Today, managing contracts has been made easy courtesy of contract management tools. One of the industries that has leveraged the new contract management solution is the publishing industry. For starters, contract management software is a digital solution that has been designed to streamline the contract management process and automate recurrent tasks. This saves publishing companies a lot of time so that they can focus on other essential tasks.
Why Digital Contract Management Solutions?
Contract lifecycle management software has become popular in the last decade for two reasons.
Before the pandemic, many publishing contracts were signed in physical meetings, at the publisher’s premises, or other agreed locations. But with the coming of the pandemic and the lockdowns, among other containment measures, most companies have adopted work-at-home policies. That means physical meetings are no longer an option. As a matter of fact, the demand for digital contract management solutions spiked during the pandemic.
Besides the pandemic, there has been the need for agile contract management solutions considering publishing companies have lots of contracts to manage, be they with the authors, retailers, and other stakeholders involved in the entire publishing process. Some companies want to streamline the contracting process because they are overwhelmed with the number of contracts. On the other hand, small businesses in the publishing industry want to save the resources needed to hire legal teams. For the record, using digital contract management software is cheaper as businesses don’t necessarily have to hire professional lawyers, and anyone can use this software to prepare and manage contracts professionally.
Benefits of Digital Contract Management Software
There are many advantages of contract lifecycle management software at all publishing levels.
This software helps publishing companies to create publishing contracts with authors and control and monitor the entire contracting process. Interestingly, some digital contract management software has been simplified to allow anyone to create legally binding contracts even without a legal background.
Another advantage of contract management software is automating repetitive tasks. The systems are intelligent enough to roll out the contracting phases automatically so you can have more time to focus on the publishing and not contracts. This is a time-saving feature, and significantly, it cuts down any possibility of human errors.
One last advantage of this software is remote collaboration. With innovation such as electronic signatures, publishers can enter into contracts with authors and other stakeholders, for example, suppliers, right from the software instead of organizing physical meetings.
There you have it, folks, an overview of how the publishing industry has leveraged contract lifecycle management solutions. Indeed, this software makes contracting easier, and interestingly, they are future-proof. They enhance contracting productivity and efficiency while cutting down contracting costs. So, what are you waiting for? If you are running a publishing business, this is the way to go.