It’s a game-changer for the businesses dealing with large volumes of contracts. From vendor agreements, client contracts, to even employee documents, the proper software would save you lots of time, reduce the possibility of errors, and make everything smooth. There is, however, a catch—the contract management software, not necessarily having a digital repository but the features selected will significantly improve your experience with managing contracts.
What is Contract Management Software?
In simple terms, it is a platform which stores and monitors contracts for business centrally on a digital platform, enabling easy management of the lifecycle of contracts-from the creation and negotiation phase up to the execution and even until the renewal phase. It is meant for saving time, reducing the risks, and improving inter-stakeholder collaboration. However, not all contract management software is created equal; the right set of features would make all the difference in successfully managing contracts.
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Why Contract Management Software Features Matter
If there’s one thing that’ll stand in the way of more efficiency and effectiveness in how contracts are managed, then it’s the features offered by the contract management software that you choose. That right feature can automate annoying activities, increase transparency, reduce risk of non-compliance, and so much more. With features such as document storage, collaboration, analytics tools among other business features, businesses feel and act in control of everything when it comes to deal-making, review, and execution.
Streamlined Document Management
Document management represents one of the most basic, essential features of contract management software. Without such an intuitive, user-friendly way of storing and retrieving contracts in a system, no amount of strength in other elements of the software will suffice. The right document management feature ensures that contracts are stored centrally and retrieved with a few clicks. Elimination of manual filing, reduced risk for missing documents, and ensures always being able to access the contract.
Ability to Search and Filter Advanced
Let’s face it; manually searching through a huge stack of contracts is painful and time-consuming. It’s where advanced search and filtering comes in. This allows for speedy retrieval of contracts using specific keywords, dates, or any other criteria that one chooses to filter with. A huge time-saver especially when dealing with thousands of documents, and also assists in staying organized and productive.
Key Features to Look for in Contract Management Software
Now that we understand why features are important, let’s dive into some of the top features that will truly enhance your contract management software.
Customizable Templates
The custom templates feature will always be one of the crucial requirements of any contract management software. Pre-built templates for specific kinds of contracts include NDAs, sales agreements, and service contracts. That can easily be customized according to your business needs. Therefore, the process of producing contracts gets accelerated along with maintaining uniformity and minimal chances of error. You just need to think of how simple it would get to create contracts with such a template already available and ready for you.
Integration with Other Tools
Contract management does not take place in an isolated vacuum, and your contract management software should not take a similar route. All kinds of integration with tools meant for businesses such as other CRM software, accounting, and e-signing apps improve the workflow with much less manual entry of information needed. For instance, for example, integrating this module with a CRM brings information about the client without extra work or mistakes in it.
Automatification/Flows
Automation is actually one of the most critical attributes of contemporary contract management solutions. You can automate repeating similar process tasks such as contract making, approval workflows, as well as renewal reminders when managing with current day’s automation. Setting-up Automated flows will minimize delays and prevent more errors to ensure that contract works are processed on time all times. Automated contract renewals will remind you to remind the review and renewal date even before contracts lapse.
Security and Compliance Features
Security is very important when handling sensitive contract information. The contract management software should, therefore, have features to protect both the data and the integrity of the contracts themselves. Find software that has encryption, secure access control, and audit trails that track all changes and user activity. Compliance features also ensure your contracts comply with industry standards and regulations, thereby lessening the chances of litigation in the future.
Enhanced Visibility of Contracts and Collaboration
Multiple stakeholders are involved in contract management. Real-time collaboration and editing features must ensure that all parties are at the same page. When updates are made real-time, teams can work on contracts without waiting for an approval via email or on physical paper. This cuts a lot of delay time and gets things approved more quickly.
Real-Time Collaboration and Editing
Real-time editing of contracts really is a game-changer – especially for companies that typically have many departments or external clients involved in the contract approval process. In real time, all users are now working from the same version of any given contract, minimizing the threat of mistakes or miscommunication. Whether trying to agree on terms or append clauses, everyone could add their input simultaneously.
Reporting and Analytics
Data-driven decision-making is very important in today’s fast-paced business world, and the reporting and analytics from the contract management software helps do exactly that. It can enable you to track important metrics such as contract approval times, renewal rates, and performance from vendors. Such insights will enable you to make better decisions, enhance your contract processes, and optimize your overall contract strategy.
