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This era is all about optimization and automation. To stay ahead of the competition, integration of the latest technology in business processes is essential. Predominantly legal contract management has been a manual task that requires significant time and effort, making it a daunting task.
But what if we told you there’s a solution that can simplify and speed up your contract management process? That’s where contract management software comes in. The ability to streamline and automate your process allows you to focus on growing your business rather than worrying about contracts.
In this comprehensive buyer’s guide, we’ll delve into what contract management software is, the key features to look for, and the top providers in the market for 2023. Whether you’re just starting your search or ready to make a purchase, this guide has got you covered.
What is a Contract Management Software?
Contracts are the backbone of any business, but managing them can be a tedious and time-consuming task. From negotiating terms to tracking expiration dates, it’s easy to get lost in the details.
That’s where contract management software comes in to save the day. This innovative tool revolutionizes the way businesses handle contracts by streamlining and automating the entire contract lifecycle. No more manual work, no more switching between different tools – this dedicated piece of software puts everything you need in one central workspace. Designed for business and legal teams, it allows the creation and management of contracts, collaboration on terms, tracking of changes and expiration dates, and the generation of reports.
Who are the Main Users of Contract Management Software?
Contract management software makes it easier and more efficient for businesses of all sizes to manage and administer their contracts. From small startups to large corporations, this digital solution streamlines the contract process, eliminates manual tasks, and provides real-time insights.
Centralized software systems allow you to keep all of your legal information in one place, reduce the risk of errors and compliance issues, and improve collaboration. And with its ability to automate manual tasks, you can be sure that your contracts are accurate and in compliance with regulations.
Businesses that are rapidly expanding and enterprises dealing with a large volume of contracts can utilize this valuable piece of software to optimize their contract management. Legal, sales, finance, operations, and HR teams are just some of the departments that can benefit from the centralized workspace, automated tasks, and real-time insights offered by the management software. Empower your business and streamline your legal operations with the power of contract management software.
5 Key Contract Management Software Features
Here are some of the main features that are essential and should be kept in mind when buying contract management software:
Editable Contract Templates
Having access to pre-written contract templates in a formal language is crucial as it eliminates the need for teams to start from scratch or redraft contracts. A built-in editor in contract management software makes contract creation effortless with a user-friendly interface. Automated document generation via questionnaires or custom templates is also possible.
A robust allows legal teams to create personalized contract templates for specific business users. Businesses without such software tend to draft contracts using Microsoft Word, resulting in a lack of standardization and control.
Digital Signature
Having a contract management system with native digital signature capabilities is essential. Multiple cloud-based eSign options are even better as it simplifies the process, enhance security, and make digital signatures legally binding globally.
Traditional contract signing methods rely on physical signatures or scanned signatures, while some businesses use separate eSign tools like DocuSign or Adobe Sign. However, this adds additional steps and requires moving between multiple tools. eSignature functionality allows teams to add electronic signatures to contracts from anywhere, on any device, making the process quick and efficient.
Integration Capabilities with Business Software
It is essential for contract management software to be integrated with other systems for improved multitasking. For example, combining customer relationship management software with contract automation software can improve customer relations and streamline contract workflows, leading to a more efficient sales handoff. One example of successful integration is the combination of Salesforce and Contractbook, which can enhance contract management.
Version History
Having a clear version history in contract management software is crucial for accountability and oversight. Over time, this feature makes it easy to track, review, and compare all changes to a document. This helps to ensure that contracts are up-to-date and in compliance with the latest agreements.
By storing data in a future-proof format such as JSON, businesses can rest assured that their contract data will remain accessible and usable even as technology evolves. Having this level of visibility and control over contract data helps to minimize risk, avoid disputes and increase confidence in the accuracy of contracts.
Automated Reminders & Optimized Workflows
Automated workflow management with reminders is a critical feature that supports smooth collaboration among teams. It streamlines the contract review process by eliminating friction and automating manual tasks, such as renewals.
This is achieved through custom triggers that ensure data remains synchronized with other tools. This feature helps to ensure that contract-related tasks are not missed or overlooked and that the process is consistently executed in an efficient and organized manner.
Conclusion
In conclusion, contract management software is a valuable solution for legal and other business teams facing challenges with the manual management of increasing contract volumes. Whether it is the issue of low-value legal administration, difficulty in managing contract volumes, slow and inefficient processes, missed renewal dates, or contractual errors, contract management software can help alleviate these pain points and bring benefits to the business. By automating manual tasks and providing a central platform for managing contracts, organizations can streamline their contracting process and reduce the risk of costly mistakes.
If your business is signing more than 10 contracts a month and facing similar challenges, it may be time to consider investing in contract management software. We hope this buyer’s guide will help you select the right contract management solution for your business.
Qurat-ul-Ain Ghazali, aka Annie, is the growth manager at Contractbook and looks after all the organic channels. She has been with tech startups and scaleups for a couple of years with a B2B focus. You can find her socializing, traveling, indulging in extreme sports, and enjoying the local desserts when she is not working.
