Contracts form the basis of business relationships and dictate how business will be conducted. They also act as safeguards for both parties, if the outcomes are not as expected. Although almost all businesses draw contracts with outside parties, most don’t adopt standardized pattern for drafting them. The result is a haphazard combination of documents and emails that are not even stored properly.
Contract management software
To avoid the hassles of storing physical documents, as also to standardize the format, hundreds of contract-management software have entered the market. This softwarehas certain advantages over the conventional system: it obviates the need for physical storage, checks misfiling, lessens the burden on contract manager, makes it easy for a new incumbent to take over, and the like. This software also effects long-term reduction in costs.
Contract management undertakes four key functions – storing contracts, tracking, searching and reporting. The contracts are stored securely, a mechanism is provided to track them, it is made accessible based upon specific criteria and it offers contents that are understandable for reporting.
The contract management software is here to stay and with technological advancements it is set to get even better. Let us learn how contract management software assists in employee contract negotiation.
Top three contract management software
Based on the above key functions, find below the three best contract management software:
#1 Contract Insight
Designed by Cobblestone Systems, Contract Insight is one of the most preferred contract management software adopted by the legal, procurement and risk management teams. This software is capable of handling enterprises of all sizes – large, mid-size and small.
This feature-rich software facilitates professionals to easily manage contracts, mitigate risk, draft faster, track costs, receive alerts, sign documents and reduce costs and administration processes. This software has proved ideal for large organizations, such as government departments, banks, hotels, shipping, industries and others.
Icertis promises a new approach to managing contracts that form the basis of relationships that drive commerce. This contract management platform turns contracts into strategic business assets, thereby providing global enterprises new capabilities that include revenue maximization, cost control and risk management.
The main advantage of Icertis is its flexibility and ease of configuring that makes it easy to deploy. It readily adapts to existing business processes, allowing for unique contracts. In addition, it provides detailed risk reports, automatic obligation tracking and smart notifications. It is a one-stop-shop for streamlining and systemizing all types of contracts and associated documentation.
Positioned as the next generation contract management solution, Gatekeeper provides all solutions for contractual needs. It not only gives reminders for contract renewals by viewing the data dynamically, but also negotiates, consolidates or cancels on your terms.
The capability of digitizing and visualizing all company processes by means of Kanban Workflow Engine is something unique. It delegates data entry by exposing digital forms and offering back control. It also generates supplier and contract records using form data in a single click. It also maintains your master data records with a new accurate feed, every 30 days, with the help of AI.
Advantages of contract management software
One of the greatest advantages of contract software is total elimination of a paper trail. As you may already be aware that manually storing paper contracts can get downright messy and misplaced papers is a ready recipe for complications.
Contract software enables you to store all contracts electronically through a secure repository system. This reduces complications arising from paper contracts and provides full visibility to all the agreement records via different means, such as system generated reports and email notifications. What’s more all the contracts managed by the software remain absolutely confidential and secure, since it permits only those granted access to the them.