How Do You Choose the  Right Contract Management Software  For Your Business?

How Do You Choose the Right Contract Management Software For Your Business?

Written By
Joy Cunanan
Updated on
October 28, 2022
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minutes

Finding the ideal contract management solution is swiftly evolving into the simplest method to lower operating expenses, boost productivity, and stay one step ahead of client expectations as technology ㅡ and your client's expectations ㅡ evolve.

But what criteria should you look for when choosing contract management software for your company? You may find enterprise contract management solutions that are simpler to use and apply if you know what to search for. 

The most time-consuming and frustrating part of manually handling contracts is that there is no easy way to quickly and conveniently retrieve the contracts and all of its versions, know when a contract expires, and know if the contract is still a draft, has been negotiated, approved, ready for renewal, or expired. These tiresome business cases can be reduced or avoided with the aid of a capable contract management software, which will also aid in risk mitigation.

We have previously enumerated the benefits of using a contract management software in this blog post. Now we will explore the considerations you must take into account when choosing the right contract management software for your business.

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Choosing The Right Contract Management Software

First Steps To Take

Determine what your business needs.

The first thing to do is to conduct a preliminary study among your ranks before looking up contract management software available online. You should identify the needs of your end users before canvassing your options, much as you would before exploring laptops and knowing your ideal storage capacity, processing speed, and operating system. 

After gathering insight from your team who will ultimately be the end-users, you can now narrow down what features you should be looking for in your contract management software. As an illustration, you might search for a system that not only makes data entry easier but also aids in maintaining an audit trail and document history for compliance purposes. 

Let your key employees weigh in.

It is time to pare down your long list of system requirements once you have it. Choose a committee that includes influential decision-makers from each department. You must gain the support of all end users, therefore make sure you reach out outside the tech department. 

It will be difficult to persuade personnel that the chosen system is actually the best one if as many departments as feasible aren't involved from the beginning. Although trade shows, business websites, and professional networks all give useful information about contract management systems, contract managers firmly think that their friends and colleagues offer the most lucid, objective information.

It will be simpler to persuade the finance department that the chosen system is worth the investment if key personnel from each department narrow the list of features down to the important ones. accelerating the approval procedure as a result.

Features To Look For

User-Friendly Interface

Lawyers are typically extremely busy individuals without IT backgrounds. Your staff might not use the product if it is challenging to learn. Software for managing contracts should be easy, clear, and intuitive to use right away. The best program to choose is one that won't need hours of training. Of course, even with the simplest system, you can require professional assistance. Choose a contract management software that offers accessible technical help and training. 

In addition to promoting buy-in from the outset, choosing a suite of cutting-edge solutions that streamlines even the most complicated procedures will open the door for consistent, long-term use, greater performance, and ultimately better business outcomes.

Lexagle is a one-stop shop platform that is easy to navigate, backed by a team that’s ready to answer your every question as you familiarize yourself with its features. 

Comprehensive Automation

The core of contract lifecycle management software is automation. It automates every contract-related operation, including contract generation, renewal, and retrieval. 

Setting up a trigger is all that's required to start the complete process. Additionally, this feature updates all of the data in your documents so that everything is current. 

Lexagle offers variously automated and AI-driven solutions tailored to your company’s needs. You can run agreements through our Lexagle AI™ Contract Review to maintain uniformity and consistency across your contracts. 

Security

It should go without saying that your contract management software is secure from any unwelcome interference, with data privacy of utmost concern. This is also very important when it comes to negotiations, where the constant back-and-forth communication between the parties may occur on multiple platforms. This may delay contract creation and business operations should clauses or agreements be lost or improperly tracked. 

Instead of asking your team and other counterparties to collaborate on separate platforms that do not offer end-to-end encryption, Lexagle provides Encrypted Chatrooms to allow you to keep exchanges in a single database, safe from possible data and phishing attempts. 

Access Management

There are some requirements that demand special consideration. One of the first three requirements that ought to be on any list is this one. The majority of businesses operate in a fairly explicit manner. The means used to get important information to those who need it are determined by the company culture. 

Your company's practices should be reflected in your contract management system. Companies typically search for methods that improve access for all employees. The system's ability to set different levels of access is crucial and should allow for different workflow configurations.

With Lexagle, you can manage the access of end users based on your internal processes. We also have a built-in Workflow Designer that allows you to create specific approval sequences and an AI-powered Task and Workflow Management Tool that automates redlining to track all changes and versions of every document.

Searchable Centralized Contract Repository

The time spent by your employees looking for a single paper-based contract can be costly. In commercial settings where paper is still king, misfiled or misplaced contracts continue to be a big problem.

A simpler method of document storage and retrieval is made possible by contract management software. Searchable contract repositories move contracts from filing cabinets to a safe, cloud-based repository, where they are considerably safer and simpler to access. 

Your agreements are simple to identify, store, and arrange with a digital solution, which also solves the issues with analog (paper) document storage. But virtual contract repositories go well beyond straightforward store-and-search options, allowing you to classify documents according to metadata like tags, dates that documents were signed or generated, the type of contract, and other crucial identifiers. Finding and saving documents becomes an exact science with a contract management software that includes a real-time contract repository feature, taking the manual uncertainty out of crucial administrative processes.

Lexagle has built our Document Management, EasyShare, and Vault precisely to address this need. With a single keyword relating to any contract clause or obligation, our system can scan across all your stored documents to match your query. Searching is so much easier, and sharing agreements with parties when required is also as quick as a single click. 

Lexagle makes contract creation so much faster and easier with our Template Repository and Clause Library. You can even create your company’s own templates for use in the future with our Template Builder.

Electronic Signatures

Following approvals, authorized representatives can now sign the contract. A contract management software that offers dependable electronic signature functionality helps hasten this stage and lessen the friction associated with utilizing manual "wet signatures" as the globe quickly moves to automated and cloud-based procedures. 

Your business will save money by using electronic signatures as you won't need to print, physically sign, and scan documents. Additionally, because it only requires one click, you will save more time. Additionally, you can feel secure with electronic signatures because they allow you to trace signatures, confirm their authenticity, and securely sign documents from any location. This time, you and your team are free to work entirely from a distance.

To guarantee that all of your agreements are enforceable, Our Signing Room offers an infinite number of digitally certified e-signatures in addition to a counterparty verification option.

Streamline Your Processes and Grow Your Business With Lexagle

Modern features from Lexagle help you safeguard your current contracts and streamline your operations so you may make and close even more contracts in the future. To make the process of creating contracts easier, our one-stop platform offers a centralized document repository replete with a clause and template library. Anyone with protected access to the program may quickly track and search through all of your agreements in our database, which is available 24/7. Additionally, we offer analytics and a thorough contract tracker with deadline warnings so you never lose track of your responsibilities.

Transform and grow your business by booking a demo with us today. 

How Do You Choose the  Right Contract Management Software  For Your Business?
Author
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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