What is the greatest asset for a business among its customers and clients? Reliability and trust are the most priceless assets for businesses today. By assuring quality, keeping promises, and establishing excellent support, you can gain trust and brand reliability. Does contract management have anything to do with this trust? Definitely yes. With intelligent contract management, you can build trust and make your business relationships last longer and become successful. With the right tools and approach, you can keep building trust in contract management successfully.
Table Of Contents-
- Significance of building business trust
- The role of contracts in creating trust and business relationships
- How intelligent contract management makes a difference
- 5 ways to nurture trust with contracts
- Invest time in building trust, your contracts will perform well automatically
Significance of building business trust
Trust, brand identity, and reliability are some of the common values that come to our minds when thinking about building a widely accepted brand/business. There are many ways through which these values can be nurtured. There are more ways through which you can break these aspects too. Through proper contracts and obligations, you can handle all these factors to a great extent.
Without trust a business cannot build its customer base, salespeople will find it difficult to close sales, and brand influence will also be destroyed. Proper contracts can save you from all these risks to a great extent. Contract management can be considered as handling promises and obligations companies or parties establish with each other. The better you manage these promises and understanding, the greater will be the results you get. No matter whether it is about the quality of your services/product, or about making people do transactions, building business trust is critical.
The role of contracts in creating trust and business relationships
As we mentioned above, contracts are all about maintaining promises and obligations between businesses and parties. Businesses are adopting advanced technologies, workflows, and even artificial intelligence-supported facilities to assure top-quality contract management today. The reason behind this rising hype over contract management technologies is the role of contracts in creating trust and business relationships.
Contracts should be signed finally after all parties understand the obligations, expectations, and all other responsibilities assigned to each party. There should be a contractual obligation management facility integrated into all contract management software. It assures exceptional transparency that builds trust among parties. Once the contracts start accomplishing their core goals and expectations timely, solid business relationships will be formed.
How intelligent contract management makes a difference
The businesses which have delayed the adoption of the latest technology suffered a drop in productivity and competitiveness in the last decade. The main reason behind this lazy attitude towards the new technology was the lack of knowledge regarding the benefits involved. In contract management, adopting the best technology available is a best practice to build trust.
Modern businesses quickly realized the advantages offered by smart contract generation and approval processes, automated workflows and notifications, and intelligent contractual obligation management. All these processes are now some of the best practices for building trust.
Along with tracking contract data and statuses, businesses can also track all kinds of vendor data from the CLM software today. Dock 365’s Contract Management Software even provides a vendor management solution addon which ensures great vendor management capabilities too. As building trust and long-term relationships with your vendors and suppliers are equally important, this is one capability modern businesses cannot afford to miss.
Let’s now discuss the 5 easy ways to nurture trust with contracts. Follow these simple ways to make contract management well-aligned.
5 ways to nurture trust with contracts
1. Keep it simple throughout
One thing that bothers us all when reviewing a contract agreement is the complex language and terms it might be using. From our experience so far, if you wish to build trust with your contracts, make sure it is straightforward in explaining things. Use plain English wherever possible. If the other party can understand everything the first time they read it, they will surely feel more comfortable signing the contract.
No doubt that twisted writing will make them think twice before signing it and it has a toll on the trust part. Remember, by keeping contracts simple you can build trust gradually.
2. Give answers before they ask
To get the contract signed and sealed at the earliest, you need to convince the party quickly. If the contract agreement is not clear or comprehensive enough, they will be tempted to ask for clarifications and questions. The more time these clarifications take, the higher will be the chances for the party to back off from signing the contract.
Because of these reasons, it is always recommended to include all essential details in the contract first-hand. Use simple language to explain details and keep it transparent. Not only does this helps you to convince them quickly, but also avoids confusion in the future. Even if the other party signs the contract without proper review, you can still avoid too many questions if you have generated the contract brilliantly.
3. Reduce footnotes
Footnotes, appendices, and citations are annoying most of the time. They are against the idea of making contract negotiations trouble-free. Organizations with a dedicated legal department might not face many issues with decoding these footnotes and pages of appendices. For small businesses, such contracts will be difficult to understand and comply with.
As most small businesses will not have a dedicated legal person or department to handle these unending footnotes and legal jargon, it is better to see things from their angle to do better. You can do better in terms of building trusts with your contracts if you can avoid such complications.
4. Utilize contract management tools
Manual contract management will not let you gain 100% perfection in your contracting workflow. With modern contract management tools, you can gain more accuracy and ease in contract generation and approval processes. You can also take your contract document management processes to the next level with features like version history, electronic signature integrations, and more.
External collaboration is also an exceptional feature that supports the trust-building cause. With all these features and tools, you will be able to make contract management more transparent, at the same time secure. The above capabilities will help you build trust during the negotiation period.
5. Find trusted and safe platforms for collaboration
When you are choosing a platform for managing all contract-related workflows and activities, it should be best in safety and top-notch in technology. Microsoft is the leader in offering secure and technologically out-of-the-world solutions to businesses today. Dock 365’s Contract Lifecycle Management Solution is powered by Microsoft 365 and SharePoint. When you are using Microsoft’s platforms and tools for contract-related activities, it is a lot easier to build trust in your vendors, clients, and customers right away.
At Dock, we believe in personalizing contract management experiences according to each business’s workflows and values. Book a live demo of our CMS right away to see how our solution makes things easier, safer, and more trustworthy.
Invest time in building trust, your contracts will perform well automatically
With intelligent contract management, you get a lot of benefits. Contract automation, document management, remote data accessibility, e-signature, AI capabilities, and uncompromised security are all highlights. Even when you get all these advantages with a CLM solution, the trust you will be able to build in your business relationships is unmatchable.
Follow the 5 ways to build trust with contracts and you will surely end up with much better contract performance automatically. We are sure you will be building trust in contract management far better than now if you are following the best practices described above. Book a live demo of Dock 365’s Contract Lifecycle Management Software today and take your first step to building contract trust.
