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Best Contract Management Software For Contractors in 2020-20

Finding the best Contract Management Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

Table of Contents

What is Contract Management Software?

At its simplest, one can define contract management as performance tracking and issue addressing and resolution throughout the contract lifecycle. To understand contract management software, it is imperative to know the fundamentals of contract management. When two enterprises agree to do business with each other, they meet on specific grounds or terms. These companies concur to stick to these terms and conditions to fulfil the agreement.

As a result, we can define the contract management as a process of contract creation, implementation, and analysis to enhance operational efficacy by reducing financial risk. So when any company phrases contract inexpertly, tampers or displaces the deal intentionally or inadvertently, possibilities are they might lose millions. For that reason, comes best contractor management software into play.

While the customary process of contract management involved manually managing and maintaining the contracts through the folders and the file cabinets. But this process furnishes inefficiencies and strangles the entire contract management system software. On the other hand, contract management software can automate the services associated with contract management and save innumerable staff-hours. It could be a valuable asset to any company as the Iman hour saved could be viable in other administrative tasks of the company.

Contract management software is engineered to facilitate and necessitate the company with compliance and reporting to keeps hundreds and thousands of contracts to run seamlessly.  This online contract management system software stores vital info related to leases, providers, and licensing agreements or accords.

The substantial purpose of designing this user-friendly and straightforward best contractor management software was to streamline the administrative tasks and reduce overhead by providing a unified and centralized platform to maintain the records and contracts uniformly. Also, it entitles you with remote accessibility and allows you to keep a close eye on all the contract processes.

5 Considerations for Choosing a Contract Management Software

There is a relentless competition in the contract management software market. Numerous software is obtainable in the market based on different plans and levels of complexity. It's entirely on the user's discretion which software they will opt for.  The following are the considerations that you should contemplate before choosing any contract management software.

  • Usability:

    Every business wants a nimbler system for there workflow. The system should be such that the entire workforce is willing to give it a try, and with time, get accustomed to it. Ease of use, convenience, scalability, and positive experience are the essential factors contributing to the steady and long term use of the software.

    No matter which software you select, there are some basic features that all the top contract management tools equip. These facets are contracting creation, template choosing, sending batch from a single screen, automated approval based on the enterprise requirement,  and searchable repository. It will help in gratifying the user experience extensively.

  • Functionality:

    The best contract management software can dispense high-end features. With this software, you can create, collaborate, assign, maintain, and implement the contracts smoothly in seconds. Besides, it provides security for the business transaction, increased sales process, enhanced document visibility, and accessibility to all stakeholders.

    Hence, go for the system that enables you to track records & documents, oversee the engagement, import/export the info, and fittingly integrates with your existing IT environment. The system chosen should be such that it should mark the maximum checkboxes depicting the features and functions of contract management software.

  • Risk Management:

    The contract is only good as the information used to create it. So if the deals sustain errors, it is bound to vulnerability. Exposure to any risk is susceptible to operational inefficiency and financial loss. As a consequence, it is a must to choose the best contract software that provides its user visibility to all kinds of risks. Remember any missed contract renewals or lost compliances can put your enterprise in jeopardy. Thereby, select contract management software that entitles your legal teams with all the terms and clauses while tracking and managing all the third party contracts.

  • Customization:

    The customization feature is always a trump card for any system regardless of its domain. The scope of personalization should be such that it blends with your business environment. There are specific criteria that all the top contract management solutions proffer, which defines the potential for customization. Like

This software should allow users to create a personalized contract with all the configurable templates. It should automate and streamline the contract process without compromising work quality.

  • Security:

    Contract management software can notably reduce the delays associated with manual contract management, giving customers the ability to view and sign contracts online securely. The best contract management system software qualifies the organizations to send, compliant, and secure documents for signature within a centralized platform. It provides an enterprise-grade secure architecture that can store and access documents in the unified Contracts repository, or within Salesforce, without space or cost concerns.

Things to Check Before Contract Management Software Implementation

Contract Management is an evaluative and demanding job for any organization. From contract creation to contract management, risk management to maintaining the latest version of the contract, the software takes care of all. Many organizations are moving to the digital documentation aspect and are, therefore adopting contract management software to maximize workflow efficiency. Despite that, there are various things to check before implementing contract management solutions. Such as

  • Know your current contracting process:

    Apprehending and analyzing the challenges and pitfalls of the ongoing contract management process ahead of time enables you to set reasonable KPIs for improvement. Thus, you can avoid changes during mid implantation. It is significant to consider the storage facility while analyzing contracts.

    Contract repositories hands out centralized storage of documents with the ability to report, categorize, tag, and structure the data that associate with your arrangements. Also, how to draft agreement, negotiate, and retrieve should be considered before implementing a CLM software.

  • Assigning roles:

    A team of personnel is required to act as the authority on decision-making and allocating responsibilities. They need visibility into the entire procedure to enforce their verdict. There should be a minimum of two administrators with a comprehensive feasible solution. They can answer day-to-day questions and give training to other employees on the solution. Support from senior management is vital for your company. They will aid in encouraging the transition, enforce new roles, and make the decisions on expediting and expanding the achieved solution. As a result, building a team with subject matter professionals from different departments plays a significant role.

