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Contract Management Software Features | Key Features to look for while Deciding on Contract Management Software | Contracts and their provisions govern a variety of economic transactions between organizations. When there are many contracts, it is incredibly challenging to keep track of contract terms, clauses, and obligations in a methodical manner. One of the best ways to increase productivity while controlling organizational risk and compliance in contract life cycle management is to develop systems and automate the process.
Choosing the best contract management system for your company can be stressful, and combing through all features of contract management software can soon turn into a nuisance. But picking the incorrect solution can cause a lot more problems in terms of compliance, cross-functionality, usability, and financial investment.
We’ll go over the essential components of your contract management system in this post so you can confidently choose the option that will benefit your organization and its contracts and not serve as yet another roadblock to success.
Features to look for in a Contract Management Software
The majority of firms don’t use many of the functions that some software packages offer for all phases of the contract lifecycle. Instead, consider your needs and how you work to discover software that meets them while yet allowing for expansion. Find the ideal contract management solution for your company using this checklist. Here are some contract management software features or contract lifecycle management software features to focus on:-
1. Cloud-based Infrastructure
You should use cloud-based software for managing or tracking contracts. Instead of waiting for someone to find and email contracts to your team, cloud-based solutions let them access them whenever and wherever they are needed. This function also aids in safeguarding your company in the event of a computer problem that can prevent you from accessing contracts that are saved on a computer, such as a hard drive crash. Previously, locally hosted choices were generally secure enough. Find a cloud-based program with excellent security and you’ll be better off in today’s world.
2. Personalized Dashboard
Software for managing contracts shouldn’t be generic and admins shouldn’t be able to lock off the dashboard. Varied jobs have different needs, and a user’s needs may change as a firm develops and its goals change. For example, a user may occasionally be focused on accelerating contract renewals and occasionally on enforcing certain clauses in the contract. Look for a contract management system that offers a customized dashboard that the user can modify without assistance from an administrator to suit the specific needs of each function.
Your business may be at risk if you select a contract management system without rigorous security measures. It exposes you to legal obligations brought on by diverse circumstances, such as a data breach. You must make sure that the appropriate contract management tools are always used to protect your extremely sensitive contract data.
Make sure your contract management system uses a variety of techniques to guarantee the greatest levels of data security are upheld, such as being SOC 2, Type II certified. The best practices include using strict data encryption techniques, hosting information on the Google Cloud Platform, and conducting routine penetration vulnerability testing.
4. Seamless Integrations
Make sure the programs you already use and adore can be integrated with your contract management system. The proper list of integrations is essential for promoting acceptance and reducing setup time for new systems.
Find a contract management platform that can link with other tools your team utilizes cross-functionally, such as Dropbox, One Drive, Adobe Sign, and Google Drive, and that employs a public API (application programming interface) for maximum flexibility.
5. Powerful Worldwide Searches
Your business may be in danger if your existing platform does not enable you to perform global searches for linked agreements, connected documents, comments, notes, and history to view dependencies or discover potential liabilities. In order to ensure that nothing important is missed, effective contract management software enables flexible search tools that capture the whole text of documents, metadata, and other related information.
6. A Simple Configuration
Do you have to write custom code for every new workflow, rule, or feature you want to add to your contract management platform? Effective contract management solutions eliminate the need for code modifications by enabling super-users to quickly adapt and adjust the application to a new business process.
7. Intelligently Organized, CentralContract Repository
Any effective contract management system must include a central database where all of your contracts are electronically maintained. Users will value solutions that offer them a number of ways to see information, whether it is at the contract, organization, contact, document, or task level. Users require quick and simple access to contracts and contract data. With this level of versatility, spreadsheets and shared document folders just cannot compete. The ability for you and your team to appropriately access all of your contracts and related documents from any location on any device is also ensured by a cloud-based and centralized contract repository, which is increasingly important in today’s world.
8. Simplified User Administration
If necessary, you should be able to rapidly delete users without having to change everyone’s passwords and manage which users have access to specific contracts or services.
9. Native Mobile Application
Mobile access to contracting processes is essential as more and more business is done on cell phones. Look for a contract management system with a native mobile application that enables you to create, update, approve, or reject contracts from any device. Push alerts for tasks, dashboard views, contract search and approval, note modifications, and other contract-related mobile device actions result in greater usage, quicker acceptance, and more efficient contract administration across a company.
Ending Note On Contract Management Software Features
When checking contract management software features, there are numerous elements to take into account. The things I’ve outlined here should serve as a starting point for you when you evaluate software to meet the demands of your organization, whether you’re looking for a straightforward contract repository or a whole lifecycle management solution.