The Best Enterprise Management Software: What’s on Offer and Who’s Using It?

Nowadays, contract management can be easily optimized with the help of special software. We are talking about tools that, once implemented, can improve the process of signing contracts, and can also be used to achieve better cooperation with clients or partners.

Contract management solution is an offer that should be used by businessmen and lawyers. It gives a chance to simplify such tasks as the formation of reports, extension and negotiation, and signing documents. The program is able to do a lot of manual work.

With the help of an enterprise management system you don’t have to switch between different program windows to perform all necessary tasks. It is enough to open the intuitive interface to guide the negotiation process to completion. Everything takes place on one platform, no third-party services are needed due to the fact that it is a centralized workspace with dozens of options.

Transparency is provided by the full contract lifecycle. It looks as follows:

• documentation preparation;
• receiving files by the other party to the negotiation;
• amending the document by both parties;
• negotiation;
• approval of the contract;
• systematic renewals or amendments;
• checking that the real picture corresponds to the points in the document;
• storage.

The modern contract management solution is available both from a PC and a smartphone. It is possible to leave/receive reminders and notifications in a timely manner. This is great for small businesses.

Key Features of the Contract Management System

Today’s marketplace offers software with a diverse set of features. Most are ready to support business owners while they realize the full life cycle of a contract. The following functionality is in demand:

• the ability to use standard fields for contracts or add customisable ones when you need to get certain information about a client or business partner;
• a system of notification of changes to the contract, and notifications of document lifecycle milestones – reminders are sent automatically to all participants of the event;
• the possibility to make settings in the contract management solution, thanks to which the approval takes place automatically;
• editing of the contract by both parties, exchange of edits with the possibility to accept or reject;
• in-built electronic signature tool is available in many CLMs;
• quick search for specific contract clauses, customer data or individual contracts;
• audit logging is useful in case the contract is challenged;
• content library storing templates, documents at different stages of the life cycle, and standard company regulations.

Recently, users of contract management systems are increasingly paying attention to the availability of functionality related to artificial intelligence. Such a revolution, combined with properly provided legal provisions, allows the automation of many processes, namely the drafting, analyzing and reviewing of contracts with instant results.

Who Needs a Contract Management Solution?

The purpose of using such a tool is to make it easy and affordable to scale the process of drafting, negotiating and signing contracts. Implementing a contract management system allows you to improve the efficiency of your operations without hiring new specialists. This method is often used by companies that are growing rapidly and want to optimize the work with clients when their number is constantly increasing. In such a case, the implementation of intelligent software allows you to improve contract management.

Contract management software is suitable for teams with different lines of business:

1. Sales. Specialists in sales departments like the smooth workflow of closing deals, and they don’t like the obstacles that can arise on the way to signing a contract. Automated software makes it possible not to waste time waiting for contracts, but to quickly start their professional service. Plus, such a tool can be easily combined with CRM systems.
2. Lawyers. They are responsible for drafting contracts. Automation allows them to manage templates and set common rules so that commercial teams can handle the task of drafting legally correct contracts themselves.
3. Finance and operations. These professionals are interested in transparency in negotiations. They need all the data to calculate fully the expected profits for the business and invoicing. With the help of specialized software, they can perform direct financial tasks with information requests at any point in the document cycle.
4. HR teams. In fast-growing businesses, these professionals have a huge layer of work to do. Contracts are much easier to manage if they are stored in one place and the processes for handling and approving them are automated. As a result, with the help of contract management solution HR contracts are processed faster, hiring of employees with further adaptation is simplified.

It is a mistake to think that contract storage space is not important. It must be convenient, safe and secure, and it has to grow with the volume of documentation. Modern intelligent solutions for business are the best option.

Best Offer From Pandadoc

If you are looking for a way to optimize your contract management process, check out the tools from Pandadoc. It’s a real way to increase contract value by 36%. And the collaboration process will consist of just three consistent and simple steps:

• create an error-free contract and provide a comfortable space for all negotiators;
• use electronic signatures to sign agreements – it is a modern and secure tool that is legally enforceable;
• keep contracts in one place so you can access them quickly when it’s necessary.

The brand’s software is the ideal solution for business managers. The life cycle of every document in the contract management system is completely transparent from the moment of formation to the signing by the parties. Convenient file tracking tools are provided, as well as access to automated approval processes. With this software, managers can track contract signatures in real time.

Find weaknesses in the current contract management process to improve it with a contract management system. You’ll need analytics for smarter interactions with partners and customers. You can also quickly add system alerts if you need to renew a contract.