Essential Features for Contract Management Software

Companies have a lot of business relationships governed by contracts and their conditions. It is difficult to systematically keep track of the terms of contracts or provisions and obligations when the number of contracts is enormous. Implementing systems and automating contract management is among the best ways to increase efficiency in contract management while ensuring organizational risk and compliance.

Your company might have a document management system that is currently employed to handle contracts. It has resolved the problem of storing documents. Still, it doesn’t provide a way of beginning workflows, getting alerts or working with third-party vendors, which leaves you in search of viable alternatives.

How do you choose the best contract management system? To find the answer, click to get free demo. Besides, below are the top features you should look for in contract management software.

A Centralized, Organized Contract Repository

The ability to store all your contracts in a central database is vital for any effective contract administration system. Users require speedy and easy access to contact information. They will appreciate solutions that provide a variety of options to access data – whether at the contract, organizational or contact level, as well as at the document or work level. Spreadsheets and shared documents folders aren’t able to compare to this level of versatility.

Full Text, With Advanced Search Functions

Contract managers spend many weeks looking for contracts typically stored on local disks or in repositories that are not equipped with a search function. A full-text and advanced search feature allows users to search for contacts on various natural parameters such as the contact title, the author’s name, and business division.

Role-Based Security

A central contract repository is vital, but just that all your contacts are stored all in one digital storage area doesn’t mean that everyone has the same accessibility to every contract. In addition, all users shouldn’t be able to perform the same duties. You should look for the capability to establish your customized security roles. A flexible system allows you to set up access and authorizations in various ways. For instance, with ContraSafe, you can define unlimited roles, each one defining what kinds of agreements and functions the users have access to. It is then possible to assign that role to the organizational structure, restricting users to contracts held by the sub-organization to whom their position is.

Automated Alerts

It’s crucial to ensure that you and the customers remain up-to-date with important changes to your contracts. If it’s related to your contract’s crucial terms, obligations, or expiration dates, you must keep up-to-date. This is why you must find a contract management system that will notify your users about crucial times and dates. In this way, you won’t run the risk of having compliance issues due to not completing the contract’s obligations or having a plan in place when the contract is due to expire. In the end, you’ll remain informed and ready to take any necessary actions to assure smooth management of the contracts process.

E-Signature Integration

Digital is the new way of the future, and that is particularly true in the process of managing contracts. Traditional methods for gathering signatures and approvals are slow. It is essential to have an application that makes it easier for managers and executives to accept contracts and other essential documents. A system for managing contracts that has an e-signature feature is an absolute must for 2021. It is an easy method of obtaining essential figures’ agreement on contracts and other documents. Not only that, but it also offers many advantages, including security and verification and complete auditing capabilities for your company.

Ability to Build the Clause Library and Automate Templates

The maintenance of a standard clause library comprising commonly used clauses and the variations they provide helps contract writers who use the same language throughout the company’s contracts. When connected to MS Office, users can incorporate these clauses into their documents at the touch of an icon. Template automation helps save time by transferring important information and clauses to the document’s mapped areas.

Ability to Manage Workflows and Approvals Across the Entire Company

Submitting contracts for approval through emails is inefficient due to the absence of transparency and the issue of document versioning. Software workflows, however, allow for a simpler approval process, allowing users to choose the participants to be to determine the routing orders. Notifications allow you to receive quick updates regarding the process, and the history of workflow is useful for audits.

Final Words

Contract management isn’t an enjoyable procedure. However, this doesn’t mean it shouldn’t be a difficult procedure. One of the best methods to make managing contracts easy is to employ modern, user-friendly contract management software that meets your requirements. Be sure to search for these features, and you’ll be on the way to discovering a system that will assist you in taking your business towards the top of its game by 2021.

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