Factors to Consider Before Choosing the Right Contract Management Software

Contract management software has become a must-have for every organization that wants to expedite their contract processes. Contract management software helps in enhancing the workflows, thereby improving the contractual accuracy of the organization. Since the advent of the software-driven contract management framework, organizations have transformed their practices. The wrong application can impede your contractual progress, which can affect the contract management process in the organization. We have compiled a set of questions and answers to identify the prerequisites required to successfully implement a robust application software system.

  1. The Size of the Organization

    The size and the scale of the organization is an important factor in determining the right solution. When the scale of operations are large, the contractual workload would typically be high. In a conventional setting, an organization would require the expertise of multiple professionals to manage the sheer volume of contracts. With the right contract lifecycle management software, the organization can get ahead of their contractual obligations while ensuring that all bases are duly covered. Similarly, choosing the best contract management software for small businesses can amplify the contractual productivity while enabling the managers to utilize the solution effectively.

    Crucial Questions to Ask Before Choosing the Solution:

    • What’s the scale of operations?
    • Does your business warrant a simple solution or an elaborate enterprise application?
    • Will the ROI be optimal for the size of your organization?

    Click here to read Key Performance Indicators for Contract Management

  2. Product Pricing

    The price of the software must justify the usage of the product. A major issue faced by organizations that use the enterprise solution is the price vs usability criteria. Many large scale businesses undergo a lot of pressure due to the mismatched contract management solution. It is crucial to select an application that is effective price-wise and matches your scale of operation. It’s unwise to choose a simple application for a wide contract arena, and an expensive solution for a small business since it will impact the ROI. The price of the solution must be equal to the volume of contracts managed by the enterprise.

    Crucial Questions to Ask Before Choosing the Solution:

    • Will the organization need an expensive and all-inclusive software solution?
    • Will the ROI be optimal?
    • Is the solution scalable enough to accommodate larger ventures?

    Click here to read What is Contract Management Software? – A Detailed Insight.

  3. Cloud Transformation

    With a majority of the business population migrating to sustainable cloud solutions to ensure business continuity post-pandemic, the relevance and the importance of contract management software for sales increased significantly. Cloud transformation allows organizations to stay connected and continue their business processes without a hitch. During the pandemic, many contracts came to a halt, resulting in financial losses for business owners worldwide. Organizations with an existing cloud infrastructure were able to adapt quickly and manage their contracts to reduce the impact. Choosing a cloud-based solution helps in monitoring the contracts remotely while ensuring that the whole contract team stays connected.

    Crucial Questions to Ask Before Choosing the Solution:

    • Will you choose a cloud-based contract management solution or try to migrate your existing solution to the cloud?
    • Will the cloud contract management software protect your organization from cyber attacks?
    • Will the solution work seamlessly in the event of working remotely full-time?

    Click here to read Top 12 Most Important Job Functions for a Procurement Department

  4. Security Features

    One of the biggest factors that challenges modern enterprises is the security lapses in advanced solutions. Contracts possess sensitive information, which must be kept confidential. However, the risk of cyber threats causes the organizations to rethink their security practices. Contract management solutions are generally fully-equipped with advanced security features that allow the users to amplify the safety of the contractual documents. From securing the entry into the contract management platform, to verifying the users’ authenticity, the solution has an array of security features that are customizable as well as critical.

    Crucial Questions to Ask Before Choosing the Solution:

    • Does the software have regular updates that clears the bugs?
    • Will the solution possess levels of security features?
    • What are the risk management elements of the software in protecting confidential information?
  5. Reporting

    Reporting is one of the prime features of the contract management software that enables the users to get an in-depth insight of the contractual affairs. Reporting helps in enforcing compliance and allowing the stakeholders to take informed decisions during the contract reviews. The reporting feature also gives an insight into the team productivity, the KPIs, and the ROI of the active contracts of a business. The reporting feature helps the organization to grow and thrive in the long run.

    Crucial Questions to Ask Before Choosing the Solution:

    • Does the solution have a simple dashboard with all the information?
    • Can the KPIs be directly implemented in the software?
    • Can the reports be saved in the application for future review?

    We are in an age where everything has gone digital, including weddings. Contracts play a crucial role in every business sector. Choosing the right solution requires a right set of questions, which helps in narrowing down your choices. A contract management system can transform your business methodologies and contractual processes.

DocuCollab is the top contract management for salesforce that checks every box. To know more about the wide and varied features of the solution, click here .