The days of finding a secure place for hard copies of important contracts are over. Manually storing these documents in old-fashioned file cabinets have been replaced with electronic contract management solutions.
If you find yourself in the market for an update to the digital age, look for a platform that satisfies your business needs. Focus on finding a platform with the basics, and a few bells and whistles to run an efficient operation.
Get the Basics
The first basic, and obvious, requirement to look for is what features are offered to create contracts. Being able to draft contracts with your partners, employees, customers and vendors allows data accessibility. You are no longer searching through piles of paper documents that take up office space. Electronic versions of your contracts serve as a back up to hard copies.
Another essential requirement for managing contracts is the ability to easily examine documents. Most software programs help to track past success to help you plan for future projects.
Expediting the quote-to-cash cycle requires having procedures that ensures contract compliance. This crucial step keeps you from neglecting processes that could delay finalizing agreed upon expectations between you and clients.
Save Time with Workflow Tools
Any application you install should offer features that help your business in different ways. Workflow tools are often part of systems used to manage contracts. Features such as payment services, email distribution and retrieving information can be done from one system.
Software systems can be configured to your business’s goals. To maintain quality, you can control the steps of transaction workflow. You can expect to save productivity time and money with this type of investment.
Store Electronic Files
The ease of accessing electronic files is connected to the amount of storage space made available. Being able to store contracts in one system gives you more time to take care of other core needs in your business.
This feature also reassures customers that their data is securely stored in an electronic database. There are many pitfalls to maintaining hard copy contracts. These can be avoided by using electronic copies for functions such as origination and modifications.
An effective system to manage your business contracts is one that is digital, efficient and consistent. Not only do you want the ability to create contracts based on agreed specifications, but you also need to analyze them again your financial goals. The right system keeps you compliant, data secure and helps to promote customer satisfaction.