If you are planning to upgrade your contract management software, you will definitely have questions about the software and whether it’s worth investing in this new software or not. Today we’ll go over the questions you should ask when selecting your next enterprise contract management software.
How Does the Software Protect Data?
The number one question you should ask is what the security features are that are offered, how they safeguard your data from online threats, and where your contracts are stored.
You should confirm whether the provider has a well-established and dependable server infrastructure, what kind of security protocol they use, whether they offer data loss protection, and whether the platform meets industry standards and regulations.
DocuCollab is a great contract management software that uses banking-level security to protect the contracts.
Click here to read: Top 9 Contract Management Practices in the Procurement Department
How Easy Is It to Enter Current Contracts Into the Contract Management Software?
One of the primary reasons why many businesses have switched to online contract management software is the availability of a centralized digital repository that will eliminate the need to store them in paper format and reduce the amount of real estate space they take.
So you should also inquire about how easy it is to upload your existing contracts, how it stores, categorizes, retrieves, and how effective the search is and if they use AI in the platform to help intelligently categorize, search, and retrieve the contracts from the database.
Click here to read: 5 Key Ways How AI Brings Value to Contract Lifecycle Management
Is the Software User-Friendly and How Easily Will It Integrate With the Existing Workflow and Apps?
All enterprises use multiple tools to manage their workflow and productivity. Integration of multiple products has become more important than ever before, so it is obvious that the next productivity tool that you are considering adopting into your business is integratable and if it is user-friendly.
Is There a Learning Curve and Do They Offer Demo Materials?
If you haven’t used the contract management system software, it is obvious that you will wonder if there is a learning curve and if it can be easily learnt and included in the workflow. It is essential that you point out your state and ask if they provide support once you have installed the software in your workflow.
Most providers do provide support and also provide you with the training material, and some even go beyond and offer webinars and also document migration services that further support organizations’ quick and efficient learning about the software. There are providers who offer this at no cost, and it is best to find software providers who don’t charge for these services.
How Enterprise Contract Management Software Will Save Time and Money?
This question is often asked by organizations, both small and large, how contract management software can help organizations save money and time. The contract management software is packed with features and was consciously built to help organizations cut costs and save time. But how does the software do this?
With the contract management tools, you can speed up the creation process by collaborating in real-time with your co-workers. You could drop your feedback and suggestions in real time with your co-workers, suggest clauses, and create the draft.
This process usually takes a long time and is time-consuming, as it was a small team’s task that would take a long time to create the “perfect” draft. Once it is created, it is internally reviewed and sent for further corrections with even more suggestions. This back and forth with the draft and review is the first barrier that will be eliminated as multiple employees who are responsible and other department employees who are also closely related to the contract’s goal can collaborate in real-time and help create the contract they are aiming for. Once the contract is created, it can be sent for internal review.
Once the internal review is done and the final draft has been created and approved, you can share the draft with your business partner using the software for their review and approval. Once the approval is received, both business parties can avail the e-sign feature built inside the software and e-sign the contract right away and bring the contract into effect immediately.
The software is built in such a way that it speeds up the process. What usually takes weeks of work is reduced to a few days of work with the contract management software.
Click here to read What is Document and Contract Redlining?
DocuCollab is the ideal contract management software that helps industries of all sizes with their contract management solutions. It helps with the creation of contracts to bringing them into effect by getting them e-signed. Click here to learn more.