Here’s How You Should Choose a Contract Lifecycle Management Software
A contract is an incredibly critical document containing vital details of how an organization relates with its employees, partners, suppliers, or customers.
However, if you have tons of contracts to manage, you may find it hard to track your own contract performance. To help alleviate this concern, consider purchasing a contract lifecycle management software for your business that will help keep things on track.
With that in mind, here are some of the key considerations when choosing a contract lifecycle software:
Search for Data-Centric Repository for All Documents and Contracts
Consider the organization, accessibility, and storage of your contracts and other associated documents. For example, look for a data-centric digital repository that is controlled, secure, and scalable as it allows you to perform a faster transition to an automated contract management model.
Look for software that can be easily configured according to your organization’s existing taxonomy. That way, your team can shift to the new environment with ease. If you choose the “no-code” CLM solutions, you can easily create new types of contracts, rename items, drag and drop fields, and more with just a click of your mouse.
Check If It Possible to Automate and Integrate Your Existing CLM Processes
Departments like procurement, sales, and legal often spend years refining their processes. Fortunately, Software as a Service (SaaS) has come into play to help organizations rebuild almost all of their processes using cloud technologies they can integrate with their current business applications.
To do this, you’ll need to map out your existing processes to determine the necessary features for maximizing your company’s efficiencies and building the right control level in various areas. You must ensure that the CLM software you pick can support automated and configurable workflows, following your business processes. In return, you can expect compliance and consistency while establishing a comprehensive audit trail for each contract.
Make Comparisons Between the Value-Added Features and Future Plans
The contract lifecycle management software should go beyond streamlining and automating your business processes. Look for software features that:
- Provide automation capabilities using data collected from historic contracts;
- Alert you about key dates and deadlines automatically;
- Allow the use of pre-approved language alongside support for template libraries and clauses;
- Support intake processes with status and stage tracking and self-service contract requests for all documents and contracts;
- Leverage graphical reports and dashboards for easier visualization and tracking of contract data.
In addition, the software must have an easy-to-implement REST API alongside bi-directional interfaces to other systems like BI, CRM, ERP, and more. As a result, you will have more significant oversight in your operations. If implemented correctly, the software will serve as a single source for your organization’s planning and strategy since you can connect the CLM software to other necessary business software such as a CRM.
Replacing manual processes, paper documents, spreadsheets, shared drives, and PDF scans with digital repositories, automated workflows, and other modern CLM capabilities is advantageous to your overall business operations. As such, the next big step for you is to choose the contract lifecycle management software that best suits your business. Ensure not to rush the selection process and always consider the above factors to prevent costly mistakes in the future.