Once you have decided to utilize contract management software, you may feel as if you are already in the midst of the contracting process. As a matter of fact, this is precisely where the tricky part starts.
With a plethora of tools accessible on platforms such as https://www.contractsafe.com, selecting the most appropriate one may seem like an impossible job. So, what should you seek? We have conducted an in-depth investigation of the elements of contract management you should consider to assist you in making the best choice possible.
Let’s get this party started.
- Simple to use
No one wants to waste their time with software that is difficult to use. Your contract management platform’s tremendous success depends on a variety of variables, the most important of which is whether or not team members are ready to put in the effort.
The system’s ease of use, simplicity and positive user experience will promote the first trial and the consistent, long-term usage of the system in the future. Whatever strategy you pick, it should be simple for all groups to understand and implement. It should be supported by the technologies that your company currently uses regularly.
To ensure that all parties have access to easy-to-use information, organizations should look for solutions that include features such as the ability to create contracts from accurate and error-free templates, the ability to collect data from a single screen, customization options, a workflow-based automatic approval path, and an indexed storage system for contracts. With these capabilities, you will be able to recoup lost time and money, empower your team, and streamline the already complex contract management system.
- The ability to customize
The proper contract management strategy is tailored to your company’s needs, not the other party’s. Users of the bespoke contract management platform can do the following:
- Gain valuable insights into the agreements that your company has entered into.
Discover what works and what doesn’t, and learn how your business may enhance and expedite the contracting process in the future by conducting a study.
- Identify and manage risks throughout the contract.
Make sense of legally binding language and identify places where the wording should be modified to reduce the risk to your company.
- Keep track of contracts in real-time as they progress through the approval process.
Have an explicit knowledge of where your present contract is and when you should anticipate to have it in your hands, as well as a clear awareness of the timescales involved.
- Create an automatic contract for your products by integrating current CRM, ERP, financial, and CPQ systems.
Life gets much simpler when your contract management system is integrated with your other critical business tools, and everyday chores become significantly more stress-free.
When a job is completed automatically, the amount of time it takes to accomplish it is reduced without compromising on the quality of the work. It allows users to create personalized text using pre-built templates, pre-approved content, and collected data, saving time and effort.
- Pre-designed contract templates
It takes time to create a contract from the ground up. The organization needs to thoroughly review all of the specifics of the new contracts to ensure that there are no mistakes that may result in legal or financial problems in the future.
A contract management system that includes pre-designed templates can assist you in avoiding contract fraud and making it simple to collect the data when required. In the library, you will find pre-approved templates and markers that will save you time and money while also providing an excellent chance for disaster management.
- Centrally located contract repository with search functionality
An organization that handles a large number of customers and service providers must also manage a large number of contracts. To ensure that contracts are successfully managed throughout their lifespan, they must be managed effectively.
When going through the different contract lifecycles, having a central repository is a valuable tool to have. Users will access the contract they need more simply and quickly if it is stored in a single repository with search capability. To locate contracts, your team will no longer need to browse through emails or go through folders, making it simpler for them to identify and manage contracts more effectively moving forward.
- Capacity for risk management
The contract is only as good as the data used to construct it, and when the contracts include mistakes, the business is exposed to a wide range of risks and liabilities. A proper contract management platform, on the other hand, provides business leaders with visibility to all of the risks that their contracts expose them to. This allows them to focus on business opportunities rather than on losing contract renewals, and non-compliance due to unfulfilled contractual obligations, among other things.
Contract management and maintaining the system up to date are not simple tasks, but they should not be onerous either. A contract management system that meets your company’s requirements, saves time, is cost-effective and easy to use, as well as reduces legal risks should be your first choice. Make sure to search for the characteristics listed above to relieve your company of the obligations associated with contract management