If you are still using the traditional method to store your contracts, it is time to change. Smart business owners are now shifting to cloud-based storage for an easier, efficient, and reliable option. Also, the idea can cut costs for you and improve the agility of transactions plus the security of stored files.
It is not wise to waste time and resources on outdated systems that heavily rely on paperwork and immense filing cabinets. You can simplify your business by using the ContractSafe UK to help you make the big transition of becoming a paperless business. Although businesses require maintaining the old way of document management plus retention procedures, contract management has advanced to cloud idea.
What is cloud storage?
Cloud storage is a cloud computing model whereby data is kept, managed, and backed up remotely in online spaces.
Talking of storing documents in the cloud means you are no longer storing files using physical servers; instead, you use third-party servers such as Amazon, Google, or Microsoft. So, it is their responsibility to make sure data is easily accessible when needed, not corrupted or accessed by unauthorized persons.
You’ll find several systems that utilize cloud computing and probably have used it in one way or another. Spotify saves data on the cloud rather than on your smartphone when listening to music. Also, Google photos are normally saved on the cloud, saving your device a great deal of space. So, from the two, you get the idea of how the cloud works and how it can benefit your business.
You can check below ways cloud computing for contract management can benefit your business.
Spend less time searching for documents
Time is of the essence in any business. Spending less time searching for certain documents without perusing a pile of papers may salvage your business by serving customers on time. Though you’ll find even the most organized filing system plus diligent documents filers make occasional mistakes, when executed contracts are uploaded to one central location, you no longer worry about documents getting lost or misplaced.
Another advantage of going to the cloud is the simplicity and speed with which you find the target documents with ease. The contract management services offer comprehensive search features to find what you are looking for within seconds.
Save Space
Choosing to shift to cloud computing, you can create enough space in your office since all the documents are stored online. The traditional way of doing things requires you to spend much money on cabinets and papers to store documents that eat most of your space. If a company decides to purchase hardware to store their items and after space is utilized within a few months, the only way to remedy that is clearing the documents or purchasing hardware. However, cloud options can start with smaller packages and keep adjusting to more space as the demand for storage arises.
Security
Documents of any business require proper storage to keep them secure. If important documents are lost or unauthorized persons access sensitive files that may affect your business or lead to financial loss. It is worse when your customers learn your business could not protect their information. That may taint your brand image as a result of broken trust.
Luckily, choosing the cloud services helps you secure your documents, plus there are several features and processes to ensure both data integrity and availability. Another positive aspect of storing your files on the cloud is whenever a server crashes, or your devices stop working, the cloud keeps your documents intact. You should understand that cloud services are run by big companies with enough resources and capability to meet both legal security requirements and have a dedicated workforce to fight any invasion from intruders. For example, all the transactions that you carry out online are stored in the cloud securely when you utilize DocuSign. It is also easy to store and access your documents on Onedrive, Dropbox, Mega, Google Drive, Salesforce, and more.
Ease of file sharing
Storing files on the cloud makes sharing easy with colleagues, departments, or other countries with ease. Dealing with digital files is inexpensive and more practical than physical documents. Having to deal with papers requires a lot of time doing repetitive work of checking the papers, printing files, receiving the necessary authentication, chasing after wet signatures, and posting the final documents.
Also, when files are digital, the document processing is more agile since your company can stress-free share from the cloud directly from a mobile phone or a computer. It makes it easy for your business and customers to access or sign documents with no issue. You only sign the required documents and return them by performing only a few clicks. Today, it is easy to receive electronic signatures online and the integrity, security, and compliance needed.
Document management in the cloud through mobile
In an increasingly connected world, it’s vital for people working outside an enclosed office or physical location to access the documents that are in the cloud, particularly if working at home remotely or while on a trip. Cloud storage allows managers to easily access vital business data even while going via smartphone or laptop.
Additionally, when you make files accessible, it’s possible to strategically carry out deliberate actions like contracts ready to be signed or sending commercial proposals. The process is simpler using an electronic signature through a phone and cheaper than printing and sending physical files.
Online storage & document history
The problem with paper is that they keep accumulating year after year, and regularly, you’ll need to expand more room to store cabinets that are no longer in use. But for cloud computing makes it easy to access the right documents even after many years within minutes. The server makes it easy to separate documents according to the data they carry, such as creation date, submission date, type of file, and people involved in the whole process. It takes only a few clicks to get what you are looking for.
Conclusion
Every business should adopt the new cloud computing technology to transform its business operations. The idea allows companies engaged in consistent contract management to gain by convenience cloud offers and cost-saving benefits.