With new advancements and options for effective contract management continually evolving, we’ve detailed five essential contract management tools contract managers can empower themselves with to navigate the ever-changing landscape of contract management best practices going forward.
1. Secure contract repository system
The problem with manually storing contracts: Leading organisations have used digital contract and document storage tools for efficiency and productivity. However, many still rely on insufficient, manual approaches involving filing cabinets for paper documentation, emails, and disorganised digital storage. These methods make it almost impossible to keep contracts secure, maintain version control, adhere to key dates, stay on top of milestones or enforce contract archiving and retention rules.
Storing contracts may seem like a simple task but, without a secure contract repository, organisations are missing out on the key player in contract management tools supporting their ability to reduce risk, to have control of their contracts, and to improve contract performance.
The solution: a contract repository system
A central contract repository is needed for organisations to store contracts while reaping the highest ROI from them. A web-enabled contract database is a place for contracts and relevant data to be securely stored. It allows contract management professionals to organise contracts, oversee permissions, employ document version control, search for existing contracts, track contract status, collaborate and more. It’s one of the most centralised and versatile contract management tools.
Contract storage isn’t merely about where an organisation saves its documents; it’s an opportunity for organisations to make contracts and data work for them – leading to more productivity, increased revenue and savings, reduced risk and success in meeting contract management KPIs.
Throughout the contract lifecycle, an abundance of sensitive information is tracked and stored within a contract management software system. With personally identifiable information (PII), payment card information (PCI) and other sensitive data, contract managers must be able to place access restrictions on specific pieces of key data. For instance, software end-users may not need to engage with contracts other than those they’ve drafted themselves. So with a user permissions standard in place, organisations can prevent security issues and instances of sensitive data entering the hands of unauthorized personnel.
Additionally, the manual storage of contracts hinders the success of organisations by:
- limiting access
- leaving documents and their supporting files disconnected
- lacking visibility and transparency
- not supporting the proactive tracking and management of contract approvals, status, renewal dates, automated renewal clauses, and milestones.
Conversely, an online document repository is among the best contract management tools, as it helps organisations by:
- optimising and making safe the location, protection, organisation, search and sharing of contracts
- centralising control
- improving accountability
- increasing productivity
- simplifying contract management
- storing virtually unlimited contract data and contract documents.
Arm yourself with the central repository system your organisation needs to succeed in 2025 with a leading set of contract management tools.
2. Efficient contract workflow
The problem with manual workflow: Manual contract workflow management is an outdated practice requiring contract managers to personally oversee every contract lifecycle stage. Any delay from anyone involved brings the flow of a contract lifecycle to a screeching halt. Contract managers of 2025 should leave this practice behind and adopt a more efficient one with leading contract management tools.
The solution: automated contract workflow
Software that provides contract workflow automation reduces contract lifecycle delays by engaging the right people at the right time with virtually unlimited contract notifications, automated alerts and workflow task reminders. Intelligent workflow allows contract managers to leverage user-defined fields, contract process management, reporting and analytics and audit trails.
Contract collaboration, negotiation, and approvals can be managed with workflows to track every stage of the contract lifecycle. Automated alerts can help contract management personnel meet key dates and milestones, including contract renewals. Additionally, audit trail history recorded by intelligent contract management systems can provide an accessible, up-to-date record of contract changes. Cut contract approval cycle time by overcoming bottlenecks and essentially ensuring accountability with intelligent, automated workflow.
3. Streamlined document assembly
The problem with manual document drafting:
Productivity suffers when multiple people are tasked with creating, reviewing and revising contract documents in a decentralised manner. Time is wasted creating new documents, repeatedly downloading contract templates, locating relevant information, and manually imputing data into various fields. Additionally, static, untouched documents become obsolete when up-to-date document versions and templates are not apparent to all involved personnel, increasing the risk of error. Compliance can become a problem when templates, approved language practices and clauses are not current or standardised.
