Challenges of paper-based contract management
Contracts underpin almost every relationship in business - from customers, suppliers and partners to employees. They are a basis of trust and understanding. Yet, contract management is often overlooked in digitalisation processes, leaving businesses in the dark and exposed to the risks inherent in manual processes. Contracts are not easy to manage in the traditional, paper-based way. Archiving takes up office space, data input and searches are time-consuming, while missed deadlines can lead to penalties for non-compliance. Konica Minolta is helping its customers bring their contract management processes into a new era with its digital solutions. The digital contract management solutions help organisations administer all corporate contract documents in a simpler way with increased workflow efficiency.
There is probably nothing more fundamental to business than a contract. If finance is the lifeblood of an organisation, contracts are a connective tissue of trust and understanding that holds everything together. Yet, in many companies, it is an inflexible pain point, as contracts remain tied to outdated paper-based processes. This results in:
- Paper-based processes require a physical archive that takes up a considerable amount of space, is labour intensive and demands time and resource
- Document searches are time consuming
- It is impossible to maintain a timely and relevant overview
- Critical deadlines or contract periods can be easily overlooked
- Unintended contract extensions can result when cancellation deadlines are missed, leading to unnecessary costs and added inflexibility
- Incorrect handling can lead to penalties for non-compliance, lost opportunities, and potentially costly legal audits
Solve the challenges with digital contract management
As anyone managing hard copies of contracts will tell you, it's labour-intensive. All the challenges of manual processing are removed by digital contract management. Digitisation of contracts removes paper from the process and simplifies storage and retrieval by putting contracts into a single central database.
Yet every business is different, and the process of selecting and implementing an appropriate solution needs to be handled carefully. Konica Minolta takes a customer-centric approach towards digital contract management that takes into consideration each company’s business environment and working processes. Individually tailored contract management solutions are designed around the customer’s needs.
With Konica Minolta's digital contract management each document is scanned and automatically indexed, notifying staff members, parties and signatories. All contracts are stored in one database, so everything is in one place. Everyone knows what is happening. The benefits of this contract administration include less human error, version control and faster approvals. All the information you need will be available at the touch of a button - from text searches of the entire content of a contract to the analyses of contract conditions, contract value and parameters.
Contract management: Regain control over contracts
Contracts underpin almost every relationship in business - from customers, suppliers and partners to employees. They are a basis of trust and understanding. Yet, contract management is often overlooked in digitalisation processes, leaving businesses in the dark and exposed to the risks inherent in manual processes. Contracts are not easy to manage in the traditional, paper-based way. Archiving takes up office space, data input and searches are time-consuming, while missed deadlines can lead to penalties for non-compliance.
Benefits ripple across your company
With Konica Minolta solutions for contract management we are helping you break free and regain control over their documents and contracts. This not only helps speed up processes, save money and relieve employees, but it also helps to improve the relationships with other company stakeholders. The system standardises and automates all the phases of contract management, from contract requests to authoring and execution workflows using electronic signatures (like DocuSign).
It cuts the risk of legal or audit costs and helps financial control. The system sends notifications in which any deadlines, approvals, changes or cancellations are flagged up, and your management teams can make the best use of all contract advantages.
It supports compliance and data protection through authorisation and personal access rights - a level of security which far exceeds conventional paper archive.
Benefits of Digital Contract Management
Success Stories
It's time for a more intelligent approach to contracts
Contract Management is a core business function that spans both operational and legal concerns and underpins every essential relationship – from customers to vendors, to partners, employees and suppliers. And yet, for many businesses, the vital organisational task of Contract Management remains a manual, paper-based task that’s highly labour-intensive and inefficient.
