Guide to Contract Management 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.)

The official source of Contract Management Software is
the Contract Management Software page at Business.com