The Most Important Features to Look for in Contract Management Software

Randy Bishop | August 24, 2018

Good contract management software should digitalize contracts, be easy to use and integrate, and utilize the security benefits of the cloud.

It’s an unfortunate fact that we can have regrettable periods of boredom in both our business and personal lives. Perhaps this is due, at least in part, to the fact that in the grand scheme of things, relatively few people ever know the real pleasures associated with finding the perfect contract management software. In fact, according to an unscientific ContractSafe survey (conducted with employees in our offices), those who incorporate the best contract management software into their daily routines are happier, sleep better, and often appear more attractive to others!

So, if you awoke this morning with a plan to research the features of contract management software, rejoice – today is your lucky day! Your visions of increased revenue, decreased expenses, and improved contract management processes can indeed become reality. In this article, we will help you along your way by examining a few of the most important features to look for in your quest for the best contract management software on the market.

1. Contract Digitalization and a Centralized Contract Repository

If you’re new to contract management software, you’re probably facing some of the same problems faced by lots of other businesses. Paper contracts are often still maintained in filing cabinets, which are often housed in multiple locations. Many employees who need to govern their behavior according to the terms of the contracts may not know where they’re located, and even if they do, it may be inconvenient to access them. Therefore, it’s essential to digitalize the contracts and store them in a single repository.

At ContractSafe, OCR technology is used to scan and store all of a company’s contracts in single place. They can then be searched from any computer with internet access. The company can grant access to any person it desires, with unlimited users permitted. However, when appropriate, these permissions can also be limited, such as to “read-only” and “no-delete.” The dashboard can even be customized for individual users so that everyone can have the information they need at their fingertips.

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2. A Product that Focuses on Current Needs But Has the Ability to Grow with Your Business

Depending on the size of your company, the features of contract management software you need will vary. Moreover, prudent fiscal judgment suggests buying only what you really need. This approach is more economical and simplifies implementation. While ContractSafe can accommodate the largest of users, we also allow small and intermediate users to focus on the core functionalities that exist in virtually any business, without having to purchase features related to the entire contract lifecycle, which many companies don’t need.

But our software is also scalable and leaves plenty of room for growth, allowing you to have your cake and eat it, too!

3. Contract Management Software Should Be Easy to Implement, Easy to Integrate, and Easy to Use

Don’t create employee frustration by purchasing something that is difficult to implement or that takes an inordinate amount of training to understand. ContractSafe is super simple to implement, easy to understand, and is compatible with your existing IT. Onboarding is a breeze, and we can even do it for you. With such rapid deployment, you can be up and running almost immediately, with complete employee buy-in!

4. Insist on State of the Art Capabilities, Such as Use of the Cloud and Artificial Intelligence

It’s often true that we can look to a company’s current and past behavior to get a glimpse of the company’s future actions. In that light, any contract management software which does not embrace the cloud and artificial intelligence is already demonstrating a proclivity to falling behind the technological curve. And if a solution is outdated now, what can you expect in the future?

At ContractSafe we have fully embraced the cloud and cloud technology. This allows the company’s contracts to be managed safely and securely from anywhere. Plus, an extra level of risk management is provided for the stored information. And with ContractSafe [AI]ssistant, artificial intelligence technology provides automatic data extraction and can automatically set contracts up for you. Moreover, we provide AI technology at a price you can afford!

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5. Automatic Notifications

Your contract management system should make it easy to keep up with deadlines and other important dates by providing automatic email notifications. ContractSafe does just that! You will be notified of key dates in your contracts, such as automatic renewals, price escalations, and important dates related to invoices, proposals, performance requirements, and any others you deem important, even recurring reminders for payments, certifications, and licenses.

6. Top-notch Security

We put this one in the “no-brainer” category. With recent high-profile data breaches around the world, everyone is concerned about security. You can be assured that no one places a higher value on security than ContractSafe. Data is encrypted and stored in Amazon’s AWS ISO 27001-certified safe data centers. We use numerous other features that focus on both prevention and detection of threats. We even hire hackers to try to break into the site so that we can be sure it’s safe!

Well, here we are at the end, and we know it’s a little sad to reach the conclusion of your research on the features of contract management software. But don’t despair - with a free trial of the best contract management software just one click away, the fun is just beginning!

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