Contract management software helps administrate the various stages of a contract’s lifecycle. From storing all contracts in a centralized point of access to tracking their progress through the steps of negotiation, review, agreement, and compliance, they can make drastic improvements to how your business handles it contracts. However, it can also have a significant impact on the productivity of your team, as well.
Easy document management
First of all, the simple step of having all your contracts in one place makes it much easier to track and locate them all when you need to. From the operator’s end, this means you can track all pending and active contracts at a glance. The search and grouping functions also make it easier for people from different departments (sales, procurement, legal, etc.) to access the relevant contracts and make reports. You don’t have to spend hours searching through reams of paper documents for the ones that are relevant to you.
Involve other teams more easily
You and your contract management team don’t have to spend as much time playing the gatekeeper, either. You can set access priorities for each contract. You can set not only who has access, but also whether they can only review it or whether they can edit it. You can track and get notifications of each edit made, too. This means you don’t have multiple parties all editing a document at once, severely cluttering up the process and making it harder to correct it all. Not only can you and your company be spread across countries and time zones, you could be dealing with other stakeholders all over the country or internationally. A Cloud-based system is much easier to share than sending documents manually.
More automation means more free time
Contract management systems make it a lot easier to automate different steps within the project lifecycle. For instance, you can automate the step of alerting stakeholders to changes to the contract and see when they review them, so you don’t have to wait around for them. You can also automate alerts for when contracts are ending so you don’t spend the time tracking them individually. The more you automate, the less time you spend on the busy work of contracts, and the more time you and your team have to spend on other goals and processes.
Make fewer mistakes
From automating processes to ensuring that the right parties are alerted to review any progress made, contract management software makes it a lot easier to avoid some of the most common mistakes. If you make a mistake with a paper contract, you have to track down the copies, amend them, and make sure no-one has an old copy. Not only can you make fewer mistakes and save the time amending them with the right software, but since everyone has access to the same versions of the document, there are no discrepancies to worry about.
The right contract management software does more than improve how your business handles it contracts. It frees up the time of those who would normally be stuck doing contractual busywork and helps you complete the process much more efficiently.