No matter whether you are in the process of finding the right contract management software solution, or you have already shortlisted some providers, this article can help you in making the correct decision for choosing the best contract management software solution for your business.
Every business professional agrees that a contract is an incredibly important document that contains crucial details concerning how an organization relates with its partners, customers, suppliers and employees. This most importantly applies to big organisations because they have numerous contracts and sometimes it might be difficult to track their own performance.
Experience shows that automated and fully controllable contract management is achievable only with the help of purpose-built contract management tools. There is a multitude of this kind of solutions on the market. Therefore, after making a decision to change, one faces a dilemma on how to choose an appropriate contract management system. What expectations and requirements should be set for it?
To help you make the right decision for your business, here are 10 important considerations…
1. Ease of use
If the software is very intuitive, users start exploring the software in their own time and hence overall adoption increases.
2. Central contract repository
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.
3. Personalised dashboard
Based on user behaviour, the software should customize the dashboard on its own or shall offer the capability for the user to customize their dashboard based on their preferences.
4. E-signature Integration
The decision to move from handwritten signatures isn’t a tough one if you want the negotiation and signing of a contract to be completed within the shortest possible time.
5. Potential for customisation
As your company enters into a growing number of contracts, you may need to change how the contracts are organised, labelled, or searched based on new business goals.
6. AI driven contract workflow automation
The use of AI contracting software has the potential to improve how all firms contract in three ways: changing the tools firms use to contract, influencing the content of contracts, and affecting the processes by which firms contract.
7. Advanced search capability
Efficient search tools are an absolute necessity for contract management software solutions. Without an efficient search function, you can waste hours poring through contracts to find the terms you were looking for.
8. Integration with related business apps
The simple truth here is that the benefits of a contract management system will not be maximised if it is isolated from other business processes and systems of the organisation.
9. Efficient reporting
Instead of spending time analysing the data and creating a report using different software, you should be able to rely on your contract management software solution to create a presentable report for you.
10. Data Security
You should ask your vendor/s to co-operate in a due diligence process and provide necessary documentations related with the data security protocols.
We've put together a guide to help choose the right Contract Management Solution. Download the free guide now....