Choose The Right Contract Management Software With These Questions

Choose The Right Contract Management Software With These Questions

Written By
Joy Cunanan
Updated on
July 22, 2024
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Purchasing a contract management solution is now becoming an essential step in ensuring the success of your company.

You can scale with confidence if you have a clear understanding of your contracted spending, important dates and deadlines, and continual vendor compliance status monitoring.

Here are questions to ask in the selection of the right contract management software for your company.

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Where Is My Data Hosted?

Data sovereignty is a crucial problem to take into account in the age of GDPR, especially in connection to international transfer frameworks like the EU-US Privacy Shield.

When choosing a SaaS service, it is wise to find out where your data will be stored. You must always be aware of where that data is because they are processing it on your behalf, so you can make sure you are in compliance.

Is My Data Sufficiently Protected?

One of the simplest ways to seriously damage your company is to lose your data.

Verify with your potential partner that their security procedures are rigorous enough and that they are routinely reviewed by independent auditors. To get the assurance you require, either consult your internal information security team if you have one or seek outside counsel.

To demonstrate that they take the matter seriously and are appropriately devoted to protecting your data, check to see if they have the requisite ISO accreditation or another recognized certification.

How Will I Export My Data Into The System?

The key to gaining value from a contract management solution is being able to get your contract data into it in the first place.

This can be a significant barrier to success for larger firms wanting to import possibly thousands of contracts if not handled properly.

Here, you need to be asking about import procedures, security, integrations, and table restrictions. How does their system compare to the existing state of your data?

It's also important to find out how much support potential partners will provide to assist you with moving your data. People who care about your achievement will frequently offer you resources.

A smart follow-up question here is to ask about taking your data out if required, either for further analysis or at the conclusion of the partnership. You should search for a simple yet safe procedure that maintains your data within your control.

Is A Disaster Recovery Plan In Place?

What kind of backup procedures are in place, are they recorded, and are they available to share in the event that something untoward occurs with the data being held on your behalf?

Is the data stored in the same place if it is backed up in order to guarantee that data sovereignty standards are still met?

You can learn more about how seriously this organization takes your data security and its own legal responsibilities by looking at the responses to these questions.

What Is The General Onboarding Procedure?

Examine carefully what else is being supplied to assist you in getting up and running, beyond just entering your data into the system.

Think about your success criteria before putting this system in place in your company. Have these been accurately recognized, noted, and connected to the onboarding during the pitch process?

There should be a strong focus on your targeted results and a clear plan in place for reaching them.

How Is Training Conducted?

The adoption and usage of the technology within your organization is another factor that is essential to the relationship's success. The easier it is to use, the better, but you'll need some training to make sure you start out as successfully as possible.

Find out how any required training will be delivered, who must attend, and whether there will be a fee associated with it.

How Is Customer Satisfaction Gauged?

When it comes to customer satisfaction, you want to feel confident in your selected solution. Online evaluations can only reveal so much, so inquire first about the methods used to gauge consumer satisfaction.

The Net Promoter Score (NPS) is a popular tool used by businesses to monitor their continuous success. Find out if they use this method and what their score is right now if they do. As a minimum, you should aim to see anything in the 40–50 range, which denotes excellent customer service.

Request access to the verbatim anonymous feedback from the last three months of NPS surveys. You can tell if you're in excellent hands based on the company's readiness to disclose this information to you and the feedback itself.

Do I Have Access To Other Client Feedback?

This is a fairly common element of a pitch, and businesses ought to be able to connect you with a variety of clientele.

You could wish to ask to speak to specific businesses that you know are clients, as these are likely to be hand-picked to be favorable. For instance, if their website features a strip of firm logos, request to speak with one or two of them in addition to the ones listed.

If they have a company blog, you may also go there for previous press releases or customer announcements to identify more people to contact.

How Frequently Is The Product Updated?

The excellent solution today might be out of date in the following six to twelve months if the pace of development isn't up to par because software is evolving at an ever-increasing rate.

To determine how dedicated they are to innovation, ask for a list of their product upgrades over the last six months and a look at their current roadmap.

When deciding on a new contract management system, you'll probably pay close attention to details like pricing, system requirements, and delivery schedules.

You must also take into account the points mentioned above in addition to this important information. This will assist in providing you with the whole picture you need to make the best choice.

Can It Support Software Integrations?

While some firms may already have teams working on several platforms, some businesses may be adopting a solution for the first time. You must ensure that a contract management solution can interact with your current tech stack, regardless of whether various platforms are utilized to handle contract data or collaboration.

Before deciding to acquire a contract solution, it is important to see these integrations during the demo process and to invite key users to see them as well. For teams that use NetSuite or Salesforce, this is especially true.

Ask about extra prices, extra support, and how data can be synchronized between the contract management system and other platforms utilized in your company where integrations are offered.

A full-service contract management platform like Lexagle can help you achieve your company targets this 2023. Book a demo with us today and see for yourself. 

Choose The Right Contract Management Software With These Questions
Joy Cunanan
Joy is the Digital Transformation Manager at Lexagle. As a marketing professional in the Tech and B2B industry for over seven years, she is always on the lookout for the next best solution in the ever-changing online world. With a passion for helping businesses thrive and optimize operations, she shares her expertise in the power of contract lifecycle management and its capacity of easing the contracting process for busy organizations worldwide.

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