Despite how seemingly monotonous and uneventful contract processing might be, the task plays a crucial role in every business.
Whether it be handling payroll negotiations, mortgage loans, or legal contracts, processing contracts require a manager’s utmost attention, otherwise, inaccuracies in the way the contracts are processed can lead to legal — let alone, costly — problems.
1. Complacency in Handling Auto-Renew Contracts
Some companies become complacent when processing auto-renewed contracts — so much so that they even neglect the process by using a contract automation tool.
That is a big mistake.
When you consider how the entities involved in the contract can easily make adjustments or minor tweaks, the likelihood of inaccuracies and possible disputes becomes real.
Such is the case when there are outdated conditions, sections, or versions of the contract that the parties involved no longer wants to continue.
2. Inadequate Document Access
When it comes to processing sensitive information, it isn’t a good idea to give all the stakeholders full access to the documents.
Not only would doing so cause needless inquiries, therefore, more time wasted would be wasted to answer the needless questions, but the chances of information breach also drastically increase.
As a rule of thumb, document access should only be given to involved stakeholders.
It’s worth pointing out that companies can use contract management platforms that would grant several people access to contracts while giving them limited authority to it.
For example, other platforms would allow “read-only” access, while there are levels of access that enables the user to make changes to the contract.
When too many people are given permission to edit a contract, the entire process of creating the contract becomes needlessly complicated.
3. Relying on Paper-Based Process
Using a paper-based workflow for contract processing can prove to be problematic for businesses.
Such is especially the case since the digital age has introduced tools like the electronic signature, digital data interchange, or the blockchain.
Relying on paper-based processes will only make the companies less agile, making it more challenging for them to adapt to the internet-driven way of conducting transactions.
Not only that, depending on how the paper-based contract processing is done, discrepancies may occur, theft, tampering, or even forgery — all of which can be very damaging for any company.
Contract processing doesn’t have to be rocket science.
Equipped with the right information, and having a clear awareness of what some of the most crucial mistakes are for contract processing, companies can accomplish the task with very minimal mistakes (to none at all).
If you need a reliable business process outsourcing call center in the Philippines to help you with your contract processing needs, then be sure to reach out to us.
Some of the benefits our clients enjoy for employing our contract processing services are:
1. Process higher volumes.
- Talented individuals and seasoned professionals are handling their contract processing.
- They have improved productivity.
- They spend less on their operational cost.
Email us now at firstname.lastname@example.org or call us at 1-888-700-9555.