Benefits of Contract Management Software

Randy Bishop | February 01, 2018

With ContractSafe, take advantage of the benefits of contract management software like secure storage, accurate searching, and custom reporting.

All contract management software allows businesses to manage, access, and store their contracts, but each platform offers different benefits and features. Some businesses need full contract lifecycle management features--everything from creation of contracts, clause selection all the way through to storing, compliance and renewal.  Most small and mid-sized businesses find that the cost and complexity of automating the earlier stages is often not worth it. What they really need is a platform that offers secure storage, easy access, accurate searching, reminders, and custom reporting. Choosing a platform with the features you need, and none of the fluff you don’t, will save you time, money, and hassle.  More importantly, it will make it easier for your whole team to use the platform and for them to get up to speed quickly.

  1. Secure Storage of Your Contracts

Data security is an important component of any contract management software choice. ContractSafe’s data centers are ISO 27001 and PCI DSS certified. We also provide 256-bit encryption at rest and in transit via TSL. We backup our data offsite to ensure there is no disruption to your ability to conduct your business. Additionally, we utilize intrusion detection, malware detection, and virus protection, which is regularly updated to protect against the latest exploits. ContractSafe also conducts vulnerability and penetration testing to ensure we remain secure.

  1. Ease of Sharing and Use

ContractSafe accounts provide unlimited user accounts with custom permissions, so you can control who can view, edit, download, or print your contracts. Permissions are easy to set up and manage so you can quickly make changes as people change roles or join or leave the company. Each user then has a customizable dashboard so they can monitor the contract elements they are responsible for. Users can also email contracts directly from the platform, saving time and reducing the possibility that the wrong version will be sent from a hard drive.

Adding contracts to ContractSafe is also simple:users can upload their contracts, scan in hard copies, or email contracts directly into the repository (super useful to just put this email address on your scanners). You can also attach documents mentioned in the contract (or drafts) and connect the documents to the contract. This is key to tracking amendments, addendums, or even paper trails.

  1. Accurate and Efficient Searching

When you have to find something specific, it shouldn’t be a fishing expedition. ContractSafe automatically runs new contracts through optical character recognition (OCR) to index the entire document, not just the title. When documents are added to the repository, the contents of the documents become searchable--even scans! So, if you needed to find a specific clause in a contract, you could search for the exact language. You can also locate contracts by the name of a party or even by a specific date listed in the contract, even if you haven’t entered that information manually.  With ContractSafe, users also have the ability to create tags for documents for fast reporting, filtering or finding.  Tags can help you find certain types of documents more quickly or recognize the type of document you’re reviewing (such as a template).  Using tags and OCR increases the accuracy of your search and helps you find what you’re looking for faster.  In tests, our users find what they need six times faster compared to traditional search methods!

  1. The Ability to Create Reminders

ContractSafe users can create unlimited reminders and alerts, customized for each contract.  You can even track which contracts autorenew and make sure the right people are notified.  Reminders are critical for recurring dates, such as audits, deadlines for delivery of items listed in the contract, or payments.  And of course termination dates.  Remembering to give notice the day after the deadline has passed doesn’t do you any good. Reminders show up within the system, but they can also trigger automatic emails so you see the alert in your inbox. ContractSafe also offers an easy-to-read calendar with all of the important dates listed, so you can transfer them to your business calendar, to-do list, or act upon it immediately.

  1. Create Custom Reports

ContractSafe provides you with the ability to create custom reports. You can sort, filter, and export specific information and documents. Custom reports can also be exported into CSV or Excel or printed from the platform. If you need to send a report to your superior or prepare a presentation, custom reports can save you and your team time and effort creating something from scratch.

Start Your Free Trial of ContractSafe

Most importantly, ContractSafe offers a free trial for new users, so you can find out if it has all the features you need and see just how easy it is for you and team to use. Or click here if you'd like to talk to someone or see a personlized demo.  If you’re ready to try our contract management software for yourself, contact us today!

 

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