Choosing the Right Contract Management Software for Your Business

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As a result of providing centralized, organized access to all of your business’ contracts, contract management software aids in the elimination of value leaks and inefficient processes. Assign and manage tasks, evaluate critical clauses, examine contracts quickly and correctly and keep track of crucial deadlines using the software to offer your team the tools it needs.

An efficient and cost-effective method of streamlining contract management is to use contract management software. As a bonus, it frees up attorneys’ time to focus on higher-value strategic work, like updating contracts more frequently. When it comes to contract management software, there are a plethora of providers to choose from. Choose a contract management software for your business based on the following characteristics.

  1. Customizability

Your contract management software should reflect the reality that each practice is unique. Data fields should be able to be customized by users according to your office’s current requirements. This is another area where AI excels. You can train an artificially intelligent contract management software to recognize provisions, learn new areas, and improve outcomes over time.

It is possible to train the program to identify non-disclosure provisions in all contracts to align with one another and with the law. After that, you’ll be able to convert the information into something more accessible to the end-user. In addition, you should have the option of customizing the software’s presentation of contract data.

Look for a system that lets you personalize the data you see so that you can see what’s most important to you and your customers. Whether you want to know the number of documents reviewed, documents containing a specific term, document types, contract languages, or any combination thereof, your report should reflect that.

  1. Search tools

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Contract management software can save you time by allowing you to search both within and across contracts. The software’s search skills, therefore, must be excellent. Artificial intelligence (AI)-based contract management software is very beneficial.

Artificial intelligence (AI) software improves over time by using previous data. AI software can also comprehend search keywords based on the context in which they are used. Because of this, AI programs can better fill in the blanks and produce better search results even when users make typos or enter keywords that don’t capture the full context and concept of the search.

  1. Easy to use

Lawyers are time-crunched professionals who aren’t familiar with the technology. You may find that your team does not use the software if it is challenging to learn. Software for contract management should be easy to use right from the start. You want software that won’t require you to spend a lot of time learning. But, even with the most straightforward system, you may still need the assistance of a professional. Consider doing business with a firm that offers easy access to support and training.

  1. Templates

While customizability is critical, your software should also contain a comprehensive set of contract language and clauses covering anything from license grants to automatic renewals. Having access to time-tested template language that is high quality will save your company time while also ensuring that you are using the correct terminology.

  1. Notifications in real-time about approaching deadlines

Meeting deadlines is an integral part of risk management. The examination and tracking of deadlines in many contracts may take a legal team hundreds of hours to guarantee that a client does not miss a renewal or other chances.

Data extraction and organization are a breeze with contract management software, especially if it incorporates artificial intelligence (AI). Software that collects and monitors this data while also sending you warnings in real-time will assist your customers with meeting upcoming deadlines.

  1. Risk management

A business may face legal repercussions if the meaning of a contractual term differs across papers. Suppose a company wants to define confidential information in its non-disclosure agreements (NDAs) in a specific way. In that case, it must make sure that all of its divisions are on board with this definition and that changes to the definition get incorporated quickly and accurately because variation could harm the company.

Reduce risk by identifying contract language deviations, highlighting wording that does not meet industry standards or your clients’ practices, and offering recommendations or changes. This kind of verification is especially well-suited to contract management software powered by artificial intelligence (AI).

  1. Change Tracking and Data Sharing

It is crucial to choose a contract management tool that allows team members to communicate securely while also keeping track of who has made what changes to the same document and when. To prevent competing changes, you should be able to assign papers to particular reviewers.

In addition, search for a system that enables team members to keep tabs on one another’s performance. Change tracking, version comparison, data sharing, and export should all be included in your program to know exactly what has been concluded and what remains to be done.

Conclusion

When choosing a contract management system, it’s easy to become overwhelmed by the options. However, there’s no need to worry. It would help if you continuously sampled a variety of service providers before making a final choice. It is possible to choose the app that is best for your company after you understand the distinctions between selected features.