Top 5 Features for Contract Management Software

When it comes to managing contracts, most businesses tend to concentrate on the storage of contracts. Of course, building a repository is an integral part of contract management. However, it is just that - a part, and not the whole contract management. As a matter of fact, contract management often encompasses a wide array of aspects, which are all aimed at making this function highly efficient for your business, both concerning accelerating sales, as well as accentuating the bulk of savings. So, without further ado, let us dive right into these impressive features of a competent Contract Management Software.

1.    Storage

As mentioned above, digital storage for all your contracts is one of the primary features of this software. In addition to building and maintain a filing cabinet, the software also allows -

•         Apprehension and storage of metadata

•         Tracking of crucial information on each contract

•         Searching for the entire text of each contract

•         Secured access of contracts

•         Enhanced access speed

•         Ample storage capacity

Of course, all of these aspects can only be expected from cutting-edge management software, and not from a standard repository.

2.    Reporting and Analysis

Besides the much-required high-integrity storage, the next invaluable feature offered by an efficient contract management software includes both reporting as well as analysis. This feature primarily adds value to your business, by helping you accomplish various tasks, including but not limited to -

•         Identifying risks about deals

•         Managing obligations

•         Setting up renewal alerts

Owing to this feature, it will become increasingly convenient for you to enjoy a more significant value not only in the legal and finance department but also in the sales, operations as well as supply chain department. 

3.    Authoring the Contracts

An excellent contract management software is recognized by its ability to offer complete control to its users, especially when it comes to the creation of contracts. Right from drafting new clauses to building template libraries, the software will enable you to do it all. Wondering how? Well, since most agreements are written in the MS Word application, the software is meticulously designed to sync the clauses, templates as well as negotiations and approvals. This feature will undoubtedly prove to be of great help in generating value for your organization.

4.    System Integration

This is yet another astoundingly valuable feature. Your contract management system essentially syncs with your customer relationship system and your enterprise resource planning software. This will help you in offering an end-to-end customer experience, that too with absolutely no scope for errors. Moreover, it will primarily assist in reducing any time-related redundancies throughout the process of sending a quotation to the inflow of revenues.

5.    Artificial Intelligence

While this is something which hasn’t been realized to its full potential, intelligence in contact management software will go a long way. It can indeed help your business achieve a high-value potential by assisting in the achievement of numerous end goals such as -

•         Improving Customer Service

•         Maximizing Revenue

•         Enhancing Customer Retention

•         Offering Measurable Results

So, what are you waiting for? Take the right step in the right direction, and adopt a dependable Contact Management Software today!