6 Must-have Features in a Contract Management Solution (CMS)

Topics: Document Management, Collaboration, Contract Management, Business tools, Knowledge Sharing

Written by Edwin Harrington

What key features should you look for in a Contract Management Solution?

The following list includes 6 must-have features:
1. Efficient Contract Monitoring

2. E-signature Capability
3. Analytical Reporting
4. Integration with Key Systems
5. Manageable Deployment Time
6. Smart Decision Making

When selecting a Contract Management Solution, there are a lot of key features to consider. Six features that you should ensure your contract management system of choice includes will be discussed in further detail within this blog.

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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.

  1. Easy Configuration

Does your contract management solution require custom code development every time you want to create new workflows, rules, and fields? Effective contract management solutions will allow super-users to quickly change and configure the application to a new business process, avoiding the need for code changes.

New challenges will be presented to your business and employees when learning a new contract management software system. By setting the intent of having all divisions of your company on the same page with your new software, it can create an easy, efficient transition to the contract management software for everyone.

  1. Contract Monitoring

Can your organization monitor a portfolio of inter-dependent contractual relationships with a flexible, intuitive, contextual interface? Your contract management software should allow your team to manage master service agreements, the value of contracts, and complex contractual hierarchies to give you a holistic view of all deals across the entire organization.

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.

  1. E-Signature Capacity

Contract management software should allow every stage of the contract lifecycle to be completed electronically – especially the signature and execution stage. Ensure quick and secure contract execution with a contract management system that easily integrates with e-signature solutions such as DocuSign, Adobe Sign, Sertifi, and other electronic signature platforms.

eSignature is an incredibly easy and fast way to collect signatures for contracts and legal agreements. eSignature allows signers to sign documents at any time, on any device, in any place. There are several electronic signature solutions available that your business can leverage to reduce turnaround times, increase efficiency, and boost client satisfaction. Dock 365 utilizes the Sertifi eSignature integration within our Contract Management System to give your company the edge over competitors. eSignature allows you safely gather legal signatures, securely identify signers, and accurately store documents and contracts that have been signed. An eSignature integration is an important component to a contract management software system because it dramatically increases the speed and productivity of contract lifecycles – improving your product/service overall.

What to Look For in a Contract Management System

  1. Analytical Reporting

Analytical reporting on all of your contract management data allows you to pull critical information likes contract review dates and values so you can efficiently sort contracts by the contract owner, responsible departments, and counter parties so you can make well-informed business decisions. Keeping track of the potential risks and opportunities in the company’s contract portfolio is crucial, and your CMS needs to provide digestible and comprehensive reporting in real-time.

Our contract management software is equipped with workflow automation with custom reporting features. By generating custom reports, you can gain valuable insights on where to improve within your operations. Identify areas of potential, areas of risk, and areas of success, then take appropriate actions moving forward for the betterment of your business. A clear and customizable reporting facility in your contract management software allows you to identify and mitigate risk as well as understand the results of your current contract management processes.

  1. Integration with Key Systems

Integrating with single sign-on (SSO) environments such as company intranets and enterprise content management/knowledge management systems allows end users to have all their tools and solutions in one place. In this way, your organization can streamline workflows and processes by making it easy for the users to connect their preexisting business accounts.

Contract management integrations make for an optimal contract management experience. Integrations allow for efficiency and ease contracting processes by offloading certain tasks and actions onto various integrated interfaces. Simply put: contract management integrations give the business owner or contract manager the ability to use software over the span of various business solutions.

Examples of contract management integrations include:

  1. Manageable Deployment Time

Digital projects can prove to be complex and challenging, especially when delated by lengthy deployment times. Inflexible contract management software that requires technical resources to configure can prolong projects and put them at risk. We suggest looking for a highly configurable and flexible solution that allows you to deploy in weeks rather than months. Dock's Contract Management System can be implemented in one week, saving time, money, and headaches.

Conclusion

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.

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