Businesses are often faced with challenges when it comes to record-keeping and data management. Most ventures usually use a paper-based system for filling. The filed papers end up in one large folder that is usually shared by several different processes and activities making it cumbersome and confusing when reviewing. Contract management software is a digitalized system that businesses can use to make the processes in the business quick, easier and better as well as improve them. It is however advisable for a business owner to know and understand the most essential components of the business contract management software.
Essential Features of the Contract Management Software
- Contract Request and Intake
Businesses usually receive several incoming contracts throughout and also have existing contracts. A business should strive at ensuring that the contracts are not always submitted and handled through emails since it inconveniences many vendors and those disadvantaged in using such systems. However, when a business chooses to use the contract management software, the manager can create or design a system that will allow both trained and people with difficulty in accessing emailing services to place their requests and access any necessary documents. In some cases, the customized designs convert any submitted filled forms to a contract immediately it is availed to the system.
- Role-Based Security
Security is a critical feature of contract management software. This feature ensures that the soft copy documents and contracts are only accessed by authorized personnel. The software should provide your business information and platforms with a restriction component that will enable you to control the people allowed to conduct certain activities or tasks. A good contract management system will therefore have customizable security roles which can be easily adjusted. The ability of the software should be diverse such that it provides the business with effective security measures and applicable restrictions when need be.
- Search Options and Abilities
Although a business benefits from the implementation of the contract management software, it is worth noting the fact that all the data and contract documents will be under one system. A challenge may arise in accessing the data. Good reliable software should ensure that the system has good search tools that can be used by the team members or the manager and senior workers can use to search and get any information of documents whenever they are needed.
- Dashboards and Reporting
Ranking and gauging the performance of a contract given to vendors by a business can be hectic since a lot of factors are reviewed. Reporting and filling dashboards by the team members and anyone placing a contract request helps in the reviewing of the insights and improves the profit is obtained. Additionally, when using the contract management software with the provision of using filters, grouping, and sorting as well as allowing the members to input their reports and dashboards eases the process of making decisions. The reports can further be saved and generated easily when needed.
- Electronic Signatures
The main aim of implementation of the contract management software in any business is to enable them to get rid of paper-based systems. The software system provided by a company should therefore provide your business with system tools that allow the business team to access initial drafts and review them well before finally approving them and allowing the vendors to execute. Since this system is electronic, this is made possible since you do not have to print the drafts through every process and the members can use electronic signatures to access and operate all the processes without consuming much time and having several additional expenses.
- Tools for collaboration, approval, and redlining
The software should provide a business with system tools that help in the coordination of review and bargaining activities. Some of the features that should be offered by this system tools include comments, chats, the ability to track changes, immediate collaboration features, and automatic versioning. Furthermore, the review tools should ensure that all the authorized members can access, conduct reviews and approvals without any challenges.
- Automatic alerting systems and rules
Managing and controlling all business activities can be very challenging especially when deadlines are involved. Honouring contract obligations is a critical need that helps ensure the success of your business. Contract management software is designed with an automatic feature that creates awareness to the platform users especially before the due dates reach. The alert should also be automated such that it will specify the date and help you identify the specific contract. The system should also help generate emails in a particular format and send them directly where they are needed.
Contract management software has the main objective of making the processes easier and better by eliminating the challenges faced when using paper-based systems. A business owner should strive at ensuring that the system is user-friendly and is easy to operate to fulfil the crucial tasks in time. This, therefore, requires that a business manager and members have some knowledge on what the software is, its benefits, and the features that a particular contract management software is operational. By counterchecking the most important features, one can be able to tell whether the software will help improve the revenue and ensure the success of the coordination of contracts by both the manager and team members.