The value of business relationships is, in most cases, determined by a contract. If your business has a heavy contract portfolio, then you should consider getting a contract management software. This software is designed to assist in creating, managing, tracking, storing, securing, and sending out contracts and other crucial documents between parties.
Knowing what to look for in a good contract management software will ensure that your choice of software provider offers the best solutions specific to your business needs. Check out https://www.ivalua.com/solutions/process/strategic-sourcing/contract-management/ to find out more. Here are the must-have features in a good contract management software.
Ease Of Use
Contract management software is meant to save time and make work easier. Otherwise, it would be better to stick to the old way of managing contracts. To ensure that the software achieves its intended purpose, the software should be such that document generation only requires a few clicks, document editing is easy, and the workflow is on one page.
Given the kind of systems hackers have managed to infiltrate, data security is a key feature. Contracts contain very sensitive and valuable information. Your choice of contract management software should be based on how much the company prioritizes data security.
Some key security-oriented features include advanced encryption for data at rest and in transit, 2-factor authentication process for data entry into a database, and certified data centers. Ensure that the provider you choose offers you these features and other security measures where possible, to ensure that the contract data is secure.
Digital transformation is, at times, complex and may take a long time to implement. You need to choose software which takes the least possible time to set up so as to avoid slowing down the business. The rapid deployment also saves you cost as you don’t pay for many professional services hours. Good software should allow you to deploy in a few weeks.
Tracking important dates with many different contracts can be hectic. Instead of checking the calendar daily, choose an effective contract management software which automatically generates email reminders to remind the employees of upcoming deadlines. An effective software would also make customization of the alerts quick and easy as one uploads the contracts into the system.
A contract management software shouldn’t be the same for everyone, and the dashboard shouldn’t be locked down by administrators. Different roles require different needs, and these needs may change as the business grows and evolves. At one time, a user’s focus might be on executing new contracts and another time on enforcement of contract terms. As such, you need to look for a contract management software that gives personalized dashboard to suit the unique requirements of a role such that a user can easily configure without necessarily getting help from the admin.
To ensure that you get the best from the digital transformation, you need to take your time in looking for the best software for your business needs.