Presented by DocNinja

3 ways your business is losing money through inferior contracting processes

Many South African businesses are losing money because they have not implemented good contracting processes.

This is a big problem, as World Commerce and Contracting research has found that good contract development and management can improve profitability by 9% or more.

Martin Kotze, the Managing Director of DocNinja, told BusinessTech there are three main ways businesses are leaving money on the table by using inferior contracting solutions.

These are outlined below.

1. Outdated processes

Kotze explained that since technological advances have increased the speed of doing business, many companies are being bottlenecked by their old, manual contracting systems.

They are still using Word and spreadsheets or basic template population tools, which leaves them unable to create transaction-specific contracts and documents fast, accurately, and at scale.

Thankfully, this can easily be solved by switching to a modern solution like DocNinja

“Modern businesses require an integrated dynamic contract builder that can quickly and accurately create transaction-specific contracts and documents with a few clicks,” said Kotze.

2. Barebones tools

Other organisations have taken a step forward by implementing generic electronic signature tools.

While this is certainly an improvement on the older, manual methods, it still doesn’t consider the complete contracting process.

Each business is unique, and most require several approvals across multiple documents before signing.

Standard electronic signature tools don’t account for this and only provide rigid, limited and disconnected signature workflows.

“To fix the problem with electronic signatures, you need a solution that provides for the approvals and processes unique to your business. It needs to integrate seamlessly with your digital document and contract builder as well as your contract management system,” said Kotze.

3. Too many tools

Kotze also noted that many businesses are using separate tools for contract creation, contract signatures, and contract management.

“This means the contract data needs to be captured multiple times. You are also dealing with multiple vendors, which makes integrations and support a nightmare,” said Kotze.

Using DocNinja

DocNinja offers a single solution that lets you create, sign, and manage your contracts through a single pane of glass.

It also links to your databases, letting you import the latest contract data from a single point of truth to populate your contracts, fast and accurately.

“If you use a single solution that integrates into your existing infrastructure, you close the loop and ensure you are using an end-to-end service that streamlines the entire contracting process,” said Kotze.

DocNinja also offers a managed solution that covers the key aspects of contract creation, electronic signatures, and contract management – allowing businesses to focus on driving growth and efficiencies.

Click here to learn more about DocNinja’s contracting solutions.

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3 ways your business is losing money through inferior contracting processes