The solution: automated document assembly
Contract managers and legal professionals: stop wasting time and money with a manual document drafting and assembly process. Step into 2025 with contract management tools that automate and centralise contracts, agreements and risk documents. With cutting-edge document assembly software, contract managers and legal professionals can enforce compliance and make issues regarding data entry errors, collaboration, storage, and distribution a thing of the past.
Those armed with this tool can quickly create compliant, timely, and accurate documents, contract, and letters that merge their organisation’s approved clauses and data fields – and leverage drag-and-drop contract creation as well. An intuitive interface allows for managing multiple pre-built templates and document versions which can easily be exported into standard file formats. Auto-redlining functionality can automate the inclusion of clauses from users’ approved clause library – virtually ensuring that favourable clause language is included. Google Workspace and MS Office 365 plug-ins can make document editing and contract authoring more time efficient. Version tracking contract management tools can make it so everyone involved in the document drafting process is up-to-speed and on the same page. Electronic signatures can make signing easier, faster and accessible from anywhere in the office or on the go.
With generative AI, one can take advantage of smarter contracts to streamline contracting processes. Users can enjoy a helpful and engaging in-system chatbot with generative artificial intelligence built on OpenAI and VISDOM AI – asking questions and generating clauses easily.
Concerning the reduction of compliance issues, document assembly software can allow for the configuration of complex rules and user permissions regarding document management and version access with the help of audit trail and approval routing capabilities. Get ahead in 2025 with contract management tools that promote secure document assembly, storage and collaboration.
4. Intelligent contract tracking
The problem with manual contract tracking: Manual contract tracking processes may be acceptable for organisations managing low numbers of contracts. However, contract failure rates exponentially increase when contract volume increases to hundreds or thousands.
As was previously mentioned, insufficient contract tracking hinders an organisation’s ability to reach its financial goals, lacks security, and puts organisations at regulatory and operational risk. Manual filing systems, emails, and spreadsheets are not adequate contract management tools for organisations to get the most from their contracts because:
- manual filing systems lead to different versions of contracts being stored in disparate folders, significantly increasing the risk for lost contracts and versions
- email management of the contract lifecycle leads to delays
- spreadsheets lack task alerts and alerts regarding issues with contract terms or language; alerts regarding cross-sell, up-sell, discount, or pricing opportunities; fast approvals and routing for signatures; and a centralised version tracking system.
Consequently, timelines can change, audit trails can be unsatisfactory and rescheduling can become necessary – leading to wasted time and contract lifecycle bottlenecks.
The solution: intelligent contract tracking tools
Leading contract management software can provide contract management professionals with better contract lifecycle management in the form of advanced contract tracking – complete with increased visibility, a secure contract repository, approved templates and clause libraries for streamlined contract drafting, performance insights, improved collaboration, and comprehensive audit trails.
With the help of intelligent contract management tools, contract managers can see faster contract-to-close rates. Proven contract management process technology – which aids in end-to-end contract lifecycle management – is user-friendly, enabling broad adoption by all users and impacted stakeholders.
If you are contemplating investing in contract tracking software, look for key features such as:
- a secure and centralised document repository with virtually unlimited storage
- automated version tracking
- tracking for various attachment types – including contracts, purchase orders, supporting documents, invoices, etc
- pre-award and post-award contract tracking
- vendor compliance tracking
- contract record audit tracking and logging.
Additionally, to better track the entirety of the contract lifecycle from requests to approvals, look for contract management tools such as:
- intelligent workflow automation
- user-defined fields
- automated key date and task reminders
- electronic signatures.
Tackle 2025 with contract management software that provides intelligent contract tracking tools combined with the ability to adapt to your organisation’s evolving standards and processes.
Contract Insight, contract management software from Four empowers organisations to manage the contract-related aspects of M&A more efficiently with the tools mentioned above and many others. For a more thorough look at how you can manage M&As with contract management software, book a free demo of Contract Insight® contract management and eProcurement software today!
Contact John O’Brien, CEO at Four Business Solutions – global business consultants and software integrators specialising in business process improvement.