3 Reasons You Should Embrace Digitizing Your Contracts

The Digital Revolution has evolved in ways that many never imagined possible. In just a few short decades since the 1950s, technology - like the internet, mobile phones, and social media - have changed how we communicate with each other forever. 

So what does this mean for contract management in the Digital Age? As technology evolves, so too do the expectations for in-house legal teams. Gone are the days of making choices that align with gut reactions alone. Modern executives rely on legal to contribute to the bottom line and make data-driven decisions. Digitizing contracts sounds like a big undertaking, but it can make legal teams more strategic, and efficient, and even increase their reputation. Here are 3 reasons why you should embrace digitizing your contracts:

#1: Digitizing contracts helps you justify resources

With an economic downturn looming on the horizon, it’s never been more challenging to access the resources you need. How many times have you had to justify a new software purchase, headcount, or budget request for your legal team? Without digitized contracts, you have no way to track time spent on just exactly how much effort your team is putting into contract management. 

#2: Digitizing contracts gives you data and insights

We already know there are many benefits of being a data-driven legal team. Digitizing your contracts and using a contract management solution gives you insights beyond just time spent on your contracts, including how many contracts you execute, how frequently you finish them, and how many team members work on them.

#3: Digitizing contracts creates more efficient processes across the board

Getting your contacts out of the Stone Age is just the beginning. Once you’ve done it with contacts, the possibilities are endless. Take this time to evaluate other processes that are aging poorly, and see how you can usher them into the 22nd century and beyond.

Although we don’t have commercially available flying cars or colonies on Mars (yet,) modern technology provides endless ways to revolutionize your contract management. End-to-end contract management software provides a single source of truth you can rely on-especially during uncertain economic times.

Interested in ushering your contracts into the digital age and beyond? Schedule a demo today to learn how LinkSquares can help.