Contract management systems help all aspect of any business operate more effectively. Contract management solutions influence everything from budgets to customer service to the workflow process. This software application allows you to centralize and coordinate all contracts within an organization and make sure that every department knows their status. However, to do this efficiently you need someone on staff with the proper contract management software education and training.

Whether you're looking to improve business functions or looking to add to your software skill set, there are several educational options available. The business contracts software training resources at your disposal range from introductory tutorials to advanced level educational courses. The type of training that's best for your company will depend on the size of the company, software training budget and the amount of contract flow received on a monthly basis. However, before you begin the process there are few items you need consider:

1. Understand the basic uses of the contract management tools and the application.

2. Review the contract management application training courses available to you or your company.

3. Contact contract management solution associations for training resources.

Action Steps
The best contacts and resources to help you get it done

Examine the essential elements of a contract management system application

Most software to manage contracts has similar elements. Where the applications differ, is in the graphical user interface and the intercalation with the application as a whole. To educate yourself on the basics of contract management applications you can use online manuals and tutorials.

I recommend: Study the contracts manager application user manual from CobbleStone Systems. Assess the contract management software resources at Learn About Software.

Register for contract tracking software training courses

One of the most effective ways to learn a new software application is to take online or classroom classes. These classes not only teach you the basics of the software, but also how it can benefit your company through streamlined processes.

I recommend: Evaluate the training options available at IBM and Contract Logix. There are contract management certification courses available but they don't relate directly to software application training.

Join a contract management solution association

Often you can learn more about a software application from networking with peers in a formal setting like a conference or an informal one such as an association luncheon. Well associations can provide access to these settings. In addition, contract management associations will sometimes offer training publications and seminars to its members.

I recommend: Speak to a representative at the National Contract Management Association about membership benefits and you can review their examining contract management software publication as well. Contact the International Association for Contract and Commercial Management for information on software applications and member services.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Before you enroll in any contract management solutions training courses, be sure that they have certification from the vendor of the software.

Managing contracts can be a task you don't particularly look forward to, especially if your company doesn't have an effective contract management system in place to track the process from contract creation through contract renewal.

Because contracts are both multi-faceted and multi-phased, effective contract management requires the contracts manager to maintain awareness, coordination and control throughout every stage of a contract's life cycle. And, while such ultra-vigilance can be difficult to maintain manually, contract-tracking software can both facilitate and enhance the process.

Here are some of the advantages your company will enjoy by using the appropriate business contracts software:

1. Simplification of the contract management process.

2. Task automation, including deadline notification.

3. Instant on-site or remote contract data retrieval.

4. Elimination of the need to store paper contracts.

5. Cost reduction, due to greater efficiency and less revenue loss.

Action Steps
The best contacts and resources to help you get it done

Assess your organization's current status to determine its contract management software needs

Consultation and information are available online to help you assess your company's current practices and determine how much you might benefit from the right contract management application.

I recommend: Selectica, Nextance and Ecteon, maker of the Contraxx contract-management system, all offer help assessing your company's business contracts software needs. Nextance also provides guidance in choosing a vendor.

Compare available contract management solutions through product-comparison websites

Many websites have already done all the work for you, collecting information about the most popular and effective contract management systems so you can compare and choose which software you're interested in pursuing further.

I recommend: Capterra, KnowledgeStorm, The Software Network and Best of the Web Verticals provide a wealth of information about many different manufacturers and their specific contract management software offerings. Information provided includes demos, reports, website links and more.

Delve more deeply into the contract management systems that appear to be most appropriate for you

You may be sure you'll find a great deal of information about the contract management tools that interest you most, including online demos, webinars and the like. Take advantage of these convenient ways of making your product research easier. Use them to guide you in making a decision about which of your narrowed-down list of contract management solutions would likely be best for your company.

I recommend: Both Procuri and NextPage offer demos of their contract management systems, and Nextance and Ecteon offer informative webinars to help make your search for the right contract management application an easier one.

Consider various types of contract management solutions before making your final decision

In addition to contract management software purchased pre-packaged or available for download, web-based contract-management tools and services such as SaaS (Software as a Service) are options you should be aware of before making your final decision.

I recommend: PROposalKit Contract Pack Professional and Business-in-a-Box are examples of pre-packaged business contracts software. A few SaaS offerings are Mumboe (formerly FineTooth), Selectica and Procuri, which offers info on how to distinguish a true on-demand (SaaS) solution from the rest.

Stay 'in the know' about contract management software, even after making your decision

Seek opportunities for continuing education, which can further develop your facility with your software, increasing its effectiveness for your company. It can also improve your skill in managing contracts.

I recommend: If you aren't already a member, The National Contract Management Association, or NCMA, offers many membership benefits, including e-courses, audio seminars and professional certification programs, which can help equip you to make the best use of contract management. NCMA's Leadership Development Program also provides "an intensive year-long educational experience" designed to train sub-management level candidates who are at the beginning of their careers.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Take advantage of free-trial offers, such as the ones offered by NextPage and Mumboe. These offers amount to no-cost opportunities to learn firsthand how a particular contract management app will work in your own office environment and can prove invaluable in helping you decide which contract management system to buy. (You'll find even more free trials on the product-comparison websites mentioned above.)

Contracts are integral parts of many businesses, but sometimes they are time-consuming ones. Good contract management software can make it easier to track contracts from initiation to completion, freeing you to concentrate on running your business.
Most contract management systems share several things in common. They generally store the information in a secure database and offer different options for reporting, notification and analysis (or analytics) that you can tailor to your business’ needs.

Action Steps
The best contacts and resources to help you get it done

Contract authoring

In addition to storing and managing contract information, some contract management software offers standard forms or templates to help business owners create their own contracts quickly.

I recommend: The free demo of Envision's Business-in-a-Box can give you an idea of how the contract authoring feature works and help you determine whether it's the right choice for your business.

Reporting

Users of contract management software can set up automated reporting of contract information, such as due dates or contract status, to monitor the progress of business.

I recommend: Contract management software such as Contraxx by Ecteon offers a variety of customized reporting types and export formats.

Analytics

Analytics, sometimes called business intelligence, takes reporting to a deeper level by compiling and comparing data to expose the details and create a big-picture view. Managers can predict production costs or annual sales, for example, with just a click or two.

I recommend: Apttus and Selectica offer advanced analytics along with their contract management systems.

Notification and alerts

Alerts and other types of notification can send e-mail, pages or other notices to those in charge of a contract at predetermined points in the contract cycle. For example, the customer service manager could receive notification one week after a product is delivered, when it's time to contact the customer for feedback.

I recommend: A comparison of different types of notifications and alerts is available on the CobbleStone Systems website.

Compliance

Businesses must adhere to dozens of requirements that change constantly. A contract compliance checker is a must for businesses that deal with sensitive data that is regulated by law -- for example, medical records.

I recommend: Make sure you know which laws affect your business; Contract Compliance Associates lists many of these on its website.

Security level

Business contracts may contain personal or proprietary information that requires the assurance of privacy. To ensure that your clients' data is safe, your contract management software needs to include some way to secure it.

I recommend: Contract Assistant by Blueridge Software offers multiple security levels, including group access and record-level security of individual contracts.