Posted on 

May 30, 2022

Buyer's guide on contract management software

Favor Ejekwe
Content writer

Table of Contents:

  1. 6 key features to look for when selecting a contract management software 
  2. Contract management software for teams’ efficiency 
  3. How does contract management software simplify your work? 
  4. Getting started

Contracts are the foundation of any good business deal. Sadly, buying new contract management software for maximum efficiency is always challenging and cumbersome. 

The sheer number of services, providers, and solutions—as well as their promises and marketing messages—can make it troublesome to identify the best product for your needs. Only once you figure out how to select the ideal tool will your firm be able to eliminate contract bottlenecks. 

This buyer's guide will help you better assess contract management software. It will also arm you with the know-how to acquire and use your contract management tool for maximum efficiency.

6 Key features to look for when selecting contract management software

Before you say, "hey, that's nice!" and start filling in your credit card information to purchase contract management software you don't need, take a step back and figure out what you need your software to do for your company and browse different software options. When it comes to contract management systems, there are a lot of features you can consider. However, the following are must-have qualities of effective contract management software.

1. Centralized repository

The software should have a single location to store all the contracts and essential documents. This centralization helps keep your management processes smooth and transparent. It also means your team does not have to look for files because everything is already organized for easy recollection.

2. Standardized language and templates

The availability of standard templates written with appropriate and formal language is essential. It saves your teams the trouble of drafting contracts from scratch or re-writing old and overused contracts.

3. Detailed processes

When anything is ambiguous, the likelihood of messing things up is high. Contracts backed up by business laws are one thing you wouldn’t want your teams to mismanage. Mismanagement of contracts results in missed deadlines, poor customer relationships, damaged reputation, and legal consequences. These increase the risks for your business and that's why a contract management system should provide clear-cut steps and protect your business.

4. Customizable reporting

A reporting system designed to suit your company is essential. It will help you gain valuable insights into your business and grow accordingly.

5. Team collaboration throughout the contract lifecycle

A system that allows your teams to interact productively is vital. It will guarantee your business less friction between teams and more progress.

6. Integration with other business systems

It's important that your contract management software syncs with other systems as that aids multitasking. For instance, customer relationship management software works well when combined with contract automation software, since the two can interact to allow you to simultaneously improve customer relations and automated contract workflows. For example, you can manage your contracts better by integrating Salesforce with Contractbook.

Contract management software for teams’ maximum efficiency

It's no secret that a large factor of success for businesses comes from well-managed teams. Consequently, your in-house teams need contract management software for maximum efficiency

Automated contracting for the sales team

The sales team requires efficient and fast contract workflows the most. This is for the specific reason of making more sales by closing more deals faster and effectively. Therefore, it's imperative that the sales team can access contract management software that can guarantee their success.

That said, a contract management solution for the sales team must have the following features:

  • Integration with other business systems such as customer relationship management (CRM) and enterprise resource planning (ERP) tools. The sales team is mainly responsible for positive customer relations, so this is a great feature working in their favor.
  • Questionnaires that provide clients with specific answers to facilitate the creation of new contracts.
  • Limited editing aids the legal team to put officialese in place without further alteration from sales.
  • Official and pre-written templates.
  • Automated reminders to alert the parties involved when deadlines are approaching or if action is required on a contract.

The benefits these features offer include accuracy throughout the contract workflow, shortened contract lifecycles, and an increase in sales.

Legal reviews also take less time, and sales can get on with their work without unnecessary hindrances. Contract automation gives the sales teams fewer worries and more progress in getting clients to close and e-sign deals faster.

Automated contracting for HR

Human resources are major players in the contract process. Contracts handled by HR, such as employment offer letters, take a lot of time to get done. This is because of the largely manual processes involved. Automation eases the contract processes for HR. A contract automation platform should feature avenue for: 

  • Discussions and negotiations to occur in-browser
  • Automated approvals
  • Media attachments for detailed contracts
  • Integration with other business systems

With this provision, your HR team can enjoy faster hiring processes, a faster and higher rate of acceptance, and version control. In addition, human resources benefit from automated contracts because it allows for concentration on candidate selection rather than taxing paperwork.

Automated contracting for compliance teams

Compliance professionals are responsible for a number of tasks that can make or break their organization. When it comes to contracts, compliance teams must ensure that all agreements are reviewed and approved by the appropriate team members. Also, it must ensure that departments create contracts in adherence with the organization’s policies and standards.

In order to meet these expectations, compliance professionals need to have easy access to: 

  • Easy recollection of data in-browser
  • Centralized repository for organized storage
  • Automated approval
  • Version control 
  • Reminders for renewals
  • Standardized templates

These features allow the compliance team to get results faster. And that’s without spending a considerable chunk of their time on less critical work with low results. 

Automated contracting for legal department

With an efficient contract management software in place, other departments can self-serve contracts. This in turn frees up time for legal to focus on high-value work. 

How does contract management software simplify your work?

With almost everything going digital, using contract management software eliminates the need for manual work, which is subject to human error. Contract management software provides a full life-cycle repository with a centralized database to manage all contracts. This enables your organization to streamline the contract process and easily track, search, and report on contracts.

Obsolete paper-based processes are making it difficult for organizations to manage the end-to-end contract lifecycle efficiently. It has become necessary to switch to a smarter way of managing contract data and processes. A modern cloud-based contract management software helps you centralize your entire contract management process in one place, enabling you to increase efficiency and reduce costs.

Getting started 

We hope you enjoyed our guide. Having a great deal of options to choose from is never a bad thing, especially as it can help you find the software that best suits your needs. If you're looking for ways to streamline your business practices and increase efficiencies, we highly recommend taking the time to look into Contractbook. 

Contractbook has received sterling reviews from businesses and teams. That’s a result of many features that help companies achieve maximum efficiency. If you want to increase efficiency, productivity, and transparency, Contractbook is the ultimate choice. Get in touch, and we’ll provide you with the most sophisticated contract management software.

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