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Whether we are talking about small, medium, or large companies, contracts are always the essential pillars of their efficiency and durability. These contracts can number from a few hundred to tens of thousands, depending on the size of the company. In any case, they represent the framework of the activity and therefore directly impact the turnover. This is why it is important to acquire contract management software. Thanks to this indispensable tool, you will be able to improve the follow-up of contracts, ensure compliance with contractual provisions, and protect yourself from various legal and operational risks.
What is contract management software?
A contract management software is a contract management tool for your company’s legal, commercial or HR teams. It will allow an efficient management of the lifecycle of the different contracts, whether it is an employment contract or commercial contracts.
This complete solution for managing all types of contracts generally has the following functionalities:
- Contract drafting
- Centralization of contract terms
- Ability to annotate contracts
- Procedure for signing and approving contracts
- Storage of contractual elements
- Contract audit
- Follow-up of the different milestones of the contract
- Monitoring of the life of the contract via performance indicators
- Etc.
All the elements contained in a contract life cycle management (CLM) software are perfectly adapted to the monitoring of evolving documents such as contracts. These functionalities allow you to ensure that the contract is properly executed and that the objectives set are achieved. If necessary, the contract management solution will also be relevant for identifying contractual gaps that may be identified. It will then be easier to submit a contract amendment request to the various signatories via your legal department.
Why is contract management software important?
To improve business relationships, it is essential to use contract management software. Otherwise, you may have to keep contractual documents in paper format and store them on your premises. This is neither relevant nor efficient. Remember that contracts are the foundation of your business. For this reason, they are of paramount strategic importance.
First of all, the dematerialization of contracts will allow you to save precious time. Moreover, you will not have to use paper and even less to face the printing costs which can represent a real cost. Indeed, the quantity of paper and ink necessary to the design, the production, and the follow-up of the contracts is not negligible. In addition, the maintenance of the printers and the occupation of the rooms used for the filing of these documents must be added. Thus, dematerializing contracts saves time, money, and reduces your carbon footprint.
Secondly, such software is essential for optimal risk management. Centralizing information ensures that your contracts are more compliant, that they are not damaged in storage, and that you can effectively identify the due dates of your contractual obligations. You can then better meet deadlines and avoid any late penalties.
Finally, the contract management tool gives you access to optimal traceability. You avoid losses and facilitate the search for important documents. In addition, this efficiency and agility are ideal for fluid exchanges with your employees and business partners. This creates a climate of trust and promotes contract renewal and increased sales.
What are the best contract management software?
To ensure that contracts are well drafted and optimally executed, you need to choose the most outstanding tools. Here is our selection.
First, you can opt for Contractbook. It is an online contract management platform. Specifically, this SaaS software allows you to manage the entire life cycle of your contracts in one place. Thus, the design of a compliant contract is done quickly and you can then submit it directly to your partners for their digital signature. Once completed, it can be stored in a secure cloud. Of course, contract tracking and analysis features are also present.
One of the essential yet time-consuming elements of a contract is the signature phase of the different parties. To save time and increase efficiency while refining the security of contracts, the ideal solution is to use Signaturit. This online solution allows you to dematerialize your contracts and obtain electronic signatures in the shortest possible time.
Contracts require constant legal attention. To assist you in the design, follow-up, and execution of these documents, you can call on Captain Contrat. This online legal service is intended for the managers of very small businesses or SMEs. You can then ensure the conformity of your contracts and protect yourself from any legal risk thanks to the expertise provided by lawyers.
How to choose a contract management software?
First of all, like any adoption of a new SaaS software, the first thing to do is to define the needs expressed by your internal teams and your customers. This audit will allow you to clearly identify the functionalities needed to offer your stakeholders a smooth, pleasant, and efficient contractual experience.
Secondly, it is important to establish a budget for this software as well as the expected return on investment. To do this, you can, for example, establish a list of the material resources you currently use to create and track your company’s contracts. Also, what is the cost of contract litigation? This is critical, because according to the International Association of Contract and Commercial Management (IACCM), negligent contract management can cost you up to 9% of your revenue. All these elements must be taken into account in order to effectively manage the acquisition of an adapted software.
Finally, evaluate the different solutions on the market that could meet your criteria and initiate test phases. You will then be able to finely determine which SaaS software is adapted to the specific needs of your company.
