3 Approaches to Contract Management to Use During COVID-19
By Brian Powers, CEO of PactSafe
COVID-19 has impacted the way we do everything. Businesses across the spectrum of industries and locations are trying to determine how to navigate this unusual time. And it’s no surprise different technologies have risen to prominence with technology adoption leaping five years forward, as COVID has transformed the way we work (Contract Management).
According to recent surveys, half of Americans are working from home. As such, new challenges have been introduced including productivity, ability to solve problems, collaboration and more. But these new challenges must be addressed as working from home is here to stay. IBM conducted a survey and found 80% of respondents would like to continue working remotely at least occasionally while more than half want it to be their primary way of working moving forward.
As the way we work is transformed, sales leaders need to ensure they are keeping up with the changes One specific area to address is contracts. Businesses are still closing deals which means contracts need to be agreed upon and signed. To ensure contract management is not on the list of items for which a business should be concerned, apply these tools and best practices:
1. Converting to Clickwrap
Throughout COVID, businesses are looking for ways to automate processes and cut down on costs. A great way to do this is by replacing standardized agreements with clickwrap contracts. Clickwrap agreements are a form of contracting that replaces the act of signing with the act of clicking a box or button to signify acceptance. These agreements are best suited for standard agreements that don’t require negotiation such as terms and conditions, privacy policies or sign-up flows.
2. Automate, Automate, Automate
Workflow Content Automation (WCA) is a growing category of technology enterprises should leverage. Its primary purpose is to automate repetitive processes. Now is the time to find the repetitive processes within your workflows, such as high volume, low-value transactions and automate the document workflow associated with them such as implementing clickwrap agreements. There are various agreements that can be converted into one-click contracts such as terms and conditions, employment agreements, or NDAs.
3. Waivers and consent at scale
As you look to return to the office and open your doors to allow customers back in, you are likely considering how to ensure both employees and customers are made aware of the possible risk of exposure to Coronavirus. Deploying liability waivers, a legal contract a person must sign prior to participating in an activity, is one way to tackle this. Typically this type of agreement is completed using pen and paper or e-signature on a PDF, but we cannot rely on traditional methods in this new world. For contactless signing and to help scale the use of waivers, consider a one-click contract. This type of agreement carries the same legal weight as a normal contract and can be sent out via text or email.
As the world continues to adjust to the constant changes brought about by COVID, now is the time to implement processes to protect your business. Find the workflows that can be automated, the contracts that can be standardized, and prepare to return to the office and open your doors to customers. Clickwrap agreements and workflow content automation solutions are a simple way to ensure your business is minimizing physical contact, eliminating unnecessary costs, and continuing to move forward.