According to statistics, the contract management software market was valued at $1.3 billion in 2018. It is expected to grow at a Compound Annual Growth Rate (CAGR) of 16.7% from 2019 to 2027, blossoming into a $5.2 billion industry. One of the industries that this software has become common is marketing agencies.
Contract Management, a Challenge to Agencies
As you may be aware, marketing agencies have to sign multiple contracts with several companies that are part of their client portfolio. The challenge is that marketers are not lawyers, so for startups and agencies that don’t have in-house legal teams, managing the contract lifecycle is a challenge.
But thanks to contract management software, marketing agencies don’t need to hire lawyers to manage the contract lifecycle. This software has been designed to save time by automating processes, facilitate collaboration on contracts, and cancel human errors associated with manual contract management. Interestingly, they are future proof!
What is Contract Management Software?
For starters, contract management software provides end-users with a collaborative view of the entire lifecycle of contracts. One of the best contract management software is Precisely, a tool that has been custom-tailored for all the departments of marketing agencies, from finance to HR and sales.
The Benefits of Contract Management Software
There’s no doubt that contract management software is worth the money, and that’s the reason the industry has witnessed exponential growth in the last decade. So, why should marketing agencies embrace contract management software?
1. Contract Management and Automation
Contract management software is optimized to offer smart and simple contract management even if users don’t have the technical background of contractual agreements or contractual law. In the long run, the contract management tools and automation result in increased value for marketing agencies.
Importantly, contract management software will save marketing agencies a lot of time courtesy of automation. Instead of manually working on each contractual process, this software automates repetitive processes allowing teams to focus on other aspects of the business.
With the likes of Precisely and the rest of the contract management software, marketing agencies can optimize the longevity and performance of contracts, consequently building lasting client relationships.
2. Collaboration and Integration
Contract management software facilitates collaboration. They allow every member involved in the contract to see all processes and collaborate on them with ease.
Interestingly, this software also integrates with other tools that marketing agencies use. All these make work easier and much more efficient.
What’s more? Contract management software increases contracting mobility as they support e-Signatures which have come in handy, especially during the ongoing pandemic where most companies are working remotely.
Indeed, contract management software is the way to go for marketing agencies. This is whether they are small agencies serving small businesses or big agencies serving enterprises. They streamline contractual processes and remove all the hiccups involved in contract management.