What to Look For When Choosing Your Contract Management Software
There are six key considerations to keep in mind in choosing your contract management software. We recommend that you ask the following questions:
Does it utilize electronic signatures? Your contract management software should have an electronic signature feature, which guarantees the identity and source of the signature, and ensures compliance to regulatory requirements.
Does it provide integrated document management? These days, it’s not enough that your contract management software has cloud storage. It should also be as organized as a library, and as accessible as a search engine for quick document retrieval.
Does it support complex workflows? Rarely can there ever be a one-size fits all, especially in increasingly complicated operating procedures. The perfect contract management software needs to accommodate varying workflows, regardless of complexity.
Does it include integrated task management and audit trails? Keeping track of who’s assigned to what and which changes have been implemented are core functionalities that keep your business a well-oiled machine.
Does it enable internal and external collaboration? If negotiations and amendments can be made simultaneously and on an encrypted platform between your team and counterparties, it can significantly speed up contract approvals and completion.
Does it generate intuitive analytics and reports? Insights are integral to improving internal processes, and having a contract management software that works in the background to gather relevant data for periodic reporting can give your business indicators on what to maintain and improve.