Many inefficiencies are too implicit to hurt. Human beings likely sustain a dozen of small inefficiencies rather than avoiding one big annoyance. Even if the small inefficiencies are measurably more burdensome, ‘emotion’ and ‘ratio’ often mismatch in human behaviour. If that is the case, people do not bother following incredibly inefficient steps.
One such area where these emotional mismatches come into play is transaction management.
Annoyances regarding transaction management
Transaction management captures the countless small steps related to handling contract files, negotiation versions, involving stakeholders for input, internal and external communications, obtaining approval, coordinate signing, contract handover and milestone management.
Transaction management applies as much to a single NDA, as it does to preparing, negotiating and closing an entire M&A-transaction. Most steps are invisible and do not feel burdensome or even time-consuming.
11 Emotionally hidden annoyances
The time lost on transaction management is almost impossible to measure accurately. An entire transaction costs you considerable time in many respects:
- Your contracts – not scattered everywhere
- Contract versions – not cluttered with other files
- Upload a new version – not clicking subfolders
- Not the other party’s file naming habits
- No confusion over version numbers
- No hesitation what a contract-file was about
- Not everyone needs to see all contract files (access is role-based or defined by authorisation level)
- No hassle in comparing versions (one click only)
- Retrieve archived files if a dispute arises (one click only)
- Archive files for later (one click only to clean up your repository – but not delete files)
- You organize contract files and documents (your file structuring and classification
Weagree’s DMS is not merely embedded in contract automation and CLM, Weagree DMS solves the 11 annoyances of transaction management. See how it works in our walk-through video:
