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Everything you need to know about Contract Management Solutions

The real purpose of technology has been the automation of tasks that were previously carried out by humans, leaving them vulnerable to error. In a field of contract management, there are plenty of avenues for these mistakes. Misplacing the sensitive documents, storing and filing these documents as well as the countless hours wasted in finding the right files to make amendments in the future are all issues that will be eradicated through the intervention of technology.

Contract Management Software is a new area of technology that has revolutionized the field. These services assure a speedy service for managers, more straightforward auditing procedures, cost-saving in the long term and reduction in risk at every step of the process. The market this Software exists in a range from legal departments to sales teams. They are available to individuals who own a few key contracts and documents pertinent to their business to giant firms that require a central repository for millions of contracts that require proper filing and easy access in the future.

In sales, for example, these documents are implemented into Customer Relationship Management to manage all the negotiations and contract renewals about the transaction. Additionally, other departments such as supply chain management where the details of the deal between the supplier and the distribution and the inventory of supplies are recorded or the information regarding the employees are stored along with the Human Resources Information 

System of a company. “it’s safe to say that contract management finds its uses across all businesses.

Some important features to look for when choosing the right Contract Management Software for you are-

– Personalized Dashboard

The Contract Management Software should never be rigid and familiar to everyone since there are so many different applications for them in multiple various departments. Additionally, targets and goals change, such as a shift from contract renewal to the storage, which would warrant a whole new dashboard. It should mostly be flexible to the roles of the customer and should cater to all its different uses.

– Global Searches

A good contract management software allows versatile functions that capture the full text, metadata, and the associated information so that nothing goes unnoticed. 

For multinational corporations, having a system that allows for global searches is essential to the business. Unless you can do global searches for pertinent documents, contracts notes

and history to view dependencies or identify potential liabilities, the Software will be putting

your organization at risk.

– Native Mobile Application

As more and more business is conducted on smartphones, mobile access to contracting

processes is critical. Having the system as an app which allows you to edit, reject and allocate

these documents and contracts would be an excellent tool. Push notifications on tasks,

dashboard views, contract search and approval, note updates, and other contract-related

actions on mobile devices would lead to quicker access to the repository, more extensive use as well as better management of the system across the organization.

– User Permissions

A multi-level security system must exist in the Software across different management levels to

protect confidential documents. Contract management software should include a

comprehensive Role-Based Access Control (RBAC) system that governs access to contract data at a granular level based on user roles, geographies, departments and access permissions, thus

protecting sensitive data.

– Portfolio Monitoring

Your organization should keep track of a portfolio of inter-dependent contractual relationships

with a flexible, intuitive, contextual interface. The Contract Management Software you use

should allow your team to manage a wide variety of essential documents and contracts such as

master service agreements, parent-child relationships and multiplex contractual hierarchies to

give you a complete view of all deals across the entire enterprise with ease.

– Risk Assessment

Look for a solution that enables users to configure models that track risks across different

categories including financial, contractual, performance and third party. Users should also be

able to look up and leverage internal data as well as external data to determine risk scores,

ensure proactive risk monitoring and increase visibility for stakeholders.

– Deep Integration of Familiar Apps 

One of the biggest productivity killers in an enterprise is switching between applications.

Integrating applications like Salesforce or Microsoft Office 365 will allow teams to create, view,

approve and collaborate on contracts within the apps they use every day on the Software

itself. Having the ability to access contract data and perform contract actions while in the

application of a ‘user’s choice ensures successful adoption.

– E-Signature Capacity 

Contract management software should allow every stage of the contract lifecycle to be digitized, including execution. Ensure quick and secure contract execution with a contract management system that easily integrates to e-signature solutions like DocuSign, Adobe Sign, and other electronic signature platforms.

– Manageable Deployment Time

Slow deployment times and the complexity of digital transformations are detrimental to any

system. Inflexible contract management software that requires technical resources to configure

and adapt can prolong projects and put them at risk. A highly configurable and flexible solution

that allows you to deploy in weeks, not months is exactly what you should look for.

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