Streamlining Contract Approval: 5 Ways to Reduce Friction

Contract approval can be a lengthy and frustrating process. From drafting to signing, contracts can take weeks or even months to finalize. This is especially true for large, complex contracts that require multiple stakeholders to review and approve.

However, there are ways to streamline the contract approval process and reduce friction. In this article, we'll explore five strategies to help you speed up the process and get your contracts signed faster.

1. Use a Contract Management System

A contract management system (CMS) is a software solution that helps you manage your contracts from start to finish. With a CMS, you can store, track, and manage your contracts in one place, making it easier to find and access the information you need.

2. Automate Contract Drafting

Automating contract drafting can save you time and reduce errors. With automated contract drafting, you can create a draft contract in minutes, rather than hours or days.

3. Use Electronic Signatures

Electronic signatures (e-signatures) are a secure and convenient way to sign contracts. With e-signatures, you can sign contracts from anywhere, at any time, using any device.

4. Implement a Contract Approval Workflow

A contract approval workflow is a process that outlines the steps and responsibilities involved in approving a contract. With a workflow, you can ensure that everyone involved in the approval process is aware of their responsibilities and can complete their tasks efficiently.

5. Use Data Analytics to Track Progress

Data analytics can help you track the progress of your contracts and identify areas where improvements can be made. With data analytics, you can identify bottlenecks and delays in the approval process and take steps to address them.

In conclusion, streamlining contract approval is essential for any business that relies on contracts to operate. By implementing these five strategies, you can reduce friction and speed up the contract approval process, allowing you to focus on more important tasks.