The Post-Pandemic Effect: The Growth of Contract Management Software Systems

The world that we had known before has changed dramatically with the advent of COVID-19. From business practices to personal communications, the world saw a milestone transformation like never before. When it comes to managing contracts, businesses, especially, small and medium scale, followed an unorganized process. Using the manual method in this digitally-enhanced era had its shortcomings, which were majorly ignored by corporations. Although contract management software offered an agile solution in monitoring and managing contracts, companies across different industries chose to dawdle and dwindle. This contributed to an estimated 60 - 70% of small and medium scale businesses to face losses and backlogs, mainly due to the pandemic-related lockdown.

Thankfully, many organizations discovered the benefits and robustness of AI-powered systems once the pandemic struck and caused a mass delay in every industry. From manufacturing to healthcare, from IT to media, the pandemic caused the contracts to enter the ‘Force Majeure’ state, where terms and conditions become unenforceable. Although every business, customer, and vendor had a practical reason for such non-compliance, the lack of clauses made it a messy affair for companies. While many giant corporations had their contractual duty figured out, thanks to the contract lifecycle management software system, the other companies scrambled to be ahead in their contractual obligations.

Some key features that made companies to transition to a fully-equipped software are as follows:

  • Centralized repository, where the companies to classify, categorize, and segregate their contracts according to their nature, scope, lifecycle, and importance.

  • The cloud-based system ensures that the entire contract team is well-connected at all times, which promotes business continuity.

  • Compared to the manual management system, the robust enterprise contract management software enabled the users to maintain a higher level of security.

  • Another crucial feature that attracted businesses of all scales to transition to the high-performing software is the consolidation of the entire process. From sending/receiving contract requests to executing contracts in a click, the software supported all activities pertaining to contract management.

  • Simple user-interface was one of the major selling points that enabled even the simplest of businesses to be abreast of the contractual developments.

When it comes to Contract Lifecycle Management software, the benefits are plenty. Since it enables the users to conduct all contract-related activities in a single platform, the software became a big hit during the post-pandemic period. DocuCollab is one of the leading software providers with varied benefits. Click here to know more. 

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