10 Must Have Features in a Contract Management System

10 Must Have Features in a Contract Management System

Organizations have lots of business relationships dictated by contracts and its terms. Keeping track of contract terms, provisions, obligations in a methodical fashion is frustratingly difficult when the volume of contracts is high. Developing systems and automating contract management is one of the top areas to improve productivity in contract management while managing organizational risk and compliance. Your company may own an inhouse document management system that is currently being used to manage contracts. It has solved the repository problem but does not provide means for starting workflows, receiving alerts or collaborating with third parties leaving you looking for a viable alternative. So how does one choose a contract management system? To answer that question, find below the top 10 features to look for in a contract management system. A repository of contract documents with relevant data to search and find contracts easily Multiple storage mediums for contracts leads to mixing of document versions, creation of duplicates and agonizing difficulty in finding contracts. In contrast, a centralized repository with contracts stored under individual business areas accompanied by metadata and third party information gives you a single source of truth and overall simpler contract management experience. Alerts to manage timelines for obligations, terms and key provisions Being wary of upcoming renewals, pending obligations and key provisions of your contract is a critical part of a contract management. A good contract management software assists you in these areas by sending you duly reminders on upcoming renewals and alerts on non-compliance occurrences and pending obligations. A full text and advanced search functionality Contract managers lose weeks of time every year searching for...
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