Managing contracts is easier said than done. Contract managers typically used spreadsheets to manage and monitor contracts, which did not fit the evolving contract management model. Today enterprise contract management software solutions are highly demanded by businesses of all scales for their simplicity and efficiency.
DocuCollab is one of the leading contract management software that simplifies the process of creating, managing, monitoring and storing contracts effectively. Here are a few frequently asked questions about the software and how it could improve your contractual productivity.
Is contract management software required for even small businesses?
Yes. DocuCollab is one of the best contract management software for small business. Irrespective of the size of the business, the contractual obligations must be dealt with in an efficient manner. DocuCollab possesses a number of beneficial features that enables small businesses to kick start their contract management journey seamlessly.
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What is the difference between contract management and contract lifecycle management?
In essence, both contract management and contract lifecycle management are the same. Both concepts focus on managing contracts robustly. However, contract lifecycle management is extensive and enables the users to track the progress of a contract throughout its lifecycle or its validity period. Contract lifecycle management software involves a broader spectrum which starts with requesting for a contract form. It also includes contract creation, categorisation, monitoring, control, addendums, execution, and expiry. Every phase in the lifecycle of a contract is tracked and managed by experts with the software.
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Can the contract management software be accessed remotely?
DocuCollab is a cloud-based software system, which enables users to access it from anywhere and at any time. During the pandemic, many businesses profited by using DocuCollab remotely, thereby ensuring business continuity. With DocuCollab, the users can easily access contractual documents and discharge their obligations without worrying about security.
Why is it important to install a contract management software system?
Contracts are sensitive documents that have financial implications and must be tracked by experts to understand the progress. Using spreadsheets or the manual method is not sufficient in today’s fast moving era. Such conventional measures have security risks and can consume time and effort, which can be redirected in other forums. The vendor contract management software is a one-stop destination for contracts. Right from sending contract requests to signing the contracts, the platform enables the users to discharge contractual duties effectively. Instead of running from one application to the other, contract management software such as DocuCollab allows the users to conduct business in one place. Apart from reducing the risk of internal and external threats, the software also enables the company to stay ahead of the contract duties.
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What is the benefit of using contract management software?
The contract management software tools enable the team an array of benefits. Notably,
- The contract team can collaborate in real time on contract documents easily
- Assign control measures and levels of authorisation for high-priority documents
- Tag the team in the contract and get their insight on the content
- Create contractual content and get it approved by the legal team seamlessly
- Negotiate with the partners on the contractual terms in the software, thereby saving time and effort during the process
- Make amendment to the document and add addendums to the original contract, thereby streamlining the process
- Ensure that the terms and conditions of the contract are honoured by all the involved parties comprehensively
- Stay ahead of the contract due dates by leveraging the notification feature
- Work on the contract documents remotely
DocuCollab is a secure platform for businesses of all sizes to manage their contracts effectively.
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Can DocuCollab be integrated with other applications?
DocuCollab is compatible with platforms such as Salesforce, where insights can be gained by interlinking the application. One of the top Contract Management Software Salesforce.
Is it possible to migrate the existing contract data into DocuCollab?
Yes. You can import your existing data into predefined templates and upload it on the software. The imported data can be categorised as per your company policy easily in the software system.
How to store multiple documents and streamline it?
On DocuCollab, you can create as many workspaces as required based on your client pool. You can also create sub folders under every workspace, which you can customize comprehensively. What’s more? You can assign security levels to these folders, thereby minimising the risk of theft or loss.