If you have been thinking about ways that you can create a better system for your documents and to automate your processes, then you might have decided to implement a contract management system. This can create a number of new benefits for your company, while also helping you to be better organized and to draft better contracts overall. However, there are a few things you might want to keep in mind before you jump right into choosing a software.
Here are 4 things to keep in mind when you are looking to incorporate contract lifecycle management software into your business’s processes.
1 You should have a plan in place
Just as you wouldn’t immediately change your processes without a strategy already developed, you don’t want to switch to new software without taking a look on how you plan on making the transition. This means looking at what results you are expecting when you decide to digitize documents, creating project timelines for deliverables, and monitoring your progress overall. This way you can directly see how software is helping you and where you might need to make adjustments in order to get the maximum benefits.
2 You should have a comprehensive tagging system
Not all contract management software is created equal, and when you have a number of documents and clients you are dealing with at once, it can be a nightmare to keep track of what’s going on. Whatever contract management system you choose, you want to be sure that it has a way to tag your contracts so you can see in which stage of development they are in. This can help your clients, your employees, and you to know what is exactly going on during your contract lifecycle and what expectations you should have for deliverables.
3 You should determine if clients will have access
Some contract management companies like to keep their clients updated on performance, while others like to wait until they can deliver a final product. This can depend on what kind of contract you are working with and what kind of software you choose to implement. Some are more intuitive than others, and you don’t want to feel as though you are spending more time teaching clients how to use the software than developing quality contracts. This can entirely depend on the type of business that you run and your goals.
4 Consider your security
Another reason why you should carefully take a look at which contract management software you want to use is whether or not it provides the right level of security. Your business could be dealing with contracts that have highly-sensitive information. When this is the case, it’s important to feel as though you have software that can properly protect your business’s and your clients’ data. Multi-factor authentication can make a big difference when your customers rely on you to keep information safe.
Contract management software can be useful when you need to better organize your processes and to make providing deliverables on time easier. Knowing what you want from your software can help a lot when you are making a decision on which one is right for your company and how you want to implement it.