Every business professional agrees that a contract is an incredibly important document. This is an evolving document (Feel free to share by clicking on the share links to the left and check back later , we are continously adding more content to this page. ) that contains crucial details concerning how an organization relates with its partners, customers, suppliers and employees. This most importantly applies to big organizations because they have numerous contracts and sometimes it might be difficult to track their own performance.
In connection to this, it is important to have an understanding of the best contract management software features available in the market. This not only allows business persons the ability to track lifecycles of contracts from the time of inception to expiration, but also they can be in a position to focus their attention on growing their business rather than being tied down by conditions and signatures. Here are a few contract management software available in the market today:
The most frustrating and time consuming aspects of manually managing contracts is that there is no simple way of retrieving the contracts and it's various versions quickly and easily and knowing about contract expirations in a timely manner, knowing about contract status whether they are in draft,negotiated , approved , ready for renewal a expired. A robust Contract life cycle management (CLM) software will help to eliminate or negate these frustrating business cases, and will help in mitigate the risk.
By following this approach , as a buyer you can be aware of what to look for while purchasing best contract management system.
This software is specifically tailored to provide every single part of a company with monitoring and contracts tools that are designed for each department. Individuals are normally provided with full and configurable dashboards that have the ability to provide easy to use overview of events, contracts, documents, tasks and contacts.
This is mainly the case for business professionals that work with huge volumes of contractors or individuals with large teams. They will appreciate Vendor’s ability in management of executives and the designation of security groups with easy to filter views. This means that a business person doesn’t need to worry about any liability concern.
This is a contract management system that is full featured and offers a variety of tools that are able to make a contract process proceed smoothly from creation, signature and execution. It has pre-configured contracts combined with workflows and easy Microsoft Word with CRM integration. This means that an individual will not waste a lot of time trying to combine materials together in a bid to close deals.
Another plus for this contract management system from vendor 2 is the fact that it is compatible with approximately all mobile platforms. In addition, it features single tap approvals on contracts and e-signature integration. This allows one to complete their documents easily on the go.
Vendor 3 software has the ability to integrate and generate custom reports with documents. For large businesses, this means that the businesses can add to documents, detailed notes; generate reports that are tied to permission levels from users and recurring alerts set up.
This contract management offering has it's focus on document storage and target all size of business , which means the features and functions of this contract management software may appear generic rather than specific.
The best of the breed contract management software enables you to swiftly store and retrieve all the important business contracts easily and securely into a centralized contract repository. This contract repository usually stores both contract meta data and contractual documentation such as Microsoft Word Contracts and Adobe PDF contracts. This central contract repository serves as the backbone of the contract management process supporting all the departments and personnel quick access of the stored contracts. It would become really difficult and in some cases impossible to perform important business functions such as reporting and analytics without such a central contract repository or contract database.
Once the important business contractual data and documents are stored in the central contract repository , next step is to establish an approved clause library template which contains standard language and clauses that can be fetched any time into a contract that is being drafted. This ensures the contract compliance that a business needs to follow in order to make the relationship with the contracting party successful and to minimize the litigation or legal risks.
Great Contract Management Software often offers actionable business insights to the key team members and executives. This is done by various features such as custom dashboards that portraits the business compliance health , the drill down audit trail , upcoming tasks , deadlines and expirations and reporting functions. At an organization level the key executives will see an overall increase in productivity due to streamlined contract lifecycle process and better organization and automation which will propel employee , vendor ,supplier and customer delight and strengthen the relationships. Contract Administrator can configure Sales Department , Finance and account department , Legal department and Purchasing department their own visibility and access controls for accessing the central contract repository.
The bottom line is the right selection of best contract management software results in streamlining the contract process across the organization boosting and optimizing every stage of contract lifecycle from authoring to post execution management.
Usually, it’s challenging to select the best contract management system that can perfectly fit a given business together with its team dynamics. Before choosing the best software, it is important to compare the program’s systems. One should consider comparing the efficiency gains and the expected monetary together with the needs one has and expects solutions from the said software.
It is always important to remember that one might be required to submit budget information for consideration in advance. This is mainly if an individual is looking forward for an approval process to go through.
Once one has selected the company they really want to enter into an agreement with, they should consider signing a contract, submit their payment and plan for training and implementation.