  • Providing Training:

    Enterprises should make sure that every employee understands the goal of CLM software implementation. For extended usage, employees must know how to use the software, and what are the proper contracting protocol to follow. This awareness aims to increase compliance with company contracting and procurement protocol. Also, identifying everyone who is involved in each step of the contract process would help identify the individuals who need access to the contract or the reporting data.

    Proper training will certify that every team uses standard contract language, clauses, and procurement practices and hence, minimizes the risk of exposure.

    Mentioned earlier is a gist of contract monitoring software to get visibility into your legal contracts, improve supply chain agility in no time, and boost the revenue recognition.

Contract Management Software Features

As discussed earlier, Contract management software dictates the workflow and workforce of any organization. Hence, the software that you opt for should equip this top-notch features and functionalities

  • Searchable repository:

    Multiple storage mediums for contract management might mix different documents or create duplicates, which could make it challenging to find the required contracts. In contrast, a centralized repository with stored contracts under individual business areas and third party information gives you a single source and makes the overall contract management experience simpler and wieldy.

  • Alerts for timeline management:

    Contract management notifies about upcoming renewals, pending obligations, and key provisions of your contract. A good contract management software helps you in these areas. It sends you duly reminders on forthcoming renewals and alerts on non-compliance occurrences and pending obligations.

  • Advanced search functionality:

    Contract managers lose weeks and months every year searching for contracts typically kept in local drives or repositories. A full text and advanced search functionality provide the users an ability to narrow down the search by searching deals based on various parameters like contract title, author name, business division, etc.

  • e-sign contract documents:

    Administrative having the signing authority always has priority tasks at hand. Sending the contracts for signature in the customary orthodox way creates a delay in the execution of the contract. Whereas, eSignature feature dispenses a speedy and more straightforward legal way to get stakeholder's consent on agreements and documents and provide additional benefits like security, audit, and verification capabilities to the business.

  • Create new contracts and redraft existing Contracts:

    New deals take days or weeks, if not months to reach execution after the agreement gets drafted. A contract management software expedites the contract creation process with typical contract types, template automation, and clause library.

  • Review performance and develop reports:

    Businesses continuously work upon improvising efficiency and saving countless working hours in the long term. Performance reports on contracts give contract managers and employees insights on their work patterns. So they can identify the tailback in processes to obliterate it. Reports help you to renew contracts on time and strengthen CLC management.

  • Implement clause libraries and automate templates:

    Managing a clause library with commonly used clauses and their variations helps contract authors use standard language across their business contracts. Incorporation with MS Office allows the users to add these clauses into their documents with a single click. Template automation optimizes time by transferring critical metadata and selected facilities into the mapped areas of documents.

  • Manage approvals and workflows for the entire organization:

    Sending contracts for approvals through emails is inefficient due to a lack of transparency and other document issues. Workflow management software, on the other hand, provide a cleaner approval process by allowing users to select participants succeeded by the routing orders. Notifications help you get real-time updates on the process, and while the workflow history adept physically during audits.

  • The ability for third-party contract integration:

    Enterprises that receive contracts from the third parties consume time in checking the contract’s compliance with their set standards. Contract Discovery tools utilize AI to find variance in the clauses of such agreements. This tool can extract data automatically from third-party contracts to furnish metadata for your contract repository needs.

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Frequently Asked Questions (FAQs)

  • 1. Improvises document management
    2. Guarantees contract compliance
    3. Upgrade audit preparation
    4. Shorter approval time
    5. Enhances contract transparency
    6. Finer risk management ability
  • Using a single platform for business operation on your server enables you to keep all your data intact to yourself and in unified storage. Putting all your data on the cloud can be a potential risk in areas such as copyrights, reliability, security, performance management and privacy. Contract tracking software provides a centralized platform to store all your documents securely. Its unbreachable protective architecture safeguards all your data and is also compatible with your existing IT infrastructure.
  • The Active or existing directory can assist you to eliminate the hassle of creating groups, entering users and organizing them by the department. Contract storage software perceives any changes that you make to your active directory. With this software, you can also assign responsibilities so that the right person has access to all the contracts, classified or public.
  • It proffers an insightful report portraying all the significant reforms put in an application. The software takes care of, how many contracts were signed in the last month? Are sales doing as well? It also compares the reports from different months. The report facet of contract management software provides your organization with full potential to work towards progress. Surely it assists you in streamlining your business process and adhering to compliance laws.
  • The online contract workflow management software makes sure that the right user has the proper access and permissions to the agreement. It eliminates the risks of disappearing files and minimizes the person-hours. Its advanced search feature provides easy access to your documents. The software includes customization as per your organization's needs and incorporates with your corporation inevitably.

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Himanshi SharmaBy Himanshi Sharma | Last Updated: October 25, 2020

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