Contract Management Software Key Terms

Notification and reporting can make your contract database work for you

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.

 

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

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