The most attractive feature of the contract management software is its centralized repository system. But why is it crucial for an effective administration? Traditionally, contracts were managed manually, where the documents were strewn around the place. Without a definite management structure, the storing of the hard copies, and the email prints is difficult and complex. It also creates confusion and mismanagement when the contract documents are not sorted categorically. An organization is only as effective as the managerial processes it has set in place. And many processes relating to the contract management were either inefficient or obsolete.

The advent of technology brought about a host of innovations in various fields that enhanced the business processes of organizations around the world. The contract lifecycle management is one such upgrade that completely revolutionized the conventional method of manual handling of contracts. The centralized repository system helped the managers to create, manage, store, and execute effectively under one roof. The benefits of the centralized system include,

  1. Easy Storage

    The most obvious benefit is the easy storage of the contract documents. In the manual method, storing the physical copies and retrieving the same was difficult. It took a vast space to store all the document copies, which in return increased the cost of management for the organization. With the contract management software, however, companies can leverage the centralized repository system to store contracts and all subsidiary documents digitally in one place. There is no need to run and fetch documents when needed.

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  2. Systematic Categorization

    With the centralized repository function, the contract managers can categorically segregate documents and assign folders effortlessly. Compared to the conventional method, where a minor misplacement can create a ruckus within the organization, this function enables the users to control the documents systematically. From customer-based division to the contract type division, the managers can easily customize the categories according to the company policy.

  3. Security

    What happens when an important document containing sensitive details is lost or stolen? The security risk involved in such an incident can sabotage the reputation of any company. Such risks are manageable with a centralized repository in the contract management software. The managers can assign security protocols in the system, which limits access to sensitive documents. It is not possible to implement such security measures in the manual management of contracts. Also, it is impossible to forge or change the information in the documents because every user who accessed the document will be listed arbitrarily.

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  4. Clarity

    A huge benefit of the centralized repository function is that it offers a complete picture of a contract at a glance. All crucial information related to a contract, such as the date of execution, contract type, customer/vendor name, duration of the contract, the date of expiration, and more, can be obtained easily. In the conventional method, the manager has to refer to the excel sheet or a physical register to obtain the details, which has the risk of forgery.

  5. Versioning

    A contract is drafted with the aid of a team of experts, who render their expertise. The overall contributions of each team help in the formation of the contract document. The centralized repository system enables the users to return to the latest edited document, thereby helping them to resume without hurdle.

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  6. Filter & Searches

    Another distinctive feature is the filtering/searching functionality. In the software, the users can easily search the required contract documents by typing in the keyword. Likewise, a range of filters can be applied to sieve results from the desired category. The productivity in analyzing the contracts can be increased drastically with the centralized repository feature.

  7. Notifications

    A distinguishable feature of contract management software tools is the ability to enable notifications for the contracts. Instead of depending on third-party alerts and reminders, the software is built to support the users to stay abreast of the contract lifecycle. With the centralized repository, the users can switch on the notifications for the contracts and stay informed of every due date.

    The contract management software renders a rich user experience in managing the contract and subsidiary documents. The centralized feature enhances the way the contracts are handled and executed. It is a welcome upgrade from the conventional method of manual management and managing with Microsoft tools. From instilling compliance to streamlining the contractual activities, the software offers heaps of benefits to the clients.

Learn how the centralized repository system in DocuCollab‘s Contract Management Software is empowering the clients to manage their contracts meticulously click here.