Contract Monitoring Tools Every Business Needs

As contracts play a critical role in any business, it is imperative to monitor the agreement throughout the contract lifecycle to guarantee desirable outcomes.
Here are the best contract monitoring tools offered by CLM software.

Centralize Contract Data

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A collaborative approach to monitoring

Easy access to relevant information is a prerequisite for effective monitoring. Contract management systems centralize your contracts and their relevant data in a single, secure location. It helps to ensure all relevant stakeholders can easily see, search, and locate up-to-date information.

Features:

  • Centralized contract repository
  • Configurable contract management dashboard
  • Extensive contract reports
  • Authorized user access

Track Contract Performance

 Key Performance Indicators for Success

Enterprises must dedicate time to contract performance monitoring to mitigate risks and ensure desirable results. Contract management software provides real-time information on contract KPIs, enabling businesses to closely track contract performance.

  • Contract Lifecycle Time
  • Contract Value
  • Contract Budget
  • Approval Time
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Keep up with contract milestones

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Comprehensive contract oversight

A key component of contract monitoring is keeping track of timely commitments and milestones. Thankfully, automated contract management software offers intuitive tools such as date awareness, real-time status reports, and graphical dashboards to keep on top of the contract lifecycle.

Features:

  • Automated Obligation Tracking
  • Notifications for Contract Renewal & Expiry
  • Crucial Tasks Alert

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Pay Attention to Your Vendors

Constant monitoring to drive performance

To achieve the best possible contract outcomes, establish compliance and protect their operations from any risk, businesses must monitor and evaluate vendors. With Dock 365’s CLM software, organizations can facilitate vendor performance monitoring as a continuous and ongoing process in a centralized platform.

Features:

  • Vendor Rating
  • Vendor Questionnaire
  • Compliance Reports
  • Vendor Dashboards