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Contract Management Software (CMS) simplifies the process of producing, reviewing, storing, and accessing contracts. For those companies that rely heavily on contracts to conduct daily business operations, a software solution can save time, enhance accuracy, and help monitor compliance. Even businesses that use contracts less intensively may benefit from the ease of storage and retrieval that CMS systems offer. The software also provides uniformity for businesses that execute multiple variations of the same contract or that assign various employees to work on contract-related projects. To obtain the greatest benefits, it's important to determine which contract management software is the best fit for the needs of your business.
Benefits
According to Price Waterhouse Coopers, most companies have between 20,000 and 40,000 contracts. Whether you run a large or small operation, there is a high likelihood that you will spend a great deal of time creating and reviewing contracts. Managing contracts is critical in business. Effective contract management helps you manage the deals you make with individuals and business owners, and there are countless benefits to having a solid contract management system in place.
Streamlines the contract creation process
Contract management software allows professionals to quickly create contracts using an interface that is similar to Microsoft Word. It outlines the contract creation, negotiation, and contract approval process using words and phrases that are commonly used during contract development. This eliminates the stress involved in creating contracts from scratch and allows business owners to execute contracts more quickly.
Ensures contract compliance
When you manage business contracts effectively, you ensure compliance with every term in the contract. You can hire someone to make sure that your organization adheres to each specification listed in your contracts, or you can use contract management software to take care of the task. Contract management software is a good option for those who have very detailed contracts that must be reviewed regularly. By using this software, you can make sure that all parties who signed the contract, including business managers and employees, meet the expectations outlined in each agreement.
Quick accessibility
With contract management software, you can easily retrieve and review contracts. Instead of having your contracts scattered across multiple departments or locked in file cabinets, you’ll have them stored in a computerized system and arranged according to a business’s name or regional location.
Easy review of old contracts
When you use software to manage your contracts, you’ll have all of your contracts in one location and will be able to easily review them. Reviewing the terms of all previous agreements that you’ve made enables you to determine what works for your business and what doesn’t. You can quickly refer to this information while developing new contracts, and this will help you make better business decisions.
Pitfalls
Not all contract management software is the same
Don’t make the mistake of assuming that all contract management systems are similar in functionality and usability. If you decide to purchase contract management software, make sure you look into the different types that are available. Otherwise, you could end up with software that doesn’t do everything you expected it to do. You could also be stuck with a system that is difficult to use. Any of this would decrease efficiency and cut into your bottom line.
Compatibility and integration issues
Before making any kind of decision about new software, confirm that it will be compatible with the computers used by your business. Find out whether the software is designed to be used with any particular operating system or if there are any other compatibility requirements. You should also consider how well the software will integrate with other systems that your business already uses. If you currently use any other types of CRM software, make sure that adding another type won’t confuse your employees. If they don’t know which software to use for different purposes, the system will fail to increase efficiency.
Cost and availability of customer support
Any time you purchase new software, make sure that you will have access to customer support. Some companies do not provide support, and if you end up having issues with the software, this could be a big problem. Other companies may charge a fee for support services. Don’t forget to factor this potential cost into your budget.
Implementation costs
If you are switching from an inefficient contract management system, implementing the new system could be a monumental undertaking. Unsorted files and poorly maintained records take a long time to enter into a software program. You will have to devote a significant amount of resources to this task. If your employees will require training to learn how to use the new software, this is another potential cost.
Pricing
According to Gartner Research, contracts govern between 60 and 80 percent of business transactions. As a business owner, it is important to have a system for managing the contracts you generate. Contract management software can help you streamline the process of managing simple and complex agreements that are made between you and other business owners.
Basic contract management software generally costs between $199 and $300. With basic software, you can store contract agreements, stakeholder information, and related numerical data. Advanced contract software has multi-licensing options, import and export modules, customizable dashboards, options for obtaining electronic signatures, and automated contract renewal features. Advanced software will cost you between $300 and $2,000.
Conclusion
Determining whether to purchase contract management software for your company requires a balance between the necessary investment and the potential gains of utilizing the software. On the plus side is the streamlined contract creation process that can result from selecting the right software for your company. Easy access is built into most contract management software, so you can quickly locate existing contracts for review or comparison, especially when monitoring for compliance with the terms of a specific contract.
With versions ranging in price from $199 to $2,000, each offering a different range of features, it's important to understand what you need the software to do. Check for compatibility with your hardware and existing software, and be aware of the potential costs for installation, training, and maintenance.
Most businesses operate, at least in part, through a series of legal contracts. Contracts are essential for negotiating agreements with business partners, vendors, and customers, depending on your business services. It is not unusual for companies to extend contracts to their employees or freelance workers as well. In order to keep things running smoothly and ensure the necessary contracts are properly filed and maintained, contract management is vital. Many businesses find it useful to hire an outside source or purchase software to make this task simpler. By contracting the work out or using special software, the company management saves valuable man hours and wages.
Contract management services or software can provide a variety of different services related to managing contracts. With a service, you can expect help negotiating those sticky details in some contracts as well as ensuring all parties involved are operating in compliance with the agreed upon terms. These services are also called to assist in documenting any changes that may be made to the contract during the life of the agreement. Software programs typically offer technical support in addition to the specific contract managing features. In many cases, you can customize the program to meet your company's needs.
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