We all love spreadsheets, don’t we? They are the most basic and the easiest way to create a database. From recording employee details to creating sophisticated, formula-based data, spreadsheets are the most popular choice for organizations of varied verticals. However, how relevant and useful is a spreadsheet in 2021? Is recording information in a spreadsheet better than using proprietary technology? Even today, several organizations use the spreadsheet to record crucial information, although they are creeping towards their obsolescence. Especially, when it comes to contracts, using a spreadsheet tends to invite adverse consequences due to its archaic nature and the lack of contemporary features. Contract management software is designed to provide users with the ultimate experience of managing contracts seamlessly. We’ve created a list of differences between spreadsheet and contract management software to highlight the benefits of adopting an agile system.
One of the biggest challenges faced by organizations when it comes to contracts is the issue of storage. The spreadsheet albeit enables to track the contract details, it doesn’t serve the purpose of storing the contracts. Spreadsheets are often saved as files in the system and there isn’t a particular destination or dedicated storage system for such files. With contract lifecycle management software, however, the team can store the contracts in its unified repository and help to track them effectively.
Store unlimited contract documents and contract-related documents in software’s repository system.
Contracts are sensitive documents, which must be secured to eliminate risks associated with contracts. Spreadsheets possess a basic security feature that allows the users to lock the workbook. When it comes to dealing with contracts, such basic security does not cut corners. Contracts must be dealt with utmost security since they contain sensitive information. Contract management software systems possess sophisticated security protocols, where security can be established right from a paragraph level. The security system protects the organization from external and internal data threats comprehensively.
Enhanced security levels in the software enable the users to secure contract documents thoroughly.
Contemporary contract management system software enables users to collaborate with ease. With the software, the involved parties can collaborate in real-time and make changes in the document instantly. Whereas in the spreadsheet, the saved file must be sent across via mail, and the changes will be accommodated via redlining process. It increases the chance for errors and extends the time factor by manifold.
Collaborate in real-time and make changes in the documents, thereby saving time.
A contract to be executed must possess the signatures of all the involved stakeholders. Contract Management in spreadsheet requires an extra effort from the team, where the completed documents are sent via mail to the stakeholders to procure their signatures. The stakeholders, further download the file to sign it in the hardcopy, scan it and revert the document. The process is long and tedious and increases risks. With agile software, the team can procure the signatures instantly via eSignature feature.
The eSignature feature expedites the process of executing the contracts instantly.
Click here to read Maximize Contract Productivity with eSignature Feature
To gain insights regarding the contract performance, the team that uses spreadsheets in contract management must compare other documents and incorporate complex formulas to determine a vague understanding. Contract lifecycle management software overcomes this challenge by enabling the team to integrate essential applications and gaining an insight into the contract performance and metrics instantly.
The software provides a venue to gain insights regarding contracts with ease.
Click here to read Top 5 Contract Management Practices in the Procurement Department
Spreadsheets are a beneficial tool and are in use across multiple verticals. However, the advent of technology brought about an array of innovations that enhanced several processes including the contract management process. In today’s scenario, it has become essential for organizations to adopt robust software, dedicated to the specific purpose of managing contracts. For companies that deal with contracts regularly, the software comes in handy and useful. It is imperative to incorporate the system to enhance the workflow and contract team’s productivity.
DocuCollab’s contract management software is designed to overcome the challenges and shortcomings of spreadsheets. With an array of beneficial features, DocuCollab is one of the leading software systems that simplify and streamline the contract process. To know more click here