5 Reasons Why You Should Store Your Contracts in the Cloud

The convenience and rapid advancement of technology continue to make starting and running a business easier and cheaper. There is no need to waste time and money on outdated processes and systems that rely on large amounts of paper documents and bulky filing cabinets. Cloud computing has allowed companies to simplify document management, and more and more companies are making the transition to becoming (almost completely) paperless offices.

Depending on the company, there may be business processes that still require traditional document management and retention procedures, but contract management is no longer one of them. These days, companies can utilize an online service that is specifically designed to streamline contract management workflow. In addition to simplifying this process, companies that use cloud computing for contract management will benefit in the following ways.

Spend Less Time Searching for Documents

Even the most organized filing system and diligent document filers are likely to make an occasional mistake. By immediately uploading executed contracts to one central contract repository within your CLM software, companies will no longer have to worry about important documents being lost or misplaced. And, finding these contracts quickly will be even easier due to comprehensive search features built into most contract management services.

Improve Security of Confidential Information

Just because a contract is marked with a sticker that says confidential or is locked in a metal filing cabinet does not mean that it will actually remain confidential. Confidential information may be exposed accidentally or intentionally, but either way, it is essentially impossible to completely protect hard copies of documents. By using a contract management service that has stringent security standards, such as two-factor authentication and permissions-based roles, companies can rest assured that confidential information contained within contracts will be stored securely.

Be Prepared for Audits and Due Diligence Investigations

Most businesses go through audits and some businesses engage in activities that require document-heavy due diligence investigations. These processes inevitably require examination of company contracts, so having these contracts and any pertinent documentation securely stored in a contract repository can help ensure that companies are ready for anything and will spend less time going through corporate clean-up.

Reduce Real Estate Costs

By saving contracts in the cloud, companies will not need to shell out for larger offices in order to accommodate big desks with lots of drawers or numerous file cabinets. Obviously, the nature of a business will dictate the type of space a company needs, but eliminating the need for certain types of furniture can definitely help reduce real estate costs.

Cut Back on Office Supplies

Printing equipment is not the only type of office supplies that companies can eliminate from the budget. By using an online contract management process, companies can also forget about keeping a robust stock of folders, tabs, cabinets, and any other superfluous items that were needed for traditional contract management systems.

Cloud computing has completely transformed business operations, and companies engaged in regular contract management should be sure to take advantage of its convenience and cost-saving benefits.