees your company of any physical storage constraints, offering you unlimited storage capability, as well as affording you the scalability you want – up or down – whenever you want it, without any need to buy, get rid of, or upgrade physical drives in-house. In addition, moving to a managed Cloud platform will save you significant expenditures in software updates and maintenance, the hiring and training of staff, and on-site energy usage costs.
Sleep Soundly Thanks to Seamless Backups, Redundancy, and Disaster Recovery
Another standout feature of Cloud-based CMS is that it frees all parties involved in a contract of the well-known stress caused by the specter of data loss. Switching to the Cloud means comprehensive backup services and failsafe disaster recovery. A solid Cloud-based CMS will grant you seamless, automatic, cross-platform backup syncs, stored redundantly, off-site, and under full encryption, to ensure data protection. In addition, you will have the security of knowing that, should a local failure occur, you can restore any damaged or lost contract data and pick up where you left off.
A Simple Technology that Everyone Involved Will Want to Use
A final incentive in shifting your CMS to the Cloud is that it is a simple technology with virtually no learning curve. Any employee, customer, or supplier with even minimal computer literacy will find e-signing tools, for instance, to be self-explanatory, so that your tech guys and gals are free to focus on improving, say, integration, user personalization, and mobility. Thus, in one stroke you will both spare your IT staff the headaches of manual system administration, and free them up to put their energy to better use elsewhere. In sum, Cloud-based CMS will make your employees, customers, and suppliers equally happy, as they will inevitably enjoy the ease and speed it offers as compared to the paper mounds, manual maintenance, and lag-time of traditional contract management.