As your organisation grows, so do contract complexity and contract volume. This growth requires an improvement in contract processes. No matter which industry your organisation inhabits, your team will need to invest in a user-friendly contract management software solution. But first: what is contract management software?
What Is Contract Management Software?
Contract management software is a legal technology solution used to streamline and automate contract management, contract lifecycle management, document management, counterparty collaboration, risk management, reporting and analytics.
The goal of user-friendly contract management software is to simplify and centralise the contract lifecycle from contract requests to contract renewals – all while providing a one-stop-shop for financials tracking, searching and reporting, employee management, task management, line-item management and more for organisations in a variety of industries in both the public and private sectors. The best contract management software solutions offer seamless integrations for other relevant processes as well.
What to look for in Contract Management software
Given that your organisation’s bottom line and reputation are at stake, it’s important that your organisation chooses the best solution in the contract management software market. Some key contract management software tools to look out for are:
- full contract lifecycle management – including automated contract requests, robust contract authoring with the ability to merge contract clause data with templates from your organisation’s pre-approved library, contract negotiations with online contract collaboration tools and clause ownership, straightforward and rapid contract approval processes, proprietary speedy electronic signatures, obligations management, the simplification of regulatory and other compliance standards, and painless contract renewals
- a proprietary artificial intelligence engine with machine learning to uncomplicate data identification (such as field data, PII, and PCI), data extraction, data mapping, document collaboration, risk assessment, risk mitigation and more
- a one-stop solution for integrated contract management, vendor management, eProcurement, and eSourcing
- document management and collaboration with version tracking and full audit trail history
- email, task, and calendar alerts
- key date and milestone tracking and notifications
- virtually unlimited user-defined and system fields depending on your organisation’s needs
- custom report design and report generation
- intelligent workflow automation
- and an essentially limitless library of dynamic contract templates and clauses.
What Is the Best Contract Management Software?
Now that you know what contract management software is – along with the top customisable contract management software tools to look out for – it is time to embrace the future of contract management with the solution that offers all the tools mentioned above and more: Contract Insight® from Four Business Solutions.
Contract Insight offers user-friendly features of contract management software that can equip your business to efficiently unite and secure contracts, easily collaborate, oversee compliance, keep track of costs, receive alerts and notifications, take processes into the future with VISDOM® AI and machine learning, efficiently and effectively sign with IntelliSign® electronic signature software, increase productivity and reduce expenses.
Contract Insight from Four
Contract Insight is a cloud-hosted (SaaS) or deployed (on-premise) contract management solution. The acclaimed platform is trusted by thousands of professionals for their contract management, legal document management, procurement and sourcing needs. Used by many Fortune 500 companies, Contract Insight gives you real time visibility into your contracts. It doesn’t just shore up your security; it will help you meet contract compliance regulations, centralise your contract management and improve your overall contract administration process.
For more information, contact John O’Brien, CEO at Four Business Solutions, global business consultants and software integrators providing business processes improvements in Finance, Supply Chain and Operations, across a broad range of industries.