Contract management software is software that is designed for the management, storage, and tracking of contracts. Additionally, this software helps contract managers and business owners during every step of a contract’s lifecycle, from contract creation all the way to renewal and expiry dates.
Contracts themselves are rather simple, but the process of managing them through their lifecycles certainly isn’t easy. Contracts are legally binding documents that involve multiple parties with specific obligations and rights pertaining to the agreement.
Digital contract management is the way forward, especially given automation capabilities and several security benefits. Many of today’s industry leaders have made the transition to digital contract management software solutions so they can maximize results and manage contracts as efficiently as possible.
Without an effective contract management system, you will unnecessarily increase risk potential and waste lots of time. By systematizing your contract management processes, you improve organizational performance which impacts business-to-client relationships. An effective contract management system means less risk, less human error, more deadlines achieved, more savings, and more results.
Give your company the competitive edge by leveraging all the features of our Dock 365 Contract Management Software.
Here are 20 advantages of implementing our software solution:
To maintain excellent performance in your contract management process, using contract management software can help in the creation, storage, and management of high-volumes of complex contracts.
Let’s discuss the many benefits of adopting a contract management software solution:
Human resources, legal, sales, finance, and procurement teams are some of the most common types of teams that utilize contract management software to reach objectives and increase efficiency.
Human resources teams
Human resources teams typically build a great quantity of contracts, especially when considering new hires within larger organizations. The human resource department uses contract management software to create contracts (most commonly from preapproved contract templates).
A company’s legal team will oversee a significant amount of contract management processes. The legal team uses contract management software for building and managing contracts.
The best benefit of a contract management software system to a sales team is the ability to create contracts instantly and then close a deal. The speed and efficiency provided by contract management software is like no other, so sales teams leverage this software for the speed and for the integrations included to make other contract-based actions simpler and faster.
A company’s finance team uses contract management software to boost visibility and transparency. With the software, finance can manage billing pertaining to contracts.
Lastly, the majority of companies have a procurement team that processes vendor and supplier goods and services. With contract management software, procurement can oversee terms provided by vendors and suppliers and manage renewal dates.
Unsatisfactory implementation of contract management software is sadly all too common. Keep tabs on these 6 implementation challenges so your business is well-prepared to utilize all the incredible capabilities that contract management software has to offer.
Challenge 1: Taking the implementation stage too fast
Challenge 2: Misunderstanding by the business user of modern-day contract management
Challenge 3: Automating individualized contracts rather than repeatable, formularized contracts
Challenge 4: Failure by the implementation specialist to plan for continued help and change management
Challenge 5: Ineffective communication between the implementation specialist and the business owner
Challenge 6: Failure to end the refining process of system implementation
Keeping these six challenges in mind can prepare you in your implementation strategy of contract management software. Understanding these challenges can also help you know what to expect from the implementation specialist during this stage. By having a solution-focused effort between the business user and the implementation specialist, you can ensure success when you undergo the transition to managing contracts in an electronic repository with your contract management software.
Contract management software can be customized for your business’s unique needs, key objectives, and scalability potential. By using the most optimal contract management software equipped with SharePoint and Microsoft Office 365 integrations, you can take your contract management process to the next level.
SharePoint can greatly enhance your contract management system. SharePoint can amplify the functions of your contract management solution with its various features that will increase collaboration, productivity, efficiency, and results in real-time. For secure, accessible, and efficient contract management, we highly recommend adding SharePoint to your business’s system.
We welcome you to leverage all the benefits that our Dock 365 Contract Management System has to offer. Maximize results, increase collaboration, boost productivity, and improve return on investment in your business with our SharePoint-based Contract Management System.
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