Your savings really add up
Based on your calculation:
Savings at every step
- Prepare: Reduce data entry costs and workflow errors
- Distribute: Eliminate shipping expenses and streamline your process.
- Complete: Significantly reduce your NIGO rates.
- Store: Cut storage costs by keeping data in the cloud and out of filing cabinets.
- Other: Miscellaneous expenses can also be reduced.
Costs per contract
Recalculate your costs
Results of your calculation are based on standard industry costs. Typical contracts take 1-2 hours to prepare and two rounds of signatures before being shipped at least twice. Not-in-good-order (NIGO) rates average 40% with most customers and storage of documents takes up valuable office space.
Click on a tab to adjust parameters to match your company costs.
Preparation Savings
During contract preparation using Agreement Express, you can save significantly on data entry costs and rekeying duplicate data in multiple support documents.
Our customers typically took 1-2 hours to prepare their contracts before implementing Agreement Express.
According to our client results, significant time is saved by automating contract preparation.
Process errors can be reduced by using the business rules and best practices provided by our software-as-a-service.
Distribution Savings
By automating your contract process you can eliminate shipping and tracking expenses and maximize your resources. In addition you’ll streamline your workflow by reducing abandonment rates and can generate more revenue opportunities.
For example if there are 2 rounds of signatures required then the package gets shipped 2 times.
Courier shipping is clearly the most expensive of the available methods. We are using $10 as a default cost per round trip shipment.
Aberdeen Research indicates that on average 18% of the order to buy cycle is spent in contracting.
Completion Savings
How often are contracts returned not in good order (NIGO) in your business? Most customers we talk to suggest that 40% is the average.
Agreement Express software-as-a-service ensures that data within contracts is accurate and contracts are returned with all required supporting documents. Before implementing Agreement Express, your percentage of NIGO may be more than the 40%. With Agreement Express you can nearly eliminate NIGO rates.
Our customer generally use 40% as a rule of thumb here. Many report higher percentages.
Storage Savings
By eliminating paper, you can immediately notice a savings of storing all that paperwork as well as the expense to rekey contracts and compliance expenses.
Data keying time at the back end of contracts generally runs about 10 to 15 minutes for our customer prior to implementing Agreement Express.
Research from multiple sources indicates that the time spent reviewing contracts in regulated industries is significant. Compliance with internal standards is equally important in some situations.
Other Benefits
Enter any other miscellaneous savings that you expect from automating your contracting workflow expenses. These might include paper savings, green incentives, reductions paper handing expenses, etc.
Enter the annual savings below:
Frequently there are applications and systems infrastructure installed and or processes expense currently in place that will no longer be needed. Please records annual savings from these elements below:
Annual operating expenses associated with current workflow to be displaced by Agreement Express