Essentials of using contract management software

Contract management software helps companies in the process of contracts, ensuring that all parties know where they stand from the outset.

May 26, 2021

Essentials of using contract management software

Contract management software helps companies in the process of contracts, ensuring that all parties know where they stand from the outset.

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Essentials of using contract management software

Driving efficiencies at a company is a way that businesses can save money, increase profit margins, and improve their bottom line. Technology has been a driving force behind many of those efficiencies since the introduction of computers and digitizing the workspace. Ultimately, when technology is implemented and used effectively, it can materially help companies become more productive. 

In this guide to contract management software, we look at how the use of it can help in a firm’s quest to be more productive. In doing so, we define exactly what contract management software is as well as identifying why Contractbook’s contract management software is market leading. We also outline what the essentials behind any competent contract lifecycle management software is so you can be sure any product you do buy, will match up with your expectations and requirements. 

What is contract management software?

Contract management software is a digital package which allows a company to oversee the entire contract process - from its inception to the moment it is signed. Importantly, contract management software also helps companies beyond the moment of completion too. For, it can be used to keep tabs on legal requirements needed by all parties involved as delineated in the final contract. As a result it acts as a good gatekeeper for businesses that use it. 

Additionally, it encourages streamlined cloud storage and better security of contracts. In practice, therefore, by using contract management software, companies can easily find and locate contracts. There is no need for physical storage locations. 

Finally, contract management software should allow companies to collaborate effectively on any one contract at any one time. The creation and completion of a contract is dependent on many different inputs from many different people. Without contract management software, getting that input from all the different parties involved can be a cumbersome process that is subject to error. 

A capable contract management software package should take that error out of the equation. What is left is a process where individuals know what is required from them at any given stage in the entire process. Given that we are all working more and more from home contract management software means contracts can still be created, signed and stored without the need for sending hard copy paperwork or over email chains.

Contract lifecycle management software

For contract lifecycle management software to be worthwhile using, companies need to ensure that it has some fundamental elements. Firstly, the company must be able to use the software. Technology can often be a complicated area for certain individuals. Not everyone takes to the digitization of tasks easily. However, the best contract lifecycle management software will be something that even the biggest technophobe can use - and easily too. 

Secondly, the software must result in some material time saving. Competent software packages will streamline processes for all involved which can and should add up to a big difference. That, importantly, leaves individuals with more scope to take on more work or direct their energies into another activity for better use. 

Finally, contract lifecycle management software absolutely must be affordable. Additionally, it has to provide both value and value for money for companies. If a company cannot afford it, contract lifecycle management software will often be left for usage in big firms. However, the benefits of contract lifecycle management can be utilized by small and medium business enterprises - sometimes even more so. Value for money will often come from just how intuitive the package in question is to use. If the software is clunky and complicated, time savings will not be made nor will errors be minimized. When it is intuitive, productivity can increase almost immediately.

Best contract management software 

Contractbook is a market leader when it comes to contract management software for good reason. It is aimed to be affordable for any business size - as well as a highly capable piece of technology. The result is that any firm from small to large businesses can use Contractbook’s software for their own individual means, without it being an over budget cost. 

Importantly, our software is straightforward and easy to use. Consequently, companies can start making those big time savings from the start. There is no need for time consuming training or, indeed, lengthy periods spent using the software for a simple task. Additionally, Contractbook’s software is made all the more powerful because it minimizes errors while keeping costs low. By helping to automate manual repetitive tasks, people can be better employed to add value elsewhere as opposed to having to dedicate huge parts of their day to box ticking tasks.

Finally, Contractbook’s software allows firms to capture data. While it is often said that cash is king in business, the increased use of data in industry means data is not far behind. Data can be used to help any firm make better informed business decisions. But it has to be captured first which so often is not in the contract management process - yet the data is all there to be used. Contractbook’s software allows that data to be captured and analyzed for further benefits to a firm. 

In short, Contractbook’s product allows companies to work smarter and therefore harder. Our software automates processes that were once laborious for individuals. Plus, it is possible to integrate it with thousands of apps, so that it can be woven into a company’s working processes seamlessly. The result is that employees have their time and energy freed up from completing onerous jobs or duties. 

Overall takeaways

Contracts are a big part of any company. They are required to ensure that all parties know where they stand from the outset and know what is required of them too. However, when done manually, creating a contract and seeing it through to completion can be incredibly laborious and time consuming. By using Contractbook’s contract management software, companies can enjoy many benefits when the technology is leveraged to its full potential. Ultimately, companies should find they cut costs, reduce legal risks, and save time. 

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