Given all the advantages of dedicated contract management software, why isn’t every legal department—large and small—making good use of it? There may be a number of reasons your team has been hesitant to purchase and implement contract management software, but many of those concerns may be tied to outdated issues that have been solved by modern software solutions.

Budget

In the past, many legal departments have found themselves stalled by the high prices

associated with many enterprise-level software solutions. In today’s SaaS-dominated landscape though, the budgetary concerns of the past no longer apply, and organizations can now find a solution that doesn’t break the bank.

Past:

  • Pricing models can be confusing or require a heavy investment of capital upfront
  • Long-term contracts lock in a price for a specific period of time and include early cancellation fees
  • Expensive licensing fees can limit usability, and require additional payments for training and support
  • Paying for unneeded features or functions that don’t fit the needs of the company and actually add complexity and chaos rather than simplifying operations

Present:

  • Flexible pricing options to fit the needs of any business
  • Monthly, quarterly, and yearly Software as a Service (SaaS) subscriptions and free trials
  • SaaS solutions that include unlimited users and full, 24/7 customer support and training
  • A large software marketplace with many different pricing options and software focused on specific features or needs so that an organization chooses an option that includes only the tools and functions they need

Time

Many organizations are dealing with implementation fatigue as a result of time-consuming onboarding of complex, enterprise-level software solutions. It’s no surprise that legal departments often balk at introducing yet another set of tools into an already saturated environment. Thankfully, the evolution of SaaS solutions and a greater focus on smoother, easier user-interfaces, the latest contract management solutions can have you up and running in minutes instead of weeks.

Past:

  • A steep learning curve that requires staff to spend weeks in training seminars
  • Searching for contracts through multiple storage formats
  • An avalanche of bells and whistles including tools nobody needs and function that only add confusion and complexity

Present:

  • Simple-to-use software interface with 24/7 support so staff can immediately begin using the system
  • A centralized repository in the cloud that allows for secure sharing, easy searching, and other automation tools
  • Streamlined, focused software solutions that have only what you need, so that use and implementation are quick and easy

Scalability

Making the switch to a new software system can mean taking a leap of faith. How will you know if the solution you choose will be able to grow with your company? In the past, concerns about complex system upgrades and outdated software lurked on the fringes of every new implementation, but today’s contract management software is designed to adapt and evolve.

Past:

  • Outdated system will stifle growth and innovation
  • System unable to handle an increase in volume of contracts to be managed
  • Wasting time learning a new system that will be outdated in six months or a year

Present:

  • Adaptable and customizable software solutions designed to respond to new demands and easily incorporate new technologies like automation and AI
  • Cloud-based document storage that enables unlimited contracts to be uploaded into the repository
  • SaaS that is maintained and updated by your software provider

This article is an excerpt from Contract Management Software for the Small Legal Team, which explores why the right contract management software can be a game changer and a force multiplier for small legal departments. Click here to read the entire guide, now.