Contract Management System: How to Choose the Right One

contract management system

Managing your contracts involves several key tasks that are frequently time-consuming and complex, particularly if you have a large number of contracts. To build a streamlined and efficient system, you need to equip yourself with the right set of tools.

One that’s undeniably worth the investment is a reliable contract management system. This tool can help your business automate the contract processes, saving you time while reducing errors.

In this article, we will guide you through the process of selecting the most suitable contract management system for your business needs.

What is a Contract Management System?

As the name suggests, a contract management system is an application that helps businesses oversee contract processes, from creation to expiration.

This tool typically includes features such as document management, collaboration tools, workflow automation, and analytics. Some systems may also offer e-signature capabilities, integration with other business systems, and compliance tracking.

It can also feature a central repository for storing contracts and related documents where you can securely store and access all your business agreements.

contract management system

Benefits of Using a Contract Management System

Having a reliable tool in your arsenal can add a lot of value to your business as it eliminates manual processes and enhances efficiency in contract management.

There are many benefits to using a contract management system in your business. Some of the key advantages include the following:

Increased efficiency

A contract management system automates many of the tasks involved in the contract process, such as routing contracts for approval and tracking deadlines. This can save time and reduce the risk of errors.

Improved accuracy

Contracts play a vital role in any business relationship, so you have to make sure that all terms and conditions stipulated are complete and accurate. This tool can alert you to any potential issues before they become problems.

Enhanced security

As agreements are highly confidential documents, you need to ensure that they are stored in a secure location. When you use a contract management system to organize your files, you are assured that they are protected against unauthorized access or tampering.

Better compliance

A contract management system can help businesses comply with the terms of their contracts, as well as any relevant laws and regulations.

Greater visibility

This platform makes it easy for your and your stakeholders to access and track the status of contracts. You never have to second guess whether the document was already received or signed by the other parties. A contract management system usually generates an audit trail so you can keep track of the file.

contract management system

Key Features to Look for in a Contract Management System

When shopping for a contract management system, there are several key features to look for to ensure that the system meets your business’s needs. Some of the features to consider include the following:

1. Document storage and organization

Look for a platform that offers the ability to search and filter documents. It should also enable you to tag and classify them for easy retrieval. As much as possible, select a cloud-based solution so you can conveniently access your documents even outside the confines of your office.

2. Workflow automation

A typical contract lifecycle management system has around seven stages. Each of these stages has its own corresponding tasks that you need to accomplish. Things can easily get overwhelming. In this light, look for an application that can help reduce the need for manual processing.

3. Collaboration and communication

The system should provide tools for stakeholders to collaborate and communicate on contracts, such as the ability to leave comments or annotations and track the status of contracts in real time.

4. E-signature capability

Nowadays, you no longer need to go through the long-winded process of printing your contracts and mailing them to the other parties just so they can sign them. Electronic signatures have made it possible to enter into agreements digitally. Under the Electronic Signature in Global and National Act (E-Sign Act), they are considered legally binding. So you need to choose a system that allows you to send signature requests online as well as sign documents.

5. Integration with other business systems

It can be helpful to look for a contract management system that integrates with other business systems, such as accounting software or customer relationship management (CRM) systems. This allows you to create a more centralized system that’ll make your work easier.

6. Reporting and analytics

The system should provide reporting and analytics capabilities to allow you to track the status and performance of contracts and make informed decisions.

7. Customer support

It’s essential to consider the level of customer support offered by the vendor, including training, customer service, and ongoing maintenance and updates. Although most contract management systems are relatively easy to integrate, they aren’t without faults. You need to make sure that you have readily available assistance should you need any.

contract management system

Fill: An All-In-One Tool for All Your Contract Management Needs

Fill is an electronic signature application designed to make contract management a breeze. Whether you are working with a small team or a part of a much larger organization, you can rely on our platform to create, sign, and manage contracts electronically.

Our contract management tool is designed with simplicity, speed, security, and collaboration in mind. You can easily create professional-looking contracts using customizable templates, and invite others to review and sign them.

There’s no need to worry about security, as our platform uses military-grade encryption to keep breaches at bay. You can confidently send highly sensitive documents for signing. Plus, we comply with several industry standards and international regulations, including HIPAA, GLBA, and GDPR, among others.

Other features you can enjoy on Fill include:

So what are you waiting for? Try Fill today and experience the simplicity and efficiency of professional contract management.

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