3 Easy Wins From Your First Contract Management Software Implementation

While instant results are wonderful, most good business decisions require delayed gratification. Profits are always down the road, new hires need weeks to get up to speed, improved workflows take time to kick in. You may feel that change is always a slow and bumpy process. If so, you will be surprised by the immediate positive effects that contract management software has on your operation. This investment gives you valuable results as soon as it is installed. The right software program will deliver three easy wins that promptly improve your business while easing your professional burdens.

When you invest in contract management software, you are creating a permissioned repository that holds contract documents and lets users act on them whenever necessary.  In many instances, the software vendor will migrate legacy contracts into a new contract management system for you. Having this information stored in one software application benefits you in three ways:

• When all documents are in one easily accessible program, management and staff save an enormous amount of time. No one has to manually search through computer files or actual filing cabinets to find contracts.
• Business decisions will be better informed because employees can easily locate and study the relevant contract data, which means reports will be accurate and up-to-date.
• All contracts will be more secure because they will be stored in a highly protected computer program with multiple back-ups, usually replicated across servers. Hackers will be thwarted, and no unauthorized person will gain access to a contract learn its contents.

An electronic repository also allows multiple contract managers to work with contracts without having the wait for another person to finish with them. Large enterprises often have teams of clerks completing work that involves hundreds of fully executed contracts – a logistical nightmare without a single electronic repository. With a repository, activity demanding contract review can move forward quickly with virtually no person-to-person coordination.

• See a snapshot of the tasks that need to be completed –  both near-term and long-term. This feature makes it impossible for you and the rest of the team to forget your assigned duties and bring the contract process to a halt.
• Provide the correct data to concerned executives who want immediate answers about the progress of the contract. They can check on the contract from wherever they are by using mobile computing devices.
• Detect where your contract management is working efficiently and where it needs improvement, allowing you to quickly address the workflow issues.