How Legal Cloud Bharat Speeds Up Contract Management with Smart Automation
Did you know that contract approval delays are silently but significantly affecting your business growth? As per research, organizations lose an estimated 9.2% of their annual revenue due to poor contract management. Yes, you read it correctly: nearly one-tenth of potential revenue slips away because contracts take too long to close.
Moreover, research shows that contract approvals take an average of 3.4 weeks. Today, such delays can be costly for businesses. But it doesn’t have to be this way. In this blog, we’ll explore practical ways to simplify and speed up your contract approval process.
Challenges in Traditional Contract Signing and Approval Process
The manual handling of the traditional contract signing and approval process poses challenges, including:
- Slow Manual Workflows:Traditional processes consume a lot of valuable time as teams need to copy templates, fix errors, and even chase approvals from different stakeholders over emails, calls, etc.
- Errors and Inconsistencies:When contracts are prepared manually, teams generally duplicate older templates and also edit documents multiple times. This process is prone to errors and can lead to incorrect clauses and mistakes that can lead to legal issues.
- Poor Visibility and Tracking:When you manually handle contracts, it is very difficult to know which one of them is nearing its expiry, which clauses are non-standard, and where obligations lie. These visibility issues can lead to compliance risk and productivity gaps, which 45% of professionals already identify as a burning issue.
- Storage, Search, and Retrieval Problems:Physical files, documents, or even multiple scattered digital folders make it costly and time-consuming to retrieve relevant contracts or clauses when required. This can result in lost or misplaced contracts, missed deadlines, and thus, delayed decision-making for a business.
How Legal Cloud Bharat Automates the Entire Workflow
Let’s now understand how LCB makes the entire contract lifecycle hassle-free.
- Smart Document Editor:Prebuilt smart templates help standardize contract creation and management. Teams can quickly generate compliant contracts, fill in details, and share them with stakeholders in minutes.
- EStamp Paper Procurement:LCB works with NeSL and StockHolding (a Government of India company) across 28+ states and union territories to enable quick procurement of tamper-proof digital stamp papers with real-time duty payments. The platform also lets you set thresholds, monitor usage, and use a pay-as-you-go model for simple, cost-effective digital stamping.
- Automated Workflows:The system automatically routes contracts to the right stakeholders. Once one user signs, the next is notified instantly, with real-time tracking available. This removes follow-ups and approval bottlenecks.
- Remote Approvals:Stakeholders can review any document and approve it from any geographical location. Thus, physical availability is no longer an issue, which also speeds up the decision-making and keeps projects moving.
- Digital Signatures:Your contract can easily be executed with LCB through secure digital signatures. This removes printing and scanning delays.
- Document Management System:The Legal Cloud Bharat platform stores all contracts in a centralized, secure repository. Teams can instantly access documents without searching scattered folders. Role-based permissions control who can view, edit, or approve files, helping protect sensitive data.
- AI Contract Intelligence:The system reviews contracts in real time for consistency and compliance. It flags risky or non-standard clauses before they create issues. The AI also suggests balanced negotiation terms based on predefined policies.
So, overall, LCB delivers faster contract execution, stronger compliance, and complete lifecycle visibility.
Why Faster Contract Workflows Matter for Businesses
There are some key benefits of faster contract workflows, which include:
- Time Saving:Automating the contract signing and approval process reduces the turnaround time from weeks to minutes. This means instead of chasing stakeholders, your team can actually focus on strategic work that leads to your business’s growth.
- Cost Reduction:Streamlined and automated workflows will enable you to lower processing expenses by 25-30%, as there will be fewer manual tasks to execute and less scope for errors.
- Risk Mitigation:Real-time visibility into the contract signing process, along with audit trails, will ensure that all parties are on the same page, reduce the risk of disputes, and thus avoid penalties.
- Operational Gains:Streamlined process will improve collaboration across all departments in your organization, and also provide accurate data insights for decision-making. All this can result in the fruitful and healthy growth of your business without any added layer of complexity.
- Revenue Impact:Smart and efficient workflows will also accelerate your sales cycles, which can further boost win rates and client satisfaction.
For example, in the financial sector, quicker loan agreements (created through contract management tools and streamlined processes) can help banks disburse funds faster. This improves customer satisfaction and helps capture revenue that otherwise would be blocked by delays. Similarly, in the real estate sector, faster management of contracts can assist property developers and managers in closing deals faster. Instead of waiting for weeks for agreement drafts, approvals, etc., automated contract execution through software like LCB can help finalize documents faster and improve the overall buyer experience.
Contract delays should never stand between you and your business’s growth. Legal Cloud Bharat helps you close contracts in minutes, not weeks, with complete control, visibility, and while also maintaining your customized brand identity. Take the first step today and transform your contract lifecycle. Reach out to us by filling this form, and let automation make contract management easier!
FAQs
- How Does Legal Cloud Bharat Reduce Contract Turnaround Time?:Legal Cloud Bharat automates contract drafting, routing, approvals, and signing. Smart templates and real-time tracking remove manual delays, reducing turnaround time from weeks to minutes.
- Can Multiple Parties Sign a Contract Remotely?:Yes, multiple stakeholders can review and sign contracts from anywhere. Secure authentication enables remote access and keeps deals moving without physical meetings.
- Does the Platform Support Approval Workflows?:Yes, the platform provides automated approval workflows. Contracts are routed to the right stakeholders with instant notifications and real-time tracking.
- Are Digital Signatures Legally Valid?:Yes, the eSigning service offers legally binding digital signatures. It supports Aadhaar authentication and complies with applicable regulations.
- Is Contract Data Stored Securely?:Yes, contracts are stored in a secure, centralized repository. Role-based permissions and audit trails protect data and ensure transparency.