Contract management software is a crucial tool for any business owner. It can help you streamline your workflow, save time and money, and ensure that every contract has the appropriate terms in place before it’s signed. In this post, we’ll take a look at what features you should be looking for when shopping around for contract management software to find the best fit for your needs.
What Is Contract Management Software?
Contract management software (CMS) is designed to help businesses structure and organize their contracts. With an effective CMS, you can create templates for different types of contracts, store documents in digital format, securely share documents with business partners or clients, track the progress of each deal, and maintain records of all signed contracts.
Here are more benefits CMS tools provide:
- Stores customer and client information: The software can track a variety of information about each person you do business with, including their name, address, phone number(s), email address, and specialty.
- Automatically adds boilerplate terms: This feature allows the software to automatically add standard, agreed-upon language into a contract that has already been signed by both parties.
- Saves time and money: The more time you save during the drafting process, the fewer resources you’ll waste on administrative tasks like printing and filing contracts.
Five Features to Look For in a CMS
To start off our list of essential features, one thing that’s important is that the software integrates with other tools you already use, like your e-mail or project management tools. For example, if you’re already using a particular customer relationship management (CRM) software, it would be helpful for your CRM to sync up with your contracts’ software too. There’s no sense in using something that isn’t compatible with anything else you use.
The next thing to consider is how intuitive the software will be for your employees and clients. If it’s complicated, employees and clients may be reluctant to adapt to the new modus operandi.
It’s important that alerts are included in any software you choose. This is what will let you know when something requires immediate attention. For example, if the contract expiration date is nearing, an automated alert can help you prepare well in advance.
For organizations with multiple clients, it’s best to find contract management tools that let you assign granular permissions. This way, individual team members can access only the information they need to do their job and all of your sensitive data is still protected.
In the digital economy, it makes more sense for a contract to include an electronic signature with a click of a button. Having e-signature functionality also allows you to be flexible in dealing with clients and business partners.
A CMS can help any organization that is looking for a way to improve its contract management process. A contract management system will streamline your workflow, automate many of the mundane tasks that bog you down, and allow you to collaborate with others who are involved in a particular deal. As long as you find the right software for your team, it can help keep everyone on task and reduce the chances that something falls through the cracks.