Contract lifecycle management processes have dramatically changed due to numerous global technological advancements and the introduction of revolutionary digital contract management software systems. To modernize your business and to develop a business strategy that caters to today’s digitally-based workplace and business environments, it’s necessary to understand the finite details behind digital contract management software and what significant features that these systems have to offer.
Let’s discuss 10 key features of the best digital contract management software so you can see exactly what these software solutions have to offer to your business model.
Centralized contract repository
An optimal digital contract management software solution will provide you a cloud-based, centralized contract repository. The contract repository is essential to securely managing, storing, and searching your digital contracts. Previous contract management methods utilized physical storage and files for contracts and related documents – a method with high potential for contract and data loss, misplacement, and tampering.
We highly recommend leveraging a SharePoint-based contract repository. With SharePoint, you will increase organization, visibility, and productivity within your contract management processes. You can search and find any clause or contract within minutes while keeping documents secure and clients satisfied. For more information on the benefits of a SharePoint-based contract repository, click here.
Automated reminders, alerts, and notifications
With automated reminders, alerts, and notifications, you can create increased organizational awareness of critical deadlines, such as renewals and expiry dates. Now, you can enable customized reminder flows to keep the right people in the know. You’ll never have to stress about missing a deadline or not following up on important contract obligations ever again.
In this way, using just a simple alert can help protect your business against unnecessary consequences. By consistently using automated reminders, you can stay on top of by-when dates and ensure that essential tasks are completed. Streamline and create efficiency with these electronic notifications instead of tracking dates on sticky notes or on Gmail – centralize everything within the best digital contract management software.
Template and clause libraries
With preapproved template and clause libraries, not only do you cultivate a more efficient and accurate environment for building contracts, but you also cultivate a more secure and protected one. Creating a digital contract can be a very time-consuming and intricate step within the contract lifecycle management process. If your contract management team doesn’t have a firm grasp on the complexities of legal language, it can prove to be additionally challenging step for your business, and one that increases liabilities and risks.
To maximize security, efficiency, and risk mitigation, use both a contract library and clause library to increase compliance. A template library allows you to build contracts easily while ensuring that your organization’s policies are being followed. With a clause library of well-organized preapproved clauses, you can easily search, find, and insert select clauses into contracts and associated documents. These libraries are beneficial in numerous ways and your team will be able to experience the efficiency benefits immediately.
Every single change to each document is notated and stored within digital contract management software. In this way, you can collaborate effectively and know who made changes to which document, and at what exact times the changes were applied. Version tracking is an additional way to mitigate risk because it safeguards against losing or duplicating data.
Contracts are often edited several times over, so version tracking helps you gain awareness of the various interactions on a specific document or contract. With several people and several changes involved in a single document, gaining insight on the changes made is critical to contract and data accuracy. Contract management software provides a solution to your version control needs. With version control tools, you can redline, approve, and review documents within your contract management system so you can maintain cohesion and accuracy.
Flexible and customizable automated contract workflows
Digital contract management software offers your business the ability to create flexible and customizable automated contract workflows that guide every single step within a contract’s lifecycle. These workflows send a digital contract and associated documents through a predesigned series of steps that notify select people of what action to take before the contract moves to the next step. These workflows can be applied to a single contract, a group of contracts, or even a group of clauses within your cloud-based repository.
Contract review, planning, negotiation, and execution are made easy with the various settings that can be enabled within these flows. Automated contract workflows will increase the speed, efficiency, and collaboration within your contract management system.
Electronic signatures are a regular practice in today’s business world. In digital contract management, electronic signature is all the more common. Optimize approvals with digital signature technology that is built into your digital contract management software so that you can speed up approvals. With the Sertifi eSignature solution built into our Contract Management System, you and your clients can sign documents on any device, anytime, anywhere.
Various security features
Security is critical to protecting your business. As an admin, you can enable and disable permissions-based access to various contracts, documents, and other data so that only certain people have access to such information. Security and compliance are key to ensuring that only authorized parties are privy to certain information and are using it appropriately for business purposes and objectives.
User-friendly and accessible dashboards
With a well-designed digital contract management dashboard, you can and analyze reports and data in real-time so you can stay up to date on every single detail. You can measure the progress of contract lifecycles and assess where changes need to be made, allowing you to develop a better contract management process overall.
By viewing and analyzing reports, you can focus on key metrics and current contract data, as well as assess steps to take for risk mitigation. Our contract management dashboard gives you notable insights so you can make the best decisions for your business and implement new and thoughtful data-based strategies as you move forward. In this way, you have a phenomenal tool at your fingertips so you can streamline, take action, and effectively plan ahead in all your contract management operations.
Streamlined contract intake and requests
The contract intake and request step is very important to the rest of the contract’s lifecycle. By developing a standardized contract intake and request process, you will greatly benefit your contract management system. Email-based contract intake and request is very inefficient and increases risk.
Customizable contract request forms document all important data prior to launching an automated workflow. Without a well-organized intake and request step, you may miss out on potential leads and encounter delays, bottlenecks, and other errors. To maximize returns and build client and vendor relationships best, we recommend taking a look at how your current contract intake and requests process functions and then consider all the improvements you can make with the help of specialized digital contract management software.
Analyze data with audit trails
Digital contract management software is equipped with several amazing features that will help improve the quality of your contract management processes by leveraging the help of a user-friendly, collaborative software interface.
Improve business dealings, increase contract compliance, reduce bottlenecks and turnaround times, enhance risk mitigation efforts, and completely overhaul contract management team productivity for the better with contract management software.
Ready to get started today? Reach out to us to learn more about our Dock 365 Contract Management System.
Written by Lindsey Paulk
Lindsey Paulk is a Content Writer in Jacksonville, Florida that specializes in digitally communicating all-things contract management.