Share on
Guides
Shaunak Turaga
September 20, 2024
Table of Content
Contracts are the backbone of any business, defining legal relationships and operational obligations. Yet many companies still use DIY solutions like spreadsheets and file folders for contract storage and management. These systems quickly spiral into disarray, requiring constant upkeep and slowing down your business.
While a DIY contract system might seem simple and cost-effective, it’s fraught with limitations. These outdated methods become cluttered and disorganized, leading to missed deadlines, misplaced documents, and a lack of centralized visibility. At first, it may feel like you have full control, but soon you’re managing a system that only adds frustration and inefficiency. You wouldn’t use a ten-year-old phone to manage today’s work—so why stick with a manual system to manage your contracts?
The False Sense of Control
DIY systems rarely deliver a single source of truth. Folders and spreadsheets may be neatly organized at first, but as more people upload documents and add data, consistency deteriorates. Misnamed files, version control issues, and scattered agreements turn your contract repository into a mess. This chaos makes it impossible to accurately locate, analyze, or interpret the terms of your agreements without significant manual effort.
✅ Docsum solves this by offering a dedicated, AI-powered contract management platform that maintains accuracy and consistency from the start. Our solution eliminates the need for legal teams to become accidental data scientists, as Docsum seamlessly organizes and categorizes your contracts.
The Digital Landfill Problem
DIY contract management systems become dumping grounds for everything remotely contract-related: drafts, outdated versions, and even unrelated files. Without strict rules and processes in place, you’ll likely end up with a bloated, unsearchable repository where critical contracts are buried under irrelevant clutter.
✅ Docsum, by contrast, provides an intuitive, purpose-built solution. Our platform automatically catalogs your contracts, organizing them based on customizable criteria. And with AI-powered search capabilities, you can find the exact contract or clause you need in seconds.
The Wrong Tools for Complex Jobs
Spreadsheets and file systems are not designed to handle the complexity of business contracts. Legal teams often need to track amendments, link related agreements, and ensure compliance with evolving terms. DIY systems simply don’t offer the functionality to effectively model these relationships.
✅ Docsum eliminates the tedious work of manually connecting documents. With our platform, you can easily visualize how various parts of an agreement interact, ensuring nothing gets overlooked. The platform automates key processes, helping you stay on top of important terms, deadlines, and obligations.
Poor Categorization Leads to Blind Spots
DIY contract management lacks the ability to categorize agreements effectively. Without proper categorization, contracts often get duplicated across folders—each version slightly different from the last—leading to confusion about which one is correct.
✅ Docsum offers customizable categories and filtering options that ensure you can easily track, update, and manage contracts across departments. Our system is built to provide a comprehensive view of your agreements, with no duplications or blind spots.
A Drain on Resources
Managing contracts manually is a time sink. The longer you use a DIY system, the more laborious it becomes to maintain. Legal teams spend valuable hours searching through contracts, trying to decipher outdated naming conventions or version histories. Even simple tasks like identifying renewal dates or contract values become time-consuming.
✅ With Docsum, you can automate these processes, allowing your team to focus on more strategic initiatives. From automated renewal tracking to instant notifications on upcoming deadlines, our platform ensures that nothing slips through the cracks.
The Complexity of Contract Databases
Managing a contract database requires more than legal expertise; it requires a data management system that accurately captures and tracks key contract details. DIY systems demand that legal teams build and maintain a complex taxonomy—one that’s rarely followed consistently.
✅ Docsum takes this burden off your team. Our AI-based system is designed to handle the nuances of contract management, allowing you to capture and organize critical information without the need for ongoing manual updates. You can trust that your contract data is always accurate and up-to-date.
Contracts Should Empower Your Business
At the end of the day, contracts are meant to empower your business, not slow it down. DIY systems fall short because they don’t integrate with other business tools, such as CRMs or document-signing platforms like DocuSign. This lack of integration hampers efficiency and creates bottlenecks.
✅ With Docsum, your contracts are fully integrated into your existing workflows. Our platform connects seamlessly with the tools you already use, so you can extract real value from your contracts without wasting time on manual entry or updates.
The Final Verdict
DIY contract management creates more problems than it solves. Outdated tools like spreadsheets and file systems make it difficult to manage contracts effectively, leading to wasted time, increased risk, and missed opportunities. By switching to Docsum, you’ll gain a powerful, AI-powered platform that centralizes your contracts, automates workflows, and provides the visibility you need to stay ahead.
✅ Stop relying on a DIY system that holds your business back. Upgrade to Docsum, and experience smarter, faster, and more efficient contract